Task force to review Madani Economy law reform.

KUALA LUMPUR: In a bid to enhance the country’s laws, particularly in relation to investment and business, a special task force will be established next month, according to Datuk Seri Azalina Othman Said. As Minister in the Prime Minister’s Department (Law and Institutional Reform), Azalina expressed the intention to review laws governing major businesses, online trade, sales and purchase contracts, as well as trade practices to combat scammers, taking inspiration from law changes in neighboring countries like Indonesia and Thailand. The Madani Economy framework was introduced by Prime Minister Datuk Seri Anwar Ibrahim and aimed to boost Malaysia’s economy and improve the quality of life for its citizens. Azalina stressed the importance of empowering the country’s legal framework to support the framework’s objectives and foster investor confidence. She highlighted the significance of both good governance and a well-functioning legal framework in encouraging investment. In addition, Azalina disclosed that the special task force would be examining issues related to artificial intelligence and technology fraud, ensuring that the country is adequately prepared to manage businesses in this field. Collaborating with local universities and relevant agencies, the task force will conduct studies and reviews, with the goal of presenting proposals for legal amendments and enhancements in the upcoming parliamentary session next year, provided everything progresses smoothly. Azalina emphasized the need for comprehensive protection offered by the country’s laws, without bias or marginalization, in order to instill confidence and security among investors. She expressed confidence that Malaysia’s peace, stability, and capable leadership would attract investors, assuring that the country was free from issues such as ‘back payments’. – Bernama