Financial and cyber crime most prevalent economic crime in Malaysia

KUALA LUMPUR, April 13 (Bernama) -- Financial and cyber crimes were among the most prevalent economic crimes commited in Malaysia, says Honorary Group Chairperson of International Cybercrime and Forensics Examiner (ICFE) Group of Companies, Tommy Seah.

Economic crimes constitute fraud, corruption and bribery, identity theft, money laundering, cyber crime, accounting and financial fraud.

He said the most widespread of financial crimes in Malaysia were financial statement frauds, procurement frauds and misappropriation of assets.

Explaining further, Seah said although economic crime in Malaysia was not at an alarming stage it was nevertheless increasing.

"Malaysia is a pretty docile country but we are also not well equipped in preventing such crimes," he said, adding that many people, particularly organisations were not aware of the implications of economic crime.

"Skills and knowledge can be transferred and acquired and Malaysia has the ability but the corporate will to put the house in order is more vital," he said in an interview with Bernama today.

When asked why economic crimes occured, he said: " The desire for a better quality of life is a common denominator of a country.

"When economies grow along with a better quality of life desire also arises.

"And, when they cannot attain a better quality of life legitimately, they tend to achieve it by committing crime."

Seah also said if this crime was not addressed, it becomes a distressing issue for individuals.

"It is important to ensure greater enforcement by the authorities and organisations in order for Malaysia to remain attractive to foreign investors," he said, adding that ICFE and CSI World Headquarters would jointly organise a two-day International Cyber and Economic Crime Conference beginning June 15.

Seah said the conference was aimed at educating professionals and to provide Malaysians an opportunity to update skills, especially in digital forensics, in order to be on par with international standards.

"We are expecting professionals from both the public and private sectors who will gather insights about the field from esteemed local and international speakers," Seah added. (By By Santhia Panjanadan/ Bernama)