Anti Money Laundering Act Malaysia Summary

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 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. 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. 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. Interpretation part ii money laundering offences 4.

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. 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. Restriction on revealing. 1 1 what is the legal authority to prosecute money laundering at the national level.

Anti money laundering regulations in malaysia. Protection of informers and information 6. 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. 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. 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. 22 august 2017. 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. The amla provides for the offence of money laundering and terrorism financing and the measures.