KUALA LUMPUR (Aug 29): Economic crime in Malaysia has risen over the last two years as some Malaysian organisations appear to be ambivalent about addressing the risks of bribery and corruption, PwC Consulting Associates (M) Sdn Bhd said, citing the organisation's survey.

PwC Consulting Associates' forensic services & risk consulting leader Alex Tan said the three most common economic crimes in the last two years are business misconduct, asset misappropriation, as well as bribery and corruption.

"It is concerning that some Malaysian organisations appear to be ambivalent about addressing the risks of bribery and corruption.

"Having a strong corporate culture advocating zero tolerance towards fraud is important. But without sufficient controls in place, organisations risk allowing economic crimes to fall through the cracks," Tan said here today at a media briefing in conjunction with the launch of PwC's 2018 Global Economic Crime and Fraud Survey findings for Malaysia.

PwC's 2018 Global Economic Crime and Fraud Survey involved 7,228 respondents from 123 countries. The 7,228 respondents included 124 Malaysian respondents, about half of which were from listed organisations while 4% were from government entities.

Citing the survey, Tan noted that economic crime in Malaysia has risen over the last two years after 41% of respondents indicated they had suffered fraud or economic crime, versus 28% in 2016.