Anti Money Laundering Act Malaysia Summary

This article gives a brief overview of the requirements.

Anti money laundering act malaysia summary. 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. Offence of money laundering 5. Interpretation part ii money laundering offences 4. Laws of malaysia act 613 anti money laundering 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 to provide for forfeiture of property derived.

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. Malaysia s guidelines on anti money laundering was drawn up in accordance with the anti money laundering and anti terrorism financing act 2001 amlatfa. 22 august 2017. Restriction on revealing.

As a member of the united nations malaysia is obliged to comply with the unsc s resolutions. Laws of malaysia act 613 anti money laundering and anti terrorism financing act 2001 arrangement of sections part i preliminary section 1. Short title and commencement 2. Protection of informers and information 6.

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 the amlatfa is federal legislation that has application throughout all the states and federal. 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. The anti money laundering anti terrorism financing and proceeds of unlawful activities act 2001 amla is the primary piece of aml cft legislation in malaysia. 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.