ANNOUNCEMENT
July 26, 2024

Announcement on the Arbitration (Amendment) Bill 2024 and the Construction Industry Payment and Adjudication (Amendment) Bill 2024

We are pleased to announce that the Arbitration (Amendment) Bill 2024 and the Construction Industry Payment and Adjudication (Amendment) Bill 2024 were passed on Wednesday in the Dewan Negara (House of Senate / Upper House of the Parliament of Malaysia).
 
These legislative amendments mirror the ongoing restructuring initiatives at the AIAC as well as the collective aspiration encapsulated in the Supplementary Agreement to the Host Country Agreement between the Government of Malaysia and the Asian-African Legal Consultative Organization (AALCO).
 
Among the shared visions to enhance global confidence towards AIAC, the restructuring initiatives embodied the fundamental tenets of good governance, independence and impartiality, transparency and accountability as well as checks and balances within the AIAC’s institutional framework.
 
Of most significance, the present amendments to the Arbitration Act 2005 strive to introduce the inaugural AIAC Court of Arbitration and streamline the arbitration framework in Malaysia, meeting the contemporary developments and best practices in this industry globally, including the UNCITRAL Model Law and permitting third-party funding in arbitration.
 
The AIAC is pleased to highlight these key amendments as presented in the infographics above.