Malaysia legislation
Section 10
Section 10
(2)
The competent authority may enter into an agreement or arrangement, in writing, with a corresponding authority of a foreign
State regarding the exchange, between the competent authority and that corresponding authority, of information that the competent authority or the corresponding authority has reasonable grounds to suspect would be relevant to the investigation or the prosecution of a money laundering offence or a terrorism financing offence or an offence that is substantially similar to either offence.
(3)
Notwithstanding any other written law or rule of law, the competent authority may communicate any information reported to it under section 14 or any other information received by it or disclosed to it by any person under this Act to a corresponding authority of a foreign State if—
(a)
the competent authority has reasonable grounds to suspect that the information would be relevant to the investigation or prosecution of a money laundering offence or a terrorism financing offence or an offence that is substantially similar to either offence; and
(b)
either—
(i)
the Minister of Finance has, in accordance with subsection (1), entered into an agreement or
28 Laws of Malaysia arrangement with that foreign State regarding the exchange of such information; or
(ii)
the competent authority has, in accordance with subsection (2), entered into an agreement or arrangement with that corresponding authority regarding the exchange of such information, under which the corresponding authority of the foreign State has agreed to communicate to the competent authority, upon the competent authority’s request, information received by the corresponding authority that corresponds to any information required to be reported to the competent authority under section 14 or any other information received by or disclosed to the competent authority under this Act; and
(c)
the competent authority is satisfied that the corresponding authority has given appropriate undertakings—
(i)
for protecting the confidentiality of any thing communicated to it; and
(ii)
for controlling the use that will be made of it, including an undertaking that it will not be used as evidence in any other proceedings.
(4)
The competent authority shall record in writing the reasons for all decisions made under paragraph (3)(a) to communicate any information.
(5)
In this section, “corresponding authority”, in relation to a foreign State, means the authority of that foreign State responsible for receiving information that corresponds to any information required to be reported to a competent authority under section 14.
Prohibited disclosure