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Public Statement by Financial Action Task Force on Money Laundering on 23 Feb 2018 (Circular No 126/

To Members of the Malaysian Bar

Public Statement by Financial Action Task Force on Money Laundering on 23 Feb 2018

The Financial Action Task Force (“FATF”) issued a public statement on 23 Feb 2018 on jurisdictions that have strategic deficiencies in their anti-money laundering and counter financing of terrorism (“AML/CFT”) regime.

Bank Negara Malaysia (“BNM”) issued a notice on 5 Mar 2018 to inform reporting institutions (“RIs”) of FATF’s public statement.

In the public statement, FATF called upon its members and other jurisdictions to apply effective countermeasures and targeted financial sanctions in accordance with the applicable United Nations Security Council Resolutions against the Democratic People’s Republic of Korea (“DPRK”) (please refer to Appendix I of the attachment).

RIs were reminded to conduct enhanced customer due diligence for business relationships and transactions with any person from DPRK, including those acting on their behalf.

The public statement also mentions that RIs should consider other jurisdictions that are being monitored by FATF as having inadequate AML/CFT systems for which they have developed an action plan with FATF as part of the RI’s risk assessment process (please refer to Appendix II of the attachment).

Please note that Bosnia and Herzegovina has been removed from FATF’s monitoring process.

Click here to visit FATF’s website for more information on the above-mentioned statements and other monitored jurisdictions.

A copy of BNM’s notice, including the public statement by FATF (Appendix I) and Appendix II, is attached for your reference.

Should you have any enquiries relating to the notice from BNM, please contact Arni Jailun, BNM, by telephone at 03-2698 8044 (ext 8493) or by email at arnijailun@bnm.gov.my.

If you would like to contact the Bar Council Secretariat on matters relating to the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”), kindly contact Malathi Mohan, Officer, by telephone at 03-2050 2150, or by email at malathi@malaysianbar.org.my.

Thank you.

Andrew Khoo Chin Hock and Karen Cheah Yee Lynn
Co-Chairpersons
Subcommittee on AMLA of the Legal Profession Committee