The accrediting body, for all tertiary qualifications, in Malaysia is MQA (Malaysian Qualifications Agency)
http://www.mqa.gov.my/ which replaced the NAB (National Accreditation Board) in 2007 under the Malaysian Qualifications Agency Act 2007. Prior to that, NAB (or LAN Lembaga Akreditasi Negara) was modeled along the lines of the Accreditation Boards in the USA.
NAB was quite a reasonable body and generally granted automatic recognition to qualifications/ degrees which are accredited in English-speaking western countries which Malaysia had historically been closely associated with, notably U.K, Australia, U.S.A., N.Z., Canada. However NAB may not have been so strict on the enforcement on dubious qualifications from unaccredited universities, e.g. Western Pacific University, International Irish University, St. George University, etc., etc., etc. There were also competing authorities under the Ministry of Higher Education and the Public Services Department.
With the establishment of MQA, it became the sole body responsible for accreditation of tertiary qualifications in Malaysia. Whereas NAB was looking almost exclusively at private universities and institutes of higher learning, and, generally, closed one eye in regards to public universities, MQA has come down equally hard on public as well as private universities. It is said that MQA is, at times, perhaps getting overzealous in trying to carry out a "world-class" accreditation exercise, perhaps all-too-wary of some of the criticisms that had been leveled against its predecessor, NAB. Indeed, some of the U.K. MBA's that were tacitly "recognized" by NAB could not fulfill the strict requirements of MQA and are, therefore, not (or, no longer) recognized by Malaysia.
... which brings us to the equal importance of the attitude of the student. A friend of mine, who is the Personnel Manager of a large and very successful local company told me that he is not particularly worried about the origin of the applicant's BBA, DipComp, BIT, MBA, MSc in IT or whatever, be it from MU (KL), USM (Penang), Oxford Brookes (U.K.), Curtin (Australia), or even Timbuktu U!!! The 20 minute interview that the applicant goes through says a lot about the candidate. If he survives that, then he will be given a 1 to 3 months probation where he will have all the opportunity to prove his real worth. My friend says that his company have said byebye to quite a lot of highly-(paper)-qualified recruits from impressive-sounding universities but who cannot even prove their basic worth in the jobs they applied for.
To generalize about the standard of education in any country is silly and frivolous. There was this middle-aged teacher who only had an SPM (Form 5) and a TTC (Teacher's Training Certificate) before going on a scholarship to an accredited university (which obviously took in account his "experiential learning") in the U.S.A. It amazed a lot a people when he came back with a PhD in education from this accredited American university, after having been away for only 5 years! What was more amazing was that his broken English was just as lousy when he came back as Dr. XYZ as when he was just a simple and humble teacher 5 years earlier. Should we generalize about the worth of American qualifications based on this @#%^* example? Maybe not!
Malaysia has some fine universities, both private and public. Not everybody in this world is born with a silver spoon and has megabucks to spend on expensive western universities; it is up to the prospective students to carefully assess and compare the programs offered by the various universities within and outside Malaysia and decide on the 'value-for-money' worth of the programs he is considering.