Latest news with #Anti-MoneyLaunderingAct
The Star
2 days ago
- Business
- The Star
Penang Development Corp cooperating with police in MBI probe
GEORGE TOWN: Penang Development Corporation (PDC) will cooperate with Bukit Aman's anti-money laundering division on the investigation into the Mobility Beyond Imagination (MBI) investment scheme, says Chow Kon Yeow. The Penang Chief Minister said the Bukit Aman special task force visited PDC as part of a broader nationwide investigation into the MBI investment scheme. "This visit was carried out in accordance with Anti-Money Laundering Act procedures and forms part of the authorities' wider efforts to trace and verify the flow of funds associated with the scheme. "An official request letter by the special task force was submitted to PDC on July 9, 2025, seeking the submission of meeting minutes and financial documents related to the Penang World City (PWC) project. "The request was specifically for documentation concerning payments made to PDC for the purchase of land by Mutiara Metropolis Sdn Bhd (MMSB), formerly known as Tropicana Ivory Sdn Bhd. "The focus of the investigation is to examine whether any of the funds paid to PDC by MMSB between 2011 and 2019 may have been linked to the MBI scam," he said during a press conference held at his office on Monday (July 21). Chow, who is also PDC chairman, was asked if PDC was being investigated over the MBI scam. He said on July 18, 2025, PDC submitted all required documents, including minutes of meetings and financial records, to the Bukit Aman special task force. "PDC is assisting the authorities in its capacity as a stakeholder in past commercial transactions relevant to the probe," he said. Chow said there are four agreements signed pertaining to the PWC project.
Express Tribune
05-07-2025
- Business
- Express Tribune
Govt finalises industrial policy
The SAPM noted that the industrial sector's share in GDP has declined from 26% in 1996 to 18% in 2025. photo: file Listen to article The government on Friday finalised recommendations for a long-term industrial policy, proposing 10-year loans for industrial units with a two-year grace period. Several other measures have also been suggested to boost industrialisation. To support manufacturing, the policy proposes reducing corporate tax from 29% to 26% over three years. Amendments to the SECP Act, Anti-Money Laundering Act, and Income Tax Ordinance have also been recommended. A high-level meeting of the Prime Minister's Committee on Industrial Policy was held under the chairmanship of Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan. The meeting reviewed and finalised the recommendations of eight specialised sub-committees. These proposals mark the start of implementing the new industrial policy. The policy categorises borrowers into four groups for financing. According to State Bank of Pakistan (SBP) guidelines, the first group includes viable units with moderate repayment ability, and the second includes marginally viable ones needing external support. Interest rates will be adjusted based on the policy rate and revival potential. Loans may be extended for up to 10 years, with an optional two-year grace period. Early repayment will be allowed without penalty for back-ended projects. Fresh working capital of up to 20% of the restructured principal will also be provided. A haircut policy of up to 60% on the principal will be allowed under board-sanctioned approval. This amount may be recorded as a "shadow entry" for tracking but won't require provisioning or audit qualification. Remaining loan amounts will be listed as "Restructured but Active" in regulatory reports. Full and final settlements (FFS) will be allowed once, through lump sum or staggered payments over 12-24 months. Banks will record waived amounts separately for tax purposes under the Income Tax Ordinance. Loan write-offs will qualify for tax deduction under Section 29. Each restructuring case will report to a subcommittee of the bank's board. Government-owned banks must set annual targets for resolving non-performing loans. Incentives such as bonuses or board fees may be tied to target achievement. For governance and risk control, third-party due diligence will be mandatory for loans up to Rs100 million. Chartered accountancy firms or financial institutions will verify the due diligence. SBP will launch a portal displaying monthly sector and province-wise summaries. A whistle-blower channel will allow reports of misconduct or non-transparent dealings. Each revived unit will be monitored for at least two years, with quarterly reports submitted to the Ministry of Industries and Production (MoIP). Khan noted that the industrial sector's share in GDP has declined from 26% in 1996 to 18% in 2025. He stressed the urgency of reviving this sector, increasing exports, and developing import substitutes. Eight sub-committees were earlier formed to address key challenges. Their proposals include SBP guidelines for reviving sick industries and amending the Corporate Rehabilitation Act 2018. Banks have been asked to use forecasting tools to detect early signs of distress. To ensure fast execution, SAPM Khan formed 10 new sub-committees and asked them to deliver tangible outcomes within a week. He said the new policy could trigger an industrial revolution and confirmed the recommendations were presented to Prime Minister Shehbaz Sharif, who appreciated the efforts.
