Deputy Minister in the Prime Minister’s Department (Law and Institutional Reform) M. Kulasegaran in his winding-up speech said various types of online crimes were reported in Malaysia, such as telecommunications fraud, e-financial scams, love scams, e-commerce fraud, non-existent loans, and fake investments. - Bernama pic
Deputy Minister in the Prime Minister’s Department (Law and Institutional Reform) M. Kulasegaran in his winding-up speech said various types of online crimes were reported in Malaysia, such as telecommunications fraud, e-financial scams, love scams, e-commerce fraud, non-existent loans, and fake investments. - Bernama pic

KUALA LUMPUR: The Penal Code (Amendment) Bill 2024, aimed at tackling the rising incidence of online financial fraud in the country, received approval from the Dewan Rakyat today.

The bill, tabled for the first reading by Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said yesterday, includes provisions addressing offences involving payment instruments or accounts at financial institutions.

Following a debate involving 21 members of parliament from both sides, the bill was unanimously passed through a voice vote today.

Deputy Minister in the Prime Minister's Department (Law and Institutional Reform) M. Kulasegaran in his winding-up speech said various types of online crimes were reported in Malaysia, such as telecommunications fraud, e-financial scams, love scams, e-commerce fraud, non-existent loans, and fake investments.

Since 2022, a total of 74,464 cases have been recorded, resulting in losses amounting to RM2.65 billion.

He said there was a significant 35.39 per cent increase in total online crime cases, rising from 25,479 cases in 2022 to 34,495 cases in the previous year.

From January to June 15 this year, there were 14,490 reported cases.

The amendment also establishes penalties for the unauthorised possession or control of another person's payment instrument or account at financial institutions.