Mahathir said greed and corruption forced Malaysia to go off-track in its development, causing the people to support Pakatan Harapan (PH) as they wanted a government that would maintain good governance and integrity.
“I used to say previously that when corruption was an ‘under the table’ act, it was a scourge to our nation’s future.
“But the last few years has seen corruption becoming an ‘over the table’ act committed openly by top leaders. Others will then do the same without fear.
“From an act viewed with disgust, it became acceptable and, before long, those not into it would be considered stupid,” he said, drawing laughter and applause from the crowd, at the 11th International Conference on Financial Crime and Terrorism Financing here today.
He said it reached a level of almost becoming a lifestyle “and that was when cash was the new king”.
Mahathir stressed that laws are not sufficient to ensure a corruption-free Malaysia as both the public and private sectors need good leaders to reinforce this “culture of integrity”.
At the end of the day, he said, it is the people who will determine the future of Malaysia, adding that old attitudes which tolerated corrupt practices need to be changed first.
“Everyone needs to play their part against financial crime so that Malaysia can transform into a value-driven developed nation. Shared prosperity can only be achieved through shared responsibility,” he said.
Mahathir also launched a public-private partnership initiative to tackle financial crime, which will see partnerships among Bank Negara Malaysia, the Securities Commission of Malaysia, law enforcement agencies and financial institutions.
He emphasised that the initiative will be in line with the nation’s data protection legal framework to ensure confidentiality and to protect personal data.
“I believe such noble efforts need to be strengthened and expanded further to allow more parties, especially the public at large, to exercise their responsibility in fighting against corruption and financial crime.
“This will ultimately enable Malaysia to effectively play its role in the global fight against financial crime and terrorism financing.
“We must be persistent and remain focused in delivering this agenda,” he said.
The conference, jointly organised by the Asian Institute of Chartered Bankers and the Compliance Officer’s Networking Group Malaysia, continues tomorrow.