Malaysia legislation

Section 12A

of *ANTI-MONEY LAUNDERING, ANTI-TERRORISM FINANCING, ANTI-RESTRICTED ACTIVITY FINANCING AND PROCEEEDS OF UNLAWFUL ACTIVITIES ACT 2001

Section 12A

The Minister of Finance may, on the recommendation of the competent authority, by order published in the Gazette, prescribe a person that is carrying on a financial business that is regulated or supervised by or subject to the oversight of a relevant regulatory or supervisory authority pursuant to the laws enforced by such regulatory or supervisory authority to be a financial institution for the purposes of the definition of “financial institution” under subsection 3(1).

Section 12A — ANTI-MONEY LAUNDERING, ANTI-TERRORISM FINANCING, ANTI-RESTRICTED ACTIVITY FINANCING AND PROCEEEDS OF UNLAWFUL ACTIVITIES ACT 2001