Anti-money laundering is an important tool in the fight against financial crime. It is also an area that brings major challenges.
What is considered to be Money Laundering?
In its simplest terms, money laundering is a process of converting cash or property derived from illegal or criminal activities so as to give it a legitimate appearance and conceal its origins.
The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA) is the primary Malaysian statute dealing with the Anti-Money Laundering and Anti-Terrorism financing. The AMLATFA is federal legislation that has application throughout Malaysia.
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