MACC can only probe money-laundering activities involving corruption, official says

(Malay Mail Online) – The Malaysian Anti-Corruption Commission (MACC) can only investigate suspected money-laundering activities involving clear elements of corruption, an official said today, highlighting the body’s limitations in what it can and cannot look into.

Chief senior assistant commissioner (CSAC) Fikri Abdul Rahim, who heads MACC’s Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUA) division said that the police will usually take over in money-laundering cases involving criminal activities such as gambling and drug trafficking.

“When it comes to these activities, it is within the purview of the police department, the police will investigate cases involving drug trafficking, gambling,” he told English-language radio station Traxx.Fm in an interview broadcast this morning.

In the interview, Fikri said that investigating money-laundering cases are becoming more difficult due to online money transfers.

“For us, the main challenge in a borderless world, is that the money launderer can transfer money fast using Internet banking, there are major issues with this,” Fikri said, but did not elaborate on this.

“If they money has not left the country it is a bit easier for us to investigate, we can send a notice to banks here,” he added.

On August 8, 2014, the Anti-Money Laundering and Anti-Terrorism Financing (Amendment) Act 2014 was gazetted to amend the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 and is now known as the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUA)

The legislation was expanded to include anti-terrorism financing.