Former premier Dr Mahathir Mohamad believes there is no need for a national committee to plan political funding regulations as announced by Prime Minister Najib Abdul Razak.

"It's not about setting up committees, so no need to set up committees.

"Even if (they) investigate him (Najib), it will be thrown out," Dr Mahathir was reported as saying by The Malaysian Insider today.

After coming under intense pressure over the RM2.6 billion in 'political funding' deposited into his personal bank accounts, Najib ( photo ) announced a new proposal to regulate political funding for the next general election.

"At present, even though there are a few rules on election spending, there are no rules about political funding that can determine whether it is illegal or not,” the prime minister had said last Friday.

Speaking at a public lecture at Universiti Teknologi Petronas (UTP) in Seri Iskandar, Perak earlier today, Mahathir said the failure or success of a nation depended on the value system by which it abided.

In apparent reference to the debt-ridden 1MDB and the RM2.6 billion 'donation', Mahathir said apathy towards these issues spelled ruin for the country.

"If you think, well, this will happen, so what, 40 million dollars lost, it is okay, not my money anyway, if that is the culture, then this country has gone to the dogs.

"If you think, receiving money is okay, you can accept it, why not ... if that is your attitude, then the society you live in will be a very poor society," he told the rapt audience.