Malaysia legislation
Section 4
Section 4
Amendment of section 3
(a)
by inserting after the definition of “enforcement agency”
the following definition:
‘ “coordination agency” means any agency having coordination functions under any written laws in relation to serious offences under this Act;’;
(b)
by inserting after the definition of “unlawful activity”
the following definition:
‘ “restricted activity” has the same meaning as in section 2 of the Strategic Trade Act 2010 [Act 708];’;
(c)
by inserting after the definition of “property” the following definition:
‘ “proliferator property” means—
(a)
proceeds from the commission of any restricted activity;
(b)
property that has been, is being, or is likely to be used by a proliferator to commit any restricted activity;
Anti-Money Laundering, Anti-Terrorism
Financing and Proceeds of Unlawful
Activities (Amendment)
(c)
property owned or controlled by or on behalf of a proliferator to commit any restricted activity, including funds derived or generated from such property; or
(d)
property that has been collected for the purpose of providing support to a proliferator or funding of any restricted activity;’;
(d)
in the definition of “financial institution”, in paragraph (a), by substituting for the words “investment bank”
the words “licensed investment bank”;
(e)
in the definition of “serious offence”—
(i)
by inserting after paragraph (a) the following paragraph:
“(aa) any offence under the federal law in respect of which the punishment provided by the federal law is imprisonment for a period of one year or more;”; and
(ii)
in paragraphs (b) and (c), by substituting for the words “any of those offences” the words
“any of the offences referred to in paragraph (a)
or (aa)”;
(f)
by inserting after the definition of “foreign serious offence”
the following definition:
‘ “restricted activity financing offence” means an offence under section 66h;’;
(g)
by inserting after the definition of “customer” the following definition:
‘ “proliferator” means any person who—
(a)
commits or attempts to commit any restricted activity;
(b)
participates in or facilitates the commission of any restricted activity; or
(c)
is designated as a prohibited end-user under subsection 8(2) of the Strategic Trade Act 2010;’;
(h)
by inserting after the definition of “competent authority”
the following definition:
‘ “regulatory or supervisory authority” means the person appointed under subsection 7a(1);’; and
(i)
by substituting for the definition of “transaction”
the following definition:
‘ “transaction” includes—
(a)
an arrangement to open an account involving two or more persons and any transaction related to the account; or
(b)
the transmission, transfer or exchange, involving funds or currency by any person;’.
Amendment of section 4