Malaysia legislation
Section 5
of ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING (AMENDMENT) ACT 2014
Section 5
The principal Act is amended by substituting for section 4
the following section:
Quoted provision
Section 4
(a)
engages, directly or indirectly, in a transaction that involves proceeds of an unlawful activity or instrumentalities of an offence;
Anti-Money Laundering and Anti-Terrorism
Financing (Amendment)
(b)
acquires, receives, possesses, disguises, transfers, converts, exchanges, carries, disposes of or uses proceeds of an unlawful activity or instrumentalities of an offence;
(c)
removes from or brings into Malaysia, proceeds of an unlawful activity or instrumentalities of an offence;
or
(d)
conceals, disguises or impedes the establishment of the true nature, origin, location, movement, disposition, title of, rights with respect to, or ownership of, proceeds of an unlawful activity or instrumentalities of an offence, commits a money laundering offence and shall on conviction be liable to imprisonment for a term not exceeding fifteen years and shall also be liable to a fine of not less than five times the sum or value of the proceeds of an unlawful activity or instrumentalities of an offence at the time the offence was committed or five million ringgit, whichever is the higher.
(2)
For the purposes of subsection (1), it may be inferred from any objective factual circumstances that—
(a)
the person knows, has reason to believe or has reasonable suspicion that the property is the proceeds of an unlawful activity or instrumentalities of an offence;
or
(b)
the person without reasonable excuse fails to take reasonable steps to ascertain whether or not the property is the proceeds of an unlawful activity or instrumentalities of an offence.
(3)
For the purposes of any proceedings under this Act, where the proceeds of an unlawful activity are derived from one or more unlawful activities, such proceeds need not be proven to be from any specific unlawful activity.
(4)
A person may be convicted of an offence under subsection (1) irrespective of whether there is a conviction in respect of a serious offence or foreign serious offence or that a prosecution has been initiated for the commission of a serious offence or foreign serious offence.”.
New section 4a