Malaysia to toughen law against money laundering and terrorism financing

Amendments will be tabled in parliament this year.

Bank Negara Malaysia, the central bank, said a number of amendments to the Anti-Money Laundering and Anti-Terrorism Financing Act are part of its effort to further deter money laundering and terrorist financing. The central bank, however, refused to comment on specific amendments.

Assistant governor Abu Hassan Alshari Yahaya said the amendments involved higher penalties and jail and further strengthening enforcement of the law. “We hope to implement it early next year if proposed amendments are approved this year,” Hassan said. He revealed the proceeds from offences under the Anti-Money-Laundering Act amounted to US$633 million over the past seven years.

This year, various agencies have conducted investigation on 66 cases involving US$34.8 million in assets which were frozen and have seized US$6.3 million in assets.