PLAYPAL GLOBAL SDN BHD strongly objects to all practices related to money laundering, including dealing in the proceeds of criminal activities and terrorism financing. Playpal Global upholds all staff, vendors, contractors, subcontractors, third party service providers and customers to this statement. Any suspected activities relating to money laundering or terrorism financing shall be reported immediately to Bank Negara Malaysia and relevant authorities.
Definition and Offence of Money Laundering
Money laundering is the process of introducing money, property or other assets derived from illegal and criminal activities into the legal financial and business cycle to give it a legitimate appearance. Money Laundering is an offence under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (the AMLATFA).
Pursuant to Section 4 of the AMLAFTA, a money laundering offence is committed when a person :
The penalty for a money laundering offence is, upon conviction, imprisonment for a term not exceeding fifteen (15) years and a fine of not less than five(5) times the sum or value of the proceeds of an unlawful activity or instrumentalities of an offence at the time the offence was committed or five (5) million ringgit, whichever is the higher.
Definition and Offence of Terrorist Financing
Financing of terrorism generally refers to carrying out transactions involving funds or property, whether from a legitimate or illegitimate source, that may or may not be owned by terrorists, or those have been, or are intended to be used to assist the commission of terrorist acts, and/or the financing of terrorists and terrorist organisations.
Section 3(1) of the AMLA defines a “terrorism financing offence” as any offence under section 130N, 130O, 130P or 130Q of the Penal Code, which are essentially:
Further information on AML/CFT can be obtained from Bank Negara Malaysia’s website http://amlcft.bnm.gov.my/index.html.