Enhance laws under AMLA will take a bite out of money laundering activities
A total of 13 new offences were added to AMLATFPUAA 2001
DIANA AZIS
SHAH ALAM - The addition of 13 new offences under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds from Illicit Activities Act 2001 (AMLA) will further cripple money laundering activities perpetrated by criminal syndicates.
Among the businesses that can be linked to money laundering under the jurisdiction of the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) is piracy of printed or digital materials, counterfeit goods, misappropriation of subsidised controlled goods as well as illegal direct sales transactions and pyramid schemes.
KPDNHEP enforcement director, Azman Adam said that the amendment to the Act with the addition of the new offences will make efforts to combat money laundering syndicates even more effective.
"Money laundering enforcement will indirectly help the government to eradicate and cripple illegal domestic trade activities at the grassroots level, especially organised crimes and syndicates.
“This may threaten economic development and lead to a loss in national revenue,” he said in an interview at Putrajaya on Monday.
He explained that enforcement will deter money laundering syndicates from using illegal funds to carry out illegal activities.
"Besides that, it will serve as a major deterrent to crime and contribute to the well-being of Malaysia's domestic trade," he said.
Azman said that KPDNHEP via the Enforcement Division has been entrusted to enforce the Act.
“The purpose of the enforcement of this Act is to combat issues related to money laundering related to criminal activities, piracy syndicates, counterfeit goods, and misappropriation of subsidised controlled goods.
More examples include Liquefied Petroleum Gas (LPG), cooking oil, diesel, petrol, illegal direct selling transactions and pyramid schemes.
"Enforcement against money laundering ultimately aims to recover revenue by way of forfeiting the illegal assets of criminals generated through illegal activities," he said.
Azman explained that those convicted of the offence will need to serve a prison sentence of not exceeding 15 years, fined for not less than five times the value of the proceeds from illegal activities or fined for up to RM5 million.
"The punishment for the offence falls under Section 4(1) of AMLA, according to the set criteria or parameters," he said.
In a similar development, Azman revealed that cases investigated under AMLA have seen assets worth RM308 million frozen and another RM204 million in properties belonging to individuals and companies have been seized since 2016.
