Malaysia legislation
Section 44
of ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING (AMENDMENT) ACT 2014
Section 44
Section 50 of the principal Act is amended—
(a)
by substituting for subsection (1) the following subsection:
“(1) Where the Public Prosecutor is satisfied on information given to him by an investigating officer that any movable property or any accretion to it which is—
(a)
the subject-matter or evidence relating to the commission of an offence under subsection 4(1) or a terrorism financing offence;
Anti-Money Laundering and Anti-Terrorism
Financing (Amendment)
(b)
terrorist property;
(c)
the proceeds of an unlawful activity; or
(d)
the instrumentalities of an offence, is in the possession, custody or control of a financial institution, he may, notwithstanding any other written law, by order direct that such movable property or any accretion to it in the financial institution be seized by the investigating officer or by order direct the financial institution not to part with, deal in or otherwise dispose of such movable property or any accretion to it, in whole or in part, until the order is varied or revoked.”;
(b)
by inserting after subsection (1) the following subsection:
“(1a) The investigating officer effecting a seizure under this section shall forthwith notify Bank
Negara Malaysia, the Securities Commission or the
Labuan Financial Services Authority, as the case may be, of any order made under subsection (1).”;
(c)
in subsection (3)—
(i)
by substituting for the word “two” the word
“five”;
(ii)
by substituting for the words “one million” the words “five million”;
(iii)
by substituting for the words “one year” the words
“seven years”; and
(iv)
by substituting for the words “to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction” the words “shall in addition be liable to a fine not exceeding five thousand ringgit for each day or part thereof during which the offence continues to be committed”; and
(d)
by deleting subsection (4).
Amendment of section 51