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Malaysian Government Explores AI-Based Asset Tracking to Enhance Transparency

TL;DR

Breakdown:

  • Malaysia Government explores AI tech for finding hidden assets, boosting transparency.
  • MACC aims for clearer wealth declarations; legal powers to probe extravagant lifestyles.
  • Malaysia previously used Artificial Intelligence for drug-related sentencing; AiCOS system sparks debate.

The Malaysian government is actively considering the implementation of Artificial Intelligence (AI)-assisted asset tracking and identification technology to bolster the country’s asset declaration and reporting system. This move aims to increase transparency and combat potential corruption and tax evasion among individuals, including politicians and public servants.

Exploring cutting-edge technology

A senior government official, who spoke on the condition of anonymity, disclosed that the preliminary study of AI-based asset tracking technology is underway. This innovative system is expected to be highly advantageous for government bodies like the Malaysian Anti-Corruption Commission (MACC) and the Inland Revenue Board (LHDN) in their efforts to investigate individuals suspected of concealing wealth or evading taxes.

The official said,

“The study of technology is in it’s preliminary stages and there is still a lot of grounds to cover,” said the official who spoke on condition of anonymity.

We have to look carefully into several concerns such as the data protection and privacy act as well as corresponding legal issues, before a decision is made on implementing the technology.

“But nevertheless, if approved and implemented, this technology will bring great benefits to the country in terms of identifying undeclared, hidden and ‘camouflaged’ assets of individuals ranging from politicians to public servants.”

While the government is enthusiastic about the potential benefits of this technology, several concerns must be addressed before any implementation decision is made. Key among these concerns are data protection and privacy regulations, as well as corresponding legal issues. The government is committed to thoroughly examining these aspects to ensure a responsible and lawful approach to implementing the technology.

Potential impact

If approved and put into practice, this asset tracking technology promises substantial advantages. It has the potential to unveil hidden and ‘camouflaged’ assets held by individuals, ranging from politicians to public servants. By scrutinizing assets in real-time, this technology can provide timely assistance to relevant agencies in identifying assets that have been concealed.

The Malaysian Anti-Corruption Commission (MACC) had previously voiced its intent to review the mechanism for asset declarations, aiming to enhance transparency and accountability for politicians and public officials. MACC Chief Commissioner Tan Sri Azam Baki highlighted the need for clearer declarations that genuinely reflect the wealth of these individuals.

The MACC already possesses legal authority to investigate individuals living extravagant lifestyles beyond their reported income levels, under Section 36 of the MACC Act 2009. Additionally, it can probe cases of false declarations under Section 3 of Act 783 and Section 199 of the Penal Code. Several high-profile individuals in Malaysia have recently faced scrutiny over issues related to their asset declarations, highlighting the urgency of improving the transparency of this process.

AI in Malaysian governance

While this initiative may be new for asset tracking, the Malaysian government has previously ventured into the realm of AI. In 2020, the Malaysian judiciary made history by employing the technology in sentencing individuals found guilty of drug-related crimes. The system, known as AiCOS (Artificial Intelligence in Court Sentencing), was introduced as a pilot project in Sabah and Sarawak.

However, the introduction of the system did not come without controversy. The Malaysian Bar Council expressed concerns about its use, particularly in sentencing recommendations. Currently, the system is only utilized for cases related to the possession of scheduled drugs under Section 12(2) of the Dangerous Drugs Act.

Despite initial challenges, the AiCOS system is still under further examination and study, with the potential for expanded use in sentencing recommendations related to various types of crimes.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Nick James

Nick is a technologist with a special interest in Blockchain technology and cryptocurrencies. He has actively participated in the industry for several years. His main passion is sharing news within the crypto community.

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