KUALA LUMPUR: The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (AMLA) Amendment Bill was tabled in Parliament for the first reading today.
Deputy Finance Minister Lim Hui Ying, when presenting the bill, said the second reading will also be done at this current session.
The main objective of the bill is to strengthen supervision and enforcement to prevent money laundering and terrorism financing.
In addition, the bill will also introduce new provisions related to the financing of restricted activities, including the proliferation of weapons of mass destruction and preventive measures to protect the country’s financial system from being misused for criminal purposes.
In total, the bill contains 52 clauses including some proposed new sections.
