Malaysia

Liberalisation of Exchange Control Regime

Christopher Lee (christopher.lee@wongpartners.com); Tan Hon Yik (hon.yik.tan@wongpartners.com); Wong & Partners, Kuala Lumpur, Malaysia (Correspondent Law Firm of Baker & McKenzie)

Bank Negara Malaysia (BNM), in conjunction with the release of its Annual Report 2003, recently announced further liberalisation of the administrative rules applicable to exchange controls. These measures, which became effective from 1 April 2004, are aimed at: