Anti Money Laundering Act Malaysia Summary

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

Anti money laundering act malaysia summary. 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 statute governing the aml cft regime in malaysia. This article gives a brief overview of the requirements. The act was gazetted as law on 5 july 2001 and came into force on 15 january 2002.

Anti money laundering regulations in malaysia. Short title and commencement 2. 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. Restriction on revealing.

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.

Protection of informers and information 6. Laws of malaysia act 613 anti money laundering and anti terrorism financing act 2001 arrangement of sections part i preliminary section 1. 22 august 2017. 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 amla provides for the offence of money laundering and terrorism financing and the measures. 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 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.