Malaysia legislation
Section 6
of ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING (AMENDMENT) ACT 2014
Section 6
“Offence of money laundering
The principal Act is amended by inserting after section 4 the following section:
“Offence of structuring transactions to evade reporting requirement 4a. (1) No person shall structure, or direct, assist or participate in structuring, any transaction in the domestic or foreign currency to avoid the application of paragraph 14(1)(a).
(2)
Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to a fine of not more than five times the aggregate sum or value of the transaction at the time the offence was committed or to imprisonment for a term not exceeding seven years or to both.
(3)
In determining whether a transaction was conducted in contravention of this section, the following matters may be taken into consideration:
(a)
the value of the money or property involved in each transaction;
(b)
the total value of the transactions;
(c)
the period of time over which the transactions took place;
(d)
the interval of time between any of the transactions;
(e)
the locations at which the transactions took place.”.
Amendment of section 5