Malaysia legislation
Section 175
Section 175
(2)
Every licensed entity and the directors thereof shall cause appropriate entries to be made in the accounting and other records of the licensed entity within sixty days of completion of the transaction to which they relate.
(3)
It shall be mandatory for the accounting and other records of a licensed entity to be kept at the registered office of the licensed entity or at such place in Labuan as the directors of the licensed entity think fit and the accounting and other records shall at all times be open to inspection by any director and shall be kept in such manner as to enable them to be conveniently and properly audited.
(4)
The Authority may, in any particular case, direct that the accounting and other records of a licensed entity be open to inspection by an auditor acting for a director, but only upon an undertaking in writing that the information acquired by the auditor during his inspection shall not be disclosed to him except to that director.
Act 704
(5)
Any director of a licensed entity who fails to take all reasonable steps to secure compliance by the licensed entity with the requirements of this section, or a director who has by his own willful act been the cause of any default by the licensed entity under this section commits an offence.
(6)
For the purposes of this section, “accounting and other records” shall include, if applicable, the following:
(a)
all sums of money received and expended by the licensed entity and the matters in respect of which the receipt and expenditure took place;
(b)
all sales and purchases of goods by the licensed entity;
(c)
the assets and liabilities of the licensed entity; and
(d)
all such relevant books and records as specified by the
Authority.
(7)
Notwithstanding subsection (3), the Authority may in writing allow a licensed entity to keep accounting and other records outside Labuan provided that the licensed entity shall also maintain accounts and records that reflect its financial position with reasonable accuracy and such accounts and records are updated once every six months in Labuan.
Money or other property from illegal activities