Transparency in political financing is essential for democratic accountability and a key safeguard against corruption. In Malaysia, while candidates and parties are required to submit financial reports, these are neither publicly accessible nor effectively enforced. As the country moves toward legislating political donations, transparency must be a cornerstone—through clear rules on bookkeeping, reporting, and disclosure. Drawing on global practices from countries like the UK, Latvia, and Canada, this paper outlines practical steps for implementing a robust, phased transparency framework. These include digital reporting, public databases, and an independent regulator—all aimed at building public trust while protecting donors and recipients from undue risk.