Amendment to Anti-Money Laundering and Anti-Terrorism Financing Bill 2013 passed today

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KUALA LUMPUR (June 30): The Dewan Negara sitting today passed the Anti-Money Laundering and Anti-Terrorism Financing (Amendment) Bill 2013.

The bill provides, among others, more power to the law enforcers to freeze and seal assets of those involved in money laundering.

The bill also allows more effective enforcement and prevention, through punishment and heavier penalties.

With the amendments, those found guilty of money laundering can be jailed up to 15 years and fined not less than five times the sum at the time of offence, or RM5 million, whichever is higher.

The bill was passed, after the third reading by Deputy Finance Minister, Datuk Ahmad Maslan.