Malaysia-Public Statement by the Financial Action Task Force on Money Laundering
Public Statement by the Financial Action Task Force on Money Laundering
Circular No 290/2018
Dated 5 Dec 2018
To Members of the Malaysian Bar
Public Statement by the Financial Action Task Force on Money LaunderingThe Financial Action Task Force ("FATF") issued a public statement on 19 Oct 2018 on jurisdictions that have strategic deficiencies in their anti-money laundering and counter financing of terrorism ("AML/CFT") regime.
Bank Negara Malaysia ("BNM") issued a notice on 25 Oct 2018 to inform reporting institutions ("RIs") of FATF's public statement.
In the public statement, FATF called upon its members and other jurisdictions to apply effective countermeasures and targeted financial sanctions in accordance with the applicable United Nations Security Council Resolutions against the Democratic People's Republic of Korea ("DPRK") (please refer to Appendix I of the attachment).
RIs were reminded to conduct enhanced customer due diligence for business relationships and transactions with any person from DPRK, including those acting on their behalf.
The public statement also mentions that RIs should consider other jurisdictions that are being monitored by FATF as having inadequate AML/CFT system for which they have developed an action plan with FATF as part of the RI's risk assessment process (please refer to Appendix II of the attachment).
Please note that The Bahamas, Botswana, and Ghana have been included in FATF's monitoring process due to their strategic counter-terrorist financing deficiencies.
Click here to visit FATF's website for more information on the abovementioned statements and other monitored jurisdictions.
A copy of BNM's notice, including the public statement by FATF (Appendix I) and Appendix II, is attached for your reference.
Should you have any enquiries relating to the notice from BNM, please contact Arni Jailun (03-2698 8044 ext 8493 / firstname.lastname@example.org), or Muhammad Fikri Abdullah (03-2698 8044 ext 7401 / email@example.com).
Andrew Khoo Chin Hock and Karen Cheah Yee Lynn
Subcommittee on AMLA of the Legal Profession Committee
This circular and the attachment may also be accessed here.
BNM Notice 25 Oct 2018.pdf