AMLATFA 2001 is an Act or legislative provision that came into force on 15 January 2002. Three main important objectives of the Act are:(i) to provide for the offence of money laundering, (ii) to specify measures to be taken for the prevention of money laundering and (iii) to provide for forfeiture of property derived from, or involved in, money laundering. Today, the new cohort of the Master in Forensic Accounting and Financial Criminology made their first in-class presentation by discussing legislative provisions related to anti money laundering and anti terrorism financing in Malaysia. In essence, example of predicate offences in money laundering include the following: corruption, bribery, child pornography, CBT, forgery, human trafficking, theft, extortion, frauds, fraudulent manipulation of stock exchange transactions, possession of counterfeit money, tax evasion and money incremental scheme. The group had also highlighted different categories of reporting institutions which include all financial institutions (conventional and Islamic banks), insurance companies (including takaful operators), money changer, real estate agents, casinos, precious metal dealers and professional lawyers and professional accountants.