Business Recorder
05-07-2025
- Business
- Business Recorder
10-year industrial policy finalised
ISLAMABAD: The government while accepting the longstanding demand of the industrial and business community has finalised 10-year long-term industrial policy after months of detailed discussions. The prime minister of Pakistan has tasked the Ministry of Industries and Production to discuss and review the current industrial policy, keeping in view that the share of industrial sector in GDP in 1996 was 26 percent which in 2025 has reduced to 18 percent. The Ministry of Industries and Production, following the prime minister's directives constituted eight different high-powered sub-committees to look into the matters of reshaping the industrial sector of the country, here on Friday presented the recommendations for the revival of industrial sector to the Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan during a high-level meeting. Long-term industrial policy on the anvil As per the policy recommendations of prime minister's constituted committees, the policy will remain valid for 10 years and the government along with other stakeholders after every 18 months will review the progress. The government will ensure improved credit to the small and medium enterprises (SMEs) and distressed segment. Special amendments in various laws will be made to create business-friendly environment and ensure the investors security as well as promoting localisation. The sick industrial units will be restored and banks will be encouraged to provide them loans. During the meeting, the committee members finalised the recommendations of eight specialised sub-committees. These proposals were reviewed in detail, marking the beginning of the implementation phase for the country's new industrial policy. Haroon Akhtar Khan highlighted that the contribution of the industrial sector to GDP has declined from 26 percent in 1996 to 18 percent in 2025, stressing the urgent need to revive the sector. He emphasised the importance of boosting exports and developing import substitutes to stabilise the economy. To address the challenges facing the industrial sector, eight sub-committees were constituted. Among their key proposals: The State Bank of Pakistan will issue guidelines for the revival of sick industries and resolution of debts. Amendments have been proposed to the Corporate Rehabilitation Act, 2018. Banks have been advised to use data forecasting tools to detect early signs of industrial sickness. Industrial unit classification has been determined in consultation with the Pakistan Banking Association. To incentivise manufacturing, a reduction in corporate tax from 29 percent to 26 percent over three years has been recommended. Amendments to the Securities and Exchange Commission of Pakistan (SECP) Act, the Anti-Money Laundering Act, and the Income Tax Ordinance have also been proposed. To ensure swift execution, SAPM Haroon Akhtar Khan has formed 10 new implementation sub-committees and instructed them to show tangible results within a week. He stated that the new industrial policy is comprehensive and has the potential to usher in an industrial revolution in Pakistan. Commending the committees for their exceptional performance in a short span, Khan added that the finalised recommendations have been presented to Prime Minister Shehbaz Sharif, who appreciated the effort. Copyright Business Recorder, 2025
Focus Malaysia
03-07-2025
- Focus Malaysia
Public safety compromised: Drug gangs hijacking Malaysia's vape industry with drug-laced products
FORMER Sarawak State Police Chief Datuk Dr Yusoff Nook has called for a sharper distinction between drug crimes and the legitimate vape industry following reports that investigated the widespread online sales of synthetic drug-laced vape products. It has been found that illicit vape liquids laced with dangerous substances like methamphetamine, syabu and ketamine were being sold openly on social media and e-commerce platforms outside regulatory reach and entirely separate from licensed retailers. These products are disguised as flavoured vape – often in colourful packaging that appeals to younger consumers – and are traded via anonymous sellers through private messaging and courier services. 'These are not rogue retailers or irresponsible shop owners. These are organised drug traffickers – sophisticated, transnational and criminal in nature,' revealed Yusoff who was head of the Special Branch's economic intelligence division. 'They are merely using vape as a new delivery mechanism. But the issue is not with vape – the issue is drugs. At its core, this remains a drug crime and it must be treated as such.' According to Yusoff, the recent calls for state-level vape bans are misdirected as they do not address the real source of harm. 