Malaysia and Singapore, which already have rules in place for money laundering, are looking at imposing stiffer penalties.
In Malaysia’s latest Anti-Money Laundering and Anti-Terrorism Bill (Amendment) Bill, one of the objectives is to allow for more effective enforcement and prevention through punishment and heavier penalties, said Bank Negara.
The Monetary Authority of Singapore is also looking to publish details of more severe penalties on financial institutions linked to breaches in anti-money laundering and counter-terrorism financing rules, said the Singapore Business Times.
Malaysia will also be going through the process of mutual evaluation by a regional body called the Asia/Pacific Group on Money Laundering.
This is to assess its level of compliance with the anti-money laundering and counter-financing of terrorism standards issued by an international body called the Financial Action Task Force, said Bank Negara.
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