Main Provisions Of The Money Laundering Laws That Apply 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.

Main provisions of the money laundering laws that apply in malaysia. N2 money laundering has been described by many as the lifeblood of crime and is a major threat to the economic and social well being of societies. The amla provides for the offence of money laundering and terrorism financing and the measures to be undertaken for the prevention of money laundering and terrorism financing offence. The maximum fine for a person involved in money laundering activities is five million ringgits or imprisonment for a term of five years or both. 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 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. What are the main provisions of the money laundering laws briefly list and explain. The act was gazetted as law on 5 july 2001 and came into force on 15 january 2002. Asked by wiki user.

Anti money laundering and anti terrorism financing act 2001 in malaysia. On 31 december 2019 bnm issued the policy document on anti money laundering aml countering financing of terrorism cft and targeted financial sanctions tfs for designated non financial businesses and professions dnfbps and non bank financial institutions nbfis 2020 policy document. In recent years a number of countries have implemented laws to fight against money laundering and malaysia is no exception. Laws of malaysia act 613 anti money laundering anti terrorism financing and proceeds of unlawful activities act 2001 an act to provide for the offence of money laundering the measures to be taken for the prevention of money laundering and terrorism financing offences and to provide for the forfeiture of property.

For different levels of money laundering offences the levels of sentences are specified in the act.