Main Provisions Of The Money Laundering Laws That Apply In Malaysia

The relevant statutes are laid out below segregated into primary and supplementary acts.

Main provisions of the money laundering laws that apply in malaysia. 2 this act shall apply to any property whether it is situated in or outside malaysia. Offence of money laundering 5. The anti money laundering anti terrorism financing and proceeds of unlawful activities act 2001 the amlatfa is the primary malaysian statute dealing with anti money laundering and anti terrorism financing. Interpretation part ii money laundering offences 4.

Restriction on revealing disclosure under section 5 part iii. The bill expands the definition of offence under money laundering to include activities like concealment acquisition possession and use of proceeds of crime. 1 this act shall apply to any serious offence foreign serious offence or unlawful activity whether committed before or after the commencement date. The amlatfa is federal legislation that has application throughout all the states and federal territories of malaysia.

Malaysia was named by the us pentagon as. The anti money laundering and anti terrorism financing act act 613 of malaysia came into effect in 2001. The anti money laundering anti terrorism financing and proceeds of unlawful activities act 2001 amla is the primary statute governing the aml cft regime in malaysia. Protection of informers and information 6.

The bill proposes to remove this upper limit of fine. Highlights the growth of money laundering in malaysia and the efforts of the malaysian government to curb it including the anti money laundering act 2001. To provide for prevention of money laundering and forfeiture of property derived from or involved in money laundering and for matters connected therewith or incidental thereto. Laws of malaysia act 613 anti money laundering act 2001 an act to provide for the offence of money laundering the measures to be taken for the prevention of money laundering and to provide for forfeiture of property derived from or involved in money laundering and for matters incidental thereto or connected therewith.

The amla provides for the offence of money laundering and terrorism financing and the measures to be undertaken for the prevention of money laundering and terrorism financing offence. The main legislation regulating money laundry in malaysia is the amlatfa and this is complemented by other legislation that includes provisions which may be applicable to lawyers in relation to money laundering. It can be viewed and printed from the website of bank negara malaysia. Laws of malaysia act 613 anti money laundering and anti terrorism financing act 2001 arrangement of sections part i preliminary section 1.

The prevention of money laundering act 2002 levies a fine up to rupees five lakhs.