Prime Minister Najib Abdul Razak said there are currently no laws regulating political funding or donations and thus the public can't pass judgment yet.
"There is no regulation on political funding. There is only regulation in respect to spending during election time.
"But there is no regulation in respect to political donation. So you cannot say what is right and what is wrong, okay?" he said during a rare press conference at his office today.
Najib is currently under the spotlight following MACC's revelation that he had received a RM2.6 billion donation from a Middle Eastern source.
On July 3, the Wall Street Journal (WSJ) and Sarawak Reportrevealed that the RM2.6 billion was deposited into the prime minister’s private bank accounts.
Despite saying the sum was a donation, the MACC said it wouldquiz Najib over the matter.
At today's press conference, Najib unveiled the formation of a national consultative committee on political funding (JKNMPP) to craft a plan for political funding.
Najib, however, denied this was a follow-up action to the controversial political donation.
"No, this is because currently there is no regulation and benchmark as to what is right and wrong," he explained.
He added this was a revival of his 2009 effort, which failed to receive the support needed to put it into practice.
The prime minister also urged the opposition to support the effort for integrity and transparent methods to oversee political funding.
"This is not about politics, this is about (how we) find a mutual understanding; that's why we do this in a consultative way," he said.