Malaysia uses blockchain and AI to fight corruption, enhance transparency, improve investigations, and secure financial transactions with digital innovation.
The Malaysian Anti-Corruption Commission (MACC) is using blockchain technology and artificial intelligence (AI) to fight corruption. The system aims to help crime investigators find financial criminal activities better.
MACC chief commissioner Tan Sri Azam Baki reports that corruption methods are evolving into sophisticated practices. He explained that cybercrime remains an ongoing concern along with cryptocurrency fraud and Artificial Intelligence misapplication. The crimes prove very hard to detect and rely heavily on groups that span multiple countries.
Blockchain technology stops fraud by forming permanent transaction records that are hard to modify. AI helps investigators examine data better to spot unusual spending activities in financial records. The tools will help investigations run smoother and arrive at better results.
During the 3rd International Conference on Technology, Humanities, and Management (ICTHM) in the Maldives, Azam explained their efforts. He declared that MACC officers gain access to modern digital searching and financial data handling systems. The officers undergo additional training in accounting, technology, engineering, and financial subjects.
BFT forensic technology division and combined assets of MACC intelligence and BAK financial analysis divisions run top-level crime investigations. They employ advanced tools to find financial crimes and follow detected illegal transactions.
Since last month, the MACC forensic laboratory has earned the ISO/IEC 17025:2017 certification. The new recognition shows the forensic laboratory meets all worldwide evaluation criteria. The new recognition increases MACC’s effectiveness when using technology to fight corruption.
Malaysia Uses Blockchain to Secure Public Sector Transactions
MACC develops online solutions to help fight corruption. The main e-procurement system helps government departments show how public money is spent clearly. The agency champions a digital payment system to minimize the chances of corruption happening. Payments directly to employees and beneficiaries stop public money from being wrongly spent.
The MACC unit plans to do more patrols in public procurement sites while pursuing significant corruption matters. The MACC works to achieve the National Anti-Corruption Strategy’s three strategic goals which emphasize ethical conduct in Malaysian life.
The institution gives top importance to preparing MACC officers. MACA helps teach public officials while building better ethical leadership in their teams. The agency works with organizations outside its borders to develop better ways to fight corruption.
During his meeting in Abu Dhabi, Malaysian Prime Minister Anwar bin Ibrahim also revealed his goal to speed up cryptocurrency rulemaking. He organized a meeting with Zhao Changpeng at his Abu Dhabi headquarters. The Prime Minister wants to study Binance and UAE policies to enhance how Malaysia governs digital finance.
Malaysia demonstrates an energetic approach to combating corruption through technology while creating a protected digital marketplace.
Source: https://www.livebitcoinnews.com/malaysia-uses-blockchain-ai-to-strengthen-anti-corruption-efforts/