Anti Money Laundering Act Malaysia Summary

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.

Anti money laundering act malaysia summary. 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. 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. 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. This article gives a brief overview of the requirements.

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. Laws of malaysia act 613 anti money laundering and anti terrorism financing act 2001 arrangement of sections part i preliminary section 1. 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. The amla provides for the offence of money laundering and terrorism financing and the measures.

1 1 what is the legal authority to prosecute money laundering at the national level. 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. 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. 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 was gazetted as law on 5 july 2001 and came into force on 15 january 2002. Offence of money laundering 5. Restriction on revealing. Short title and commencement 2.

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. 22 august 2017. As a member of the united nations malaysia is obliged to comply with the unsc s resolutions. Protection of informers and information 6.