Mohd. Yasin, Norhashimah

English

The International Islamic University Malaysia Repository

LEGAL ASPECTSOF MONEY LAUNDERINGIN MALAYSIA FROM THECOMMON LAWPERSPECTIVEDR. NORHASHIMAHMOHO. VASINAssociate Professor at Department ofPrivate law; (IIUM)ll.B (Hons), MCl, PGD in Islamic Banking &Finance (IIUM), ll.M, Ph.D (Warwick)Advocate & Solicitor of the High Court of Malaya-.. LexisNexis'MEMBERS OF THE LEXISNEXIS GROUP WORLDWIDEMALAYSIAARGENTINAAUSTRALIAAUSTRIACANADACHILECZECH REPUBLICFRANCEHONG KONGHUNGARYINDIAIRELANDITALYNEW ZEALANDPRCPOLANDSINGAPORESOUTH AFRICASWITZERLANDUNITED KINGDOMUSAMalayan Law Journal Sdn Bhd,tLevel 12A (Tower 2). Kelana Brem Tower,Jalan 55 7/15 (Jalan Stad,uml47301 Kelana Jaya. Selangor Darul EhsanLexisNexis Argentina, BUENOS AIRESLexisNexis Butterworths. Chatswood,NEW SOUTH WALESLexisNexis Verlag ARD Orac GmbH & Co KG,VIENNALexisNexis Butterworths. Markham, ONTARIOLexisNexis Chile Ltda, SANTIAGO DE CHILENakladatelstvi Orac sro, PRAGUEEditions du Juris-Classeur SA. PARISLexisNexis, HONG KONGHVG-Orac, BUDAPESTLexisNexis, NEW DELHIButterworths (Ireland) Ltd. DUBLINGiuffre Editore, MILANButterworths of New Zealand, WELLINGTONLexisNexis Beijinq Representative Office, BEIJINGWydawnictwo Prawnicze LexisNexis, WARSAWLexisNexis, SINGAPOREButterworths SA DURBANStampfli Ver e_~~lliilwrlLexlsNexis utterworths TetLONDON AND ..._ ...._--LexisNexis, avtDn, OHIO (;'I""~\I 0\"""© LexisNexis2007All rights reserved. No part of this publication may be reproduced or transmitted inany form or by any means, including photocopying and recording, without thewritten permission of the copyright holder, application for which should beaddressed to the publisher. Such written permission must also be obtained beforeany part of this publication is stored in a retrieval system of any nature.The Publisher, authors, contributors and endorsers of this publication eachexcludes liability for loss suffered by any person resulting in any way from the useof, or reliance on this publication.tCompany No. 76125-HISBN 978-967-962-789-3Typeset by LexisNexis, MalaysiaPrinted in Malaysia by Dolphin Press Sdn BhdCONTENTSPreface................ . vTable of Cases................... XITable of Statutes.. .. XVIIChapter 1Background to Money LaunderingIntroduction..... . 1History . 1International Conventions 5Malaysian Legislation........................... ... 10Chapter 2The Malaysian Anti-Money Laundering ActIntroduction 13Retrospective and Extra-Territorial 14Definition of Money Laundering ... 17The Offence of Money Laundering 19Record Keeping 25Reporting 26Customer Identification 28Secrecy 32Currency Reporting 33Compliance 34Investigation 36Tipping Off 41Production of Documents 46Freezing Orders 47Seizure Orders 49Disclosure by Advocates and Solicitors 52Forfeiture 53viiCONTENTSPecuniary Penalty Orders (PPO) . 56Bona Fide Third Parties............. . 57Proof of Conviction or Acquittal.... . 58Indemnity 58Jurisdiction 59Liability for Actions of Others 60Conclusion 60Chapter 3Terrorist Financing and Money LaunderingIntroduction......................................... .. 63Part 6A of AMLA............................... . 64Chapter 6A of the Penal Code. .. . .. 68Chapter 4The Application of the Malaysian MACMA to MoneyLaunderingThe Application of the Malaysian MACMA to MoneyLaundering and Other Serious Offences 77Mutual Assistance Legislation 78Requests from Malaysia 81Requests to Malaysia.................. . 89Mutual Assistance Regulations 92Mutual Assistance Treaties....... . 94Agreements between FlUs. . 104Conclusion........... . 106Chapter 5Legal Privilege and Money LaunderingIntroduction 109Legislation..... . 110Legal Privilege 116Legal Provisions Specifically Relating to Lawyers 127Tipping-Off......... 129Failure to Disclose.... . 133viiiContents. 136. 141Forced Disclosures .Conclusion ...Chapter 6Money Laundering and Legal EthicsIntroduction...................................... . 143The Ethical Code of Lawyers 144Duty of Confidentiality and Legal Professional Privilege 145Termination....................................................... . 148The Canadian legal profession's challenge to moneylaundering regulations 156Investigations by statutory bodies, including lawyers'professional bodies . 159What information is not privileged? . 162Conclusion.......................... . 163Chapter 7Concluding RemarksComparison of the Attributes of Freezing, Seizureand Forfeiture Orders.......... . 175Procedure for Freezing . 178Procedure for Seizure and Forfeiture . 179Procedure Under MACMA: Requests to Malaysia 180Appendix 181Index 295ix

Legal aspects of money laundering in Malaysia from the common law perspective

http://irep.iium.edu.my/1043/1/Legal_aspects_of_money_laundering_in_Malaysia.pdf

Legal aspects of money laundering in Malaysia from the common law perspective

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