Circular No 254/2014
Dated 12 Nov 2014

To Members of the Malaysian Bar

Coming into Force of Anti-Money Laundering and Anti-Terrorism Financing (Amendment) Act 2014

Bank Negara Malaysia (“BNM”) has informed us that the Anti-Money Laundering and Anti-Terrorism Financing (Amendment) Act 2014 (“Amendment Act 2014”), which amends the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (“AMLATFA 2001”), including the insertion of Part IVA, has come into force.

The dates of the coming into force of the Amendment Act 2014 are provided in the attached circular from BNM.  The relevant portion of the circular is reproduced below.  

As a result of the amendments, AMLATFA 2001 will henceforth be known as the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

Should you have any enquiries relating to the BNM circular, please contact the following officers of BNM at its general number, 03-2698 8044:

• Suhanna Omar (ext 8838; suhanna@bnm.gov.my); 
• Nurul Fitrah Md Nazri (ext 7478; nfitrah@bnm.gov.my); and
• Mohamad Haizad Safie (ext 8094; haizad@bnm.gov.my).

If you wish to contact the Bar Council Secretariat on related matters, kindly contact Marianna Laureen Tan, Executive Officer, by telephone at 03-2050 2086, or by email at ml.tan@malaysianbar.org.my.

Thank you.

Richard Wee Thiam Seng
Secretary
Malaysian Bar

______________________________________________________________________________________________

Date: 13 October 2014

To:   
Authorised person, an operator of a designated payment system, a registered person, as the case may be, under the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA);

Prescribed institutions under the Development Financial Institutions Act 2002 (DFIA);

Money services business licensed under the Money Services Business Act 2011 (MSBA); and/or

Reporting Institutions under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA)

Tuan/Puan,

Coming into Force of the Amendments to the AMLATFA

This circular is issued to inform the reporting institutions (RIs) of the coming into force of the AMLATFA amendments on the 1 September 2014 and 1 October 2014 for provisions relating to Part IVA of the AMLATFA.

2.                         In pursuing the objective of safeguarding the integrity of the financial system, the AMLATFA amendments will ensure that the AMLATFA remains relevant and effective in combating money laundering and terrorism financing (ML/TF) threats.  The amendments are aimed at:  

• providing further clarity on reporting obligations;
• strengthening measures on declaration for cross-border transportation   of cash and bearer negotiable instruments (BNI);
• strengthening ML/TF investigation and prosecution powers; and
• providing effective and dissuasive sanctions and penalties for contraventions of the AMLATFA provisions.

3.                         The AMLATFA amendments were published in the gazette on 8 August 2014 and RIs may obtain a copy of the amendments at http://www.federalgazette.agc.gov.my.