In its newly released Standards for Integrity in Political Finance publication, the international anti-graft group said banks should report such activity to an oversight body tasked with monitoring political finances.

It also recommended that political parties and candidates be required to maintain rigorous reporting and bookkeeping of their political income and expenditure.

The group said they should also be required to use “transparent and publicly accessible bank accounts” in managing these funds.

“Governments should update regulations to bring greater transparency to online advertising, ban anonymous donations and restrict foreign payments to political entities.

“There should also be scrutiny of public financing to help level the playing field for marginalised groups in politics, particularly women,” it said in a statement.

TI said its publication and recommendations followed extensive consultations with its national chapters and representatives from governments, international organisations, election observers, civil society, media, and think tanks.

TI Malaysia president Muhammad Mohan said the group had submitted a memorandum to the government 14 years ago pushing for reforms in political financing.

“However, all the past governments failed to table the political financing bill in Parliament.

“It is hoped that this Madani government will finally be able to win support from lawmakers and bring this endeavour to reality, taking useful guidance from this new publication,” he said.

Last week, it was reported that a draft of the political financing bill had been submitted to the Prime Minister’s Department’s legal affairs division for review after going through a parliamentary committee.