Malaysia legislation
Section 15
of ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING (AMENDMENT) ACT 2014
Section 15
The principal Act is amended by inserting after section 14
the following section:
“Prohibition against disclosure of reports and related information 14a. (1) Any person who knows or has reason to suspect that a reporting institution is proposing to report, is reporting or has lodged a report under section 14 or is proposing to provide, is providing or has provided any other related information to the competent authority and discloses such knowledge, suspicion or information to any other person commits an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both.
(2)
Any person to whom a disclosure of any knowledge, suspicion or information in contravention of subsection (1) has been made who makes a record of the knowledge, suspicion or information, or further discloses that knowledge, suspicion or information to any other person in any circumstances commits an offence and shall on conviction be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both.
(3)
Subsections (1) and (2) do not apply to the disclosure of information by a person if the disclosure is made—
(a)
in the course of acting in connection with the performance of his duties or the exercise of his functions under this Act;
(b)
for the purpose of informing of the risks involved in dealing with a particular customer, to a related corporation of the reporting institution where that related corporation is incorporated in Malaysia and is engaged in financial services in Malaysia;
(c)
in the course of acting in connection with the performance of his duties as a director, officer or employee of a reporting institution, to the supervisory authority of the reporting institution; or
(d)
with the written authorisation of the competent authority.
(4)
For the purposes of subsection (3), “related” in relation to a corporation means related within the meaning of section 6
of the Companies Act 1965.”.
Anti-Money Laundering and Anti-Terrorism
Financing (Amendment)
15
Substitution of section 16