Anti Money Laundering Act Malaysia Summary

Protection of informers and information 6.

Anti money laundering act malaysia summary. The anti money laundering and counter terrorism financing act 2006 aml ctf act is the main piece of australian government legislation that regulates austrac s functions. 22 august 2017. A few months ago malaysia was rocked with the news of tan sri lee kim yew being threatened with a charge under the anti money laundering anti terrorism financing and proceeds of unlawful activities act 2001 of malaysia amlatfa. 1 1 what is the legal authority to prosecute money laundering at the national level.

Laws of malaysia act 613 anti money laundering anti terrorism financing and proceeds of unlawful activities act 2001 date of royal assent 25 jun 2001 date of publication in the gazette 5 jul 2001 an act to provide for the offence of money laundering the measures to be taken for the prevention of money laundering and terrorism. Bank negara malaysia bnm is the designated competent authority and regulator under the anti money laundering anti terrorism financing act and proceeds of unlawful activities act 2001 aml act the aml act imposes obligations on legal entities institutions and persons reporting institutions to monitor the business activities of the reporting institutions and impose. Access the aml ctf act you can find the aml ctf act at the federal register of legislation website. T his article provides a brief overview of malaysia s anti money laundering and anti terrorism financing act 2001 act 613 otherwise known as amlatfa.

Offence of money laundering 5. Malaysia s guidelines on anti money laundering was drawn up in accordance with the anti money laundering and anti terrorism financing act 2001 amlatfa. The act defines the offenses of money laundering and the financing of terrorism and sets out the measures that financial institutions must take to detect and prevent those criminal activities. In particular it focuses on the latest additions to the list of predicate offenses under the amlatfa namely a number of offenses relating to tax reporting and payment and the operation of illegal kootu schemes.

Restriction on revealing. Short title and commencement 2. Interpretation part ii money laundering offences 4. Read more these documents are formulated in accordance with the provisions of the anti money laundering anti terrorism financing and proceeds of unlawful activities act 2001 amla.

Laws of malaysia act 613 anti money laundering and anti terrorism financing act 2001 arrangement of sections part i preliminary section 1. As a member of the united nations malaysia is obliged to comply with the unsc s resolutions.