Anti Money Laundering Act Malaysia Summary

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.

Anti money laundering act malaysia summary. The act was gazetted as law on 5 july 2001 and came into force on 15 january 2002. As a member of the united nations malaysia is obliged to comply with the unsc s resolutions. 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. Protection of informers and information 6.

22 august 2017. 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. Interpretation part ii money laundering offences 4. 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 statute governing the aml cft regime in malaysia. 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. 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. The following activities are considered to be money laundering pursuant to section 4 of the anti money laundering anti terrorism financing and proceeds of unlawful activities act 2001 amlatfa.

Laws of malaysia act 613 anti money laundering and anti terrorism financing act 2001 arrangement of sections part i preliminary section 1. 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. Offence of money laundering 5. 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.

1 1 what is the legal authority to prosecute money laundering at the national level. 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. Anti money laundering regulations in malaysia.