ABMS Malaysia refers to the anti-bribery management system that is the provisions applicable to business enterprises and corporations operative in Malaysia. In recent years many scams and corruption scandals came into light in Malaysia. The revelations not only cost the industry millions of dollars but also become the reason of the reputational loss of many industries that are functioning in Malaysia. The result was that the government has set up strict laws and provisions to curb any elements of corruption. Violation of the regulations can lead to penalization of the business, to other measures such as the complete shut down of the company.
The main focus of ABMS is to set standards between all contractual and non-contractual operations and alliances between the private companies and the government contractors. The idea remains to set up conditions and systems that would make it difficult for the private sector to bribe any offices of the government.
All companies must read, understand, and implement all the policies of the ABMS Malaysian requirements. The companies also have to provide the undertaking of the complete compliance to the bribery management systems protocols. In case of any company failing to put measures to ensure the working of the ABMS, it will be the right of the government to raise inquiry of the said business management.
All the companies, whether it is a local business or any multi-national, running its operations in Malaysia, must adhere to policies and procedures. These firms have to make sure there are no instances of bribery and corruption. The anti-bribery drive involves many measures a company can take to curb down all elements of fraud. The company must ensure that the top management to all the working desks understand the anti-bribery policies and receive training on all anti-corruption measures and procedures. It is also mandatory for all companies to arrange sessions for all the employees and senior management, covering detail information on anti-bribery and corruption.
The company will be liable for the actions of any of its employees and the top management, and there could be consequences if the company lacks any anti-corruption assessment policy. An organization must also set controls and strengthen the anti-corruption recognition amongst its workers.
The act remains in effect since its launch in 2018. If a company does not have the tools and means to understand all the requirements, they can hire services of legal specialists. These legal advisers will help in the implementation of ABMS and its stipulations.