Malaysia legislation
Section 8
Section 8
(1)
The Minister of Finance may, upon the recommendation of the competent authority, who shall consult the relevant supervisory authority of a reporting institution (if any), by order published in the
Gazette, *invoke any or all of the provisions of Part IV in respect of that reporting institution (if any).
(2)
For the avoidance of doubt, it is declared that a competent authority may exercise its powers under this section in respect of reporting institutions carrying on any or all of the activities listed in the First Schedule, and shall—
(a)
receive and analyze information and reports from any person, including reports issued by reporting institutions under section 14;
(b)
send any report received under paragraph (a) or any information derived from any such report to an enforcement agency if it is satisfied or has reason to believe or suspect that a transaction involves proceeds of an unlawful activity or a serious offence is being, has been or is about to be committed; and
(c)
send any information derived from an examination carried out under Part IV to an enforcement agency if it has reason to suspect that a transaction involves proceeds of an unlawful activity or a serious offence is being, has been or is about to be committed.
*NOTE—Paragraph 14(b), sections 20 and 24 invoked on institutions carrying on banking business, finance company business, merchant banking business and Islamic banking business which comes into operation on 15 January 2002–see P.U. (A) 20/2002.
26 Laws of Malaysia
(3)
The competent authority may—
(a)
compile statistics and records;
(b)
give instructions to a reporting institution in relation to any report or information received under section 14;
(c)
make recommendations to the relevant supervisory authority, enforcement agency and reporting institutions arising out of any report or information received under subsection (2); and
(d)
create training requirements and provide training for any reporting institutions in respect of their transactions and reporting and record-keeping obligations under Part IV.
Authorization to release information