Wednesday, 30 July 2014

Malaysia-'Dialogue on Continuing Professional Development (‘CPD Scheme’)

'Dialogue on Continuing Professional Development ('CPD Scheme')
To:


  
  
SBC/CIR/050/14  22nd July, 2014
Brochure/Form [Download PDF]
Thank you,
Secretariat  Selangor Bar Committee.
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Malaysia-Statement by Financial Action Task Force on Money Laundering on 27 June 2014 Regarding Requirement of Enhanced Customer Due Diligence

Statement by Financial Action Task Force on Money Laundering on 27 June 2014 Regarding Requirement of Enhanced Customer Due Diligence



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Circular No 163/2014
Dated 30 July 2014
To Members of the Malaysian Bar
Statement by Financial Action Task Force on Money Laundering on 27 June 2014
Regarding Requirement of Enhanced Customer Due Diligence
We refer to Circular No 044/2014 dated 6 Mar 2014.
The Financial Action Task Force on Money Laundering ("FATF") issued a public statement on 27 June 2014 on jurisdictions that have strategic deficiencies in their anti-money laundering and counter financing of terrorism ("AML/CFT") regime.
Pursuant to section 83 of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 ("AMLATFA"), Bank Negara Malaysia issued a circular on 9 July 2014 to inform reporting institutions ("RIs") of FATF's public statement.
Members are advised to take note of the following excerpt from Bank Negara Malaysia's circular:
2.  In the statement, FATF has called upon its members and other jurisdictions to apply countermeasures against Iran and the Democratic People's Republic of Korea arising from the on-going and substantial money laundering and terrorist financing risks emanating from the jurisdictions.   Other jurisdictions which have strategic deficiencies that have not made sufficient progress in addressing the deficiencies include Algeria, Ecuador, Indonesia and Myanmar, and is subject to FATF's call to consider the risks arising from the deficiencies associated with each jurisdiction.
3.  In accordance with the AML/CFT Policy issued to your sector, please be advised that RIs are required to conduct enhanced customer due diligence for business relationships and transactions with any person from countries identified by the FATF as having on-going or substantial money laundering / terrorism financing ("ML/TF") risks, and apply countermeasures proportionate to the risk.  In addition, RIs are required to conduct enhanced customer due diligence, proportionate to the risks, for business relationships and transactions with any  person from countries identified by the FATF as having strategic AML/CFT deficiencies and have not made sufficient progress in addressing those deficiencies.
A copy of the circular is attached for your reference.  The circular is also available on Bank Negara Malaysia's website.
Should you have any enquiries relating to the circular, please contact the following officers of Bank Negara Malaysia at its general telephone number, 03-2698 8044:

If you would like to contact the Bar Council Secretariat on AMLATFA-related matters, kindly contact Marianna Laureen Tan, Executive Officer, by telephone at 03-2050 2086, or by email at ml.tan@malaysianbar.org.my.
Thank you.
Richard Wee Thiam Seng
Secretary
Malaysian Bar
If you are a registered user of the Malaysian Bar website, you may click here to access this circular and the attachment.




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