KUALA LUMPUR, Dec 10 — The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (AMLA) Amendment Bill was tabled in Parliament for the first reading today.
During its presentation, Deputy Finance Minister Lim Hui Ying said the second reading will also be done at this current session.
The bill’s main objective is to strengthen supervision and enforcement to prevent money laundering and terrorism financing.
In addition, it will also introduce new provisions related to the financing of restricted activities, including the proliferation of weapons of mass destruction and preventive measures to protect Malaysia’s financial system from being misused for criminal purposes.
In total, the bill contains 52 clauses including some proposed new sections.
— Bernama
