The Domestic Trade, Cooperatives and Consumerism Ministry does not dismiss the possibility of creating special laws to monitor the channeling and entry of foreign funds into non-governmental organisations (NGO) and companies in the country.

gerakan agm 151011 tan lian hoe Deputy Minister Tan Lian Hoe said, so far, the ministry's jurisdiction, through the Companies Commission of Malaysia (CCM), was limited to supervising laws under the Companies Act 1965 and Business Registration Act 1956.

"The CCM has no authority on matters regarding the acceptance and entry of foreign funds in NGOs, companies and other businesses in Malaysia... the formation of these new laws may involve the ministry and Bank Negara Malaysia.

"For example, the new laws will outline for NGOs or any company receiving foreign funds to declare the amount received and its usage," she said in reply to a supplementary question from Senator Ahamat @ Ahamad Yusop on whether the ministry planned to create special laws to supervise foreign funds in NGOs and companies, at the Dewan Negara today.

Meanwhile, to Ahamat's original question regarding surveillance on companies to prevent the violation of the Companies Act 1965, Tan said the commission implemented several proactive and reactive measures to ensure the Act was obeyed.

She said proactive surveillance carried out included routine monitoring of the data of business company information system, routine checks on company's registered address and business premises.

"Besides that, it also involves monitoring through the media and looking through documents such as company financial statements and annual reports which must be handed over to the commission.

"Reactive enforcement activities are carried out based on complaints and reports through complaint counters, letters, newspaper reports and the CCM's official website, as well as reference from other agencies," she added.

- Bernama