FATF: MALAYSIA AML/CFT EVALUATION FOLLOW-UP REPORT

On 31st October, FATF published the 3rd update report following the mutual evaluation report (MER) of 2015.  This report analyses Malaysia’s progress in addressing the technical compliance deficiencies identified in the MER.  To reflect this progress, the FATF has re-rated Malaysia on the following Recommendations –

  • 32 – Cash couriers from largely compliant to compliant
  • 34 – Guidance and feedback from largely compliant to compliant

The report also looks at whether Malaysia’s measures meet the requirements of FATF Recommendations that have changed since the MER, taking into account any new measures since the MER.  The FATF agreed to re-rate the following Recommendations –

  • 5  – Terrorist financing offence from  largely compliant  to compliant
  • 7 – Targeted financial sanctions related proliferation from partially compliant to compliant

The FATF maintains the ratings of “Largely Compliant” for Recommendation 8 and “Compliant” for Recommendations 18 and 21.

The report says that Overall, Malaysia has made progress in addressing the technical compliance

deficiencies identified in its MER and has been re-rated on 4 Recommendations, so that only 2 Recommendations remain PC.  Malaysia has addressed the deficiencies identified under R.7 including the revised requirement of R.7 and its Interpretive Note, and has been re-rated as Compliant with R.7.  Equally, Malaysia has addressed the minor deficiencies identified under R.5, R.32 and R.34 to be re-rated as Compliant on all 3.  Malaysia remains largely compliant with the revised R.8 and maintains a compliant rating with the revised R.18 and R.21.

The re-ratings result in the following –

malay

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/FUR-Malaysia-2018.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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