Anti Money Laundering Act Malaysia

Short title and commencement 2.

Anti money laundering act malaysia. As a member of the united nations malaysia is obliged to comply with the unsc s resolutions. 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. Inhibit the growth and competitiveness of the economy. 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.

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. Offence of money laundering 5. 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. The amla has been renamed and revised as anti money laundering and anti terrorism financing act 2001 act 613 which came into force on march 6 2007 that incorporated relevant requirements in the area of terrorism financing.

Protection of informers and information 6. Impact of money laundering and terrorism financing on country. Increase in the overall rate of crime that could threaten national security. 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.

Anti money laundering regulations in malaysia. Interpretation part ii money laundering offences 4. Malaysia s anti money laundering act 2001 amla was enacted in january 2002. Laws of malaysia act 613 anti money laundering and anti terrorism financing act 2001 arrangement of sections part i preliminary section 1.

Restriction on revealing. 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. Taint the integrity and reputation of the business and financial sector.