Malaysian Parliament Passes Anti-Money Laundering Act

Brian Chia, Wong & Partners, Kuala Lumpur.

In June 2001, the Malaysian Parliament passed the Anti-Money Laundering Act 2001 (“the Act”), the country’s first such legislation, to combat the movement of illegal funds. The Act is wide-ranging and provides for the offence of money-laundering, the forfeiture of property derived from, or involved in, money laundering and the requirements of record-keeping and reporting of suspicious transactions by reporting institutions.