Malaysia to shackle terrorist funding activities, wipe out global money laundering

Kuala Lumpur, July 21 (ANI): Malaysia would shackle terrorist funding activities and wipe out global money laundering abuses in the country, assured Attorney-General Tan Sri Abdul Gani Patail.

According to The Star, he said that the country is at par with other jurisdictions, with sufficient control over such illegal activities in terms of legislation.

Presently, there are 54 cases pending in court for violation of the Anti-Money Laundering and Anti-Terrorism Financing Act of 2001. Since the Act came into force, there has been a sharp increase in the number of cases with 11 convictions recorded.

"With these efforts, we hope to curb terrorist financing activities and eradicate all forms of money-laundering abuses of the global financial system, and provide for better control over such activities," he said in a keynote address at the International Conference on Financial Crime and Terrorism Financing 2010 on July 20, 2010.

Gani said that there were also efforts to amend the Act to extend its scope of application and provide more power to the relevant authorities. (ANI)