Malaysia legislation
Section 53
Section 53
(a)
any money or other property originating from a transaction, operation or other activity which is a criminal offence under the laws of Malaysia or which, had it been carried out in Malaysia, would have been such an offence; or
(b)
any money or other property the receipt, ownership or control of which is or would be an offence as mentioned in paragraph (a).
(2)
Where any person, being a director, officer or agent of a trust company for the time being acting as a trustee of a trust—
80 Laws of Malaysia ACT 554
(a)
has reason to believe that the trust has property or has income accruing to it or derived by it and originating from a transaction, operation or other activity which is a criminal offence under the laws of Malaysia or which, had it been carried out in Malaysia, would have been such an offence; or
(c)
has received or has in its possession or control money or other property the receipt, ownership or control of which is or would be an offence as mentioned in paragraph (a), it shall be the duty of such person to forthwith bring the matter to the notice of the Authority.
(3)
Any person who without reasonable excuse fails to comply with the requirements of subsection (1) or (2) shall be guilty of an offence.
Penalty: Imprisonment for five years or three million ringgit or both.
(4)
A person convicted of an offence for contravening subsection
(2)
shall be permanently disqualified from being a director or officer of a trust company.
(5)
All monies or property described in subsections (1) and (2)
shall be forfeited to the Government and become its property absolutely.
General offence and penalty