| The "Anti-Money Laundering Campaign" was officially launched by Bank Negara Malaysia recently to educate and ensure all entities within the financial intermediaries are familiar with this Act. The entities concerned are not meant for the staff of OAC only but it covers the Agency Force, Intermediaries (other distribution channels - bancassurance, brokers etc), Policy Owners and Prospects.
The Examination Department of BNM have been given the mandate to specifically audit the knowledge of the relevant staff/parties in the Insurance industry in combating money laundering.
With that, we hope that all Staff, Agents and Intermediaries would familiarise themselves on the issues surrounding this Campaign.
Preamble
Money Laundering has been in existence since decades. It has been made prominent again after the tragic events that took place in the United States on 11 September 2001. A number of governments called for a coordinated effort to detect and prevent the misuse of the world financial system by terrorists. It was estimated that money laundering ranged between USD590 billion and USD1.5 trillion. The Prime Minister's recent visit to Switzerland further mentioned about the co-operation between the two Governments in discussing potential money laundering issues.
The Financial Action Task Force on money laundering (FATF) a body formed by the G-7 heads took on a significant role in the effort to keep terrorists from freely using the financial system. One of the FATF's missions is to examine and identify the weaknesses of countries with weak anti-money laundering programmes.
As at 30th May 2002, the FATF has identified 19 countries that appeared lacking in combating money laundering. They are called the non-cooperative countries and territories. Fortunately, Malaysia is not one of them.
Nevertheless, there are remaining matters to comply with hence the necessity for the Minister of Finance to appoint the Financial Intelligence Unit of Bank Negara Malaysia as the competent authority under the Anti-Money Laundering Act.
For those of us whose exposure to the words "money-laundering or anti-money laundering" are minimal, Money Laundering basically means " activities undertaken to legitimise funds obtained through criminal activities and to hide the origins of the proceeds of criminal activity".
More explanation on money laundering can be found in the following attachments:
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