KUALA LUMPUR, Dec 4 — The amendments to the Anti-Money Laundering and Anti-Terrorism Financing Act (amended) 2003 are aimed at controlling cross border transfer of excessive negotiable cash and instrument. 

The Bill was tabled for the first time by Finance deputy minister Datuk Ahmad Maslan today and would be debated after the second reading at the next Dewan Rakyat session.

The amendments are also aimed at detecting and stamping out money laundering and terrorism financing in the country.               

Clause 26 is amended to compel a person leaving or entering Malaysia with negotiable cash or instrument exceeding the permitted amount, to declare it to the authorities.

Excessive negotiable cash or instrument or both, to be transferred to or out of Malaysia by post, express delivery, freight or other modes must also be declared to the authorities.

Section 28E compels a person who receives negotiable cash or instrument or both from outside Malaysia exceeding the permitted amount, to declare it to the authorities, besides any information required by them.

The Bill also gives an officer additional authority to investigate the offence and arrest a suspect without a warrant.

A person who attempts to structure or instruct, assist or participate in any transportation or cross border transfer of excessive negotiable cash or instrument in a bid to avoid making the declaration will also face action.

Section 29 is amended to expand the scope of investigation on any offence involving terrorism financing and transaction structuring.        

The amendments to Section 44, 45, 50, 51, 53, 55, 56 and 59 are aimed at expanding the clout of the authorities to freeze, confiscate, and forfeit properties.— Bernama