Central Bank of Malaysia to Toughen AML Laws After 1MDB Scandal

Photo credit: thesundaily.my

Former Malaysian prime minister Najib Razak is under investigation for billions being looted from state fund. The pursuit to stricken AML regulations has begun this month as Bank Negara Malaysia will be publishing a draft to seek feed back on the changes.

Assistant Governor Adnan Zaylani Mohamad Zahid said “Starting next year, the regulator is increasing its supervisory and enforcement of anti-money-laundering compliance, with plans to pursue more deterrent action”.

“Bank Negara Malaysia has, increasingly over the years, taken more stringent enforcement actions on reporting institutions for non-compliances with Anti-Money Laundering and Counter Financing of Terrorism requirements” Adnan said in a joint conference with the Malaysian Bar in Kuala Lumpur.

Najib Razak wasn’t the only accused in this as Goldman Sachs got its first criminal case as well. As this case will continue for Najib, the reputation of Goldman Sachs will also be on the line.

This is not the first case involving persons in power laundering money and stealing billions from state funds and from the people of the country to whom the funds belong to. In some of my previous posts such as Israeli Welfare Minister to be Indicted for CorruptionDaughter of Angolan Kleptocrat Owns £13 Million Mansion in London, and Former Finance Minister of India, Chidambaram, Arrested you can read about how the corrupt leaders take advantage and steal from the state funds for themselves.

As for the future no one is sure if another case such as this will occur or will these stringent changes will bring about fear to those eyeing to launder money and steal from state funds.