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Malaysia Takes Steps to Protect Informers and Fight Money Laundering
Kuala Lumpur, Malaysia - The Malaysian government has taken significant steps to protect informers and strengthen its efforts against money laundering and terrorism financing.
New Laws for Immunity and Protection
Act 613 introduces new laws that provide immunity for informants who come forward with information about money laundering activities. This means that individuals who disclose information about a money laundering offense before or after committing the offense will not be liable for any damages or other legal consequences.
Protection of Informers’ Identity
The law also prohibits anyone from revealing the identity of informers or disclosing information that could reveal their involvement in providing information about money laundering activities. Those found guilty of violating this provision can face fines and imprisonment.
Strengthening Financial Intelligence
Malaysia has introduced new measures to prevent the misuse of financial intelligence. The Minister of Finance has been given the power to appoint a competent authority to oversee the collection and analysis of financial data.
Responsibilities of the Competent Authority
The competent authority will be responsible for:
- Collecting and analyzing financial data
- Providing guidance on the use of financial intelligence in combating money laundering and terrorism financing
This measure aims to ensure that financial intelligence is used effectively and efficiently in supporting efforts against illegal activities.
Commitment to International Standards
Malaysia’s efforts to combat money laundering and terrorism financing are crucial in ensuring the stability and security of its financial system. The country is committed to upholding international standards and best practices in these areas, and these new measures demonstrate its commitment to ensuring that its financial system remains secure and stable.
Conclusion
In conclusion, Malaysia’s introduction of new laws to protect informers and prevent the misuse of financial intelligence demonstrates its commitment to combating money laundering and terrorism financing. These measures aim to strengthen the country’s efforts against illegal activities and ensure the stability and security of its financial system.