'These products are not sold by licensed players but are sold online by criminals operating in the shadows,' insisted the former commercial crime head. 'A state ban on vape shops won't stop this. If anything, it punishes the visible and regulated segment of the market while doing nothing to touch the underground networks.' Distinguishing narcotics Yusoff further observed that the legitimate vape industry is now governed under the Control of Smoking Products for Public Health Act 2024 (Act 852) which imposes strict requirements including product registration, price approvals and retail licensing. 'Licensed players are complying. They are subject to inspections and oversight,' he justified. 'The ones flooding our streets and social media aren't part of that system. They're traffickers. Let's stop conflating legal vaping with narcotics. This is a criminal abuse of a product, not a failure of regulation or industry.' Towards this end, Yusoff urged the relevant authorities to act with precision by using tools like the Dangerous Drugs Act 1952, Anti-Money Laundering Act (AMLA) 2001, stronger criminal enforcement, targeted raids and cross-border intelligence sharing to combat these syndicates. 'This is a matter of national security. We should be using every legal weapon available to counter drug networks – not redirecting blame onto products that criminals happen to exploit,' asserted Yusoff who holds a PhD in Economic Crime from Stirling University. 'If we spend time penalising the legal market, we risk giving the illegal market room to grow. The vape industry is not the threat but drug syndicates are. Enforcement – not prohibition – is the only real answer to this threat.' – July 3, 2025
Sinar Daily
26-06-2025
- Politics
- Sinar Daily
Muda offers presidency back to Syed Saddiq
The decision was made during a Central Executive Committee meeting held on the same day the Muar MP was cleared of all charges. The Malaysian United Democratic Alliance (Muda) has unanimously agreed to re-offer the party's presidency to Syed Saddiq Syed Abdul Rahman following his acquittal from corruption and money laundering charges on Wednesday. - Bernama FILE PIX SHAH ALAM – The Malaysian United Democratic Alliance (Muda) has unanimously agreed to re-offer the party's presidency to Syed Saddiq Syed Abdul Rahman following his acquittal of corruption and money laundering charges on Wednesday. Acting president Amira Aisya Abd Aziz said the decision was made during a Central Executive Committee (CEC) meeting held on the same day the Muar MP was cleared of all charges. According to her, the offer is based on two principles: that Syed Saddiq had successfully cleared his name and integrity through a transparent and fair court process and that the former Youth and Sports Minister had consistently defended the honour and good name of the party throughout his tenure as an MP. 'The Muda presidency held by Syed Saddiq was vacated throughout the court proceedings and assumed by me as Deputy President. "I must also state on record that the party's decision to vacate the presidency during the prosecution was a political commitment never before made by any Malaysian political leader under trial in court. 'CEC is of the view that with Syed Saddiq's return to party leadership, he will be able to further strengthen the party, particularly in steering it towards the next general election,' she said in a statement on Thursday. Sinar had previously reported that the Court of Appeal on Wednesday acquitted Syed Saddiq of all convictions and sentences related to four charges involving the misappropriation of Armada funds seven years ago. Muar MP Syed Saddiq Syed Abdul Rahman at a press conference yesterday. Bernama FILE PIX These included one charge of abetting criminal breach of trust involving RM1 million, one charge of misuse of property amounting to RM120,000 and two charges of money laundering under the Anti-Money Laundering Act (AMLA), each involving RM50,000. In November 2023, Syed Saddiq announced his immediate resignation from the Muda presidency to focus on clearing his name from the convictions handed down by the court. Further commenting on the matter, Amira said the CEC also respects the need for the 33-year-old lawmaker to consider the offer and has agreed to give him ample time to do so. 'After five years of facing prosecution and court processes, I fully understand the need for the party to give Syed Saddiq space to prioritise his family affairs before resuming his responsibilities as president. 'To me, family comes first. I also want to remind everyone that Syed Saddiq is still serving full-time as a Member of Parliament in the Dewan Rakyat and in his Muar constituency. His commitment to service politics has never faltered,' she added. She also said that Muda would continue to provide unwavering support to Syed Saddiq and urged Malaysians to pray for the party's continued efforts in building the nation.
