As per Bloomberg, the central bank of Malaysia – Bank Negara Malaysia is finalizing revisions to guidelines against the country’s money laundering and terrorism financing.
During the joint conference in Kuala Lumpur with the Malaysian Bar, Assistant Governor of the Central Bank of Malaysia Adnan Zaylani Mohamad Zahid said that the Central Bank will soon publish a draft, and look for feedback on the changes in September. He further mentioned, the Bank Negara Malaysia has taken more stringent enforcement actions on reporting institutions for non-compliances with AML and CFT requirement over the years.
The Central Bank of Malaysia has taken this measure just after the 1MDB corruption, which created a huge buzz across the globe. There has been speculation about a former prime minister Najib Abdul Razak that he was involved in a scandal too. Recently, the High Court of Malaysia ordered former prime minister Najib Abdul Razak’s wife Rosmah Mansor to declare her property acquisition between Jan 1, 2009, and Dec 31, 2017, relating to a money-laundering case.
Source – Bloomberg