Labelling the Political Donations and Expenditure Act (PDEA) “complicated”, Low, however, is hopeful it will be in place before the 15th general election.
“This is not a simple act, it’s a completely new one and if we want it to be good it will take time,” said Low, who is the minister in charge of governance, integrity and human rights.
He was speaking to reporters after attending a regional conference this morning.
Low said that the government-formed National Consultative Committee on Political Financing, which he heads, has already consulted the public, various interest groups and political parties on the matter.
The committee has also sought input from the Attorney-General’s Chambers, Low said, but without elaborating on the information required.
Last year it was reported that the committee had made 32 recommendations to the government, including the enactment of the PDEA.
This act would, among other things, ban donations from foreign sources. This will include “individuals, companies, foundations, organisations, associations or any registered or non-registered entities that are not domiciled in Malaysia”.
It would also require all donations to be deposited into specifically designated bank accounts, and for them to be properly recorded as well as reported to a proposed new body called the Office of the Controller of Political Donations and Expenditure.
On another note, Low said he found that young voters prefer to move away from race- and religion-based politics.
“Moving away from race and religion-based politics is the biggest challenge in Malaysia.
“I do believe political parties should change once the public demands that they change,” he said.