Latest news with #N.Sevagamy
Barnama
4 days ago
- Business
- Barnama
Businesses Engaged In Foreign Transactions Must Exercise Heightened Diligence Under AMLA
By KUALA LUMPUR, June 5 (Bernama) -- Malaysian business owners engaged in international transactions are advised to maintain comprehensive records and promptly report any suspicious activity to Bank Negara Malaysia (BNM) to ensure compliance with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001(AMLA). Lawyer Guok Ngek Seong, who has nearly 25 years of experience in civil and criminal litigation, told Bernama that companies operating in high-risk sectors such as maritime, petroleum and logistics, which frequently conduct foreign exchange transactions, must exercise heightened diligence in documenting their operations. He was speaking on the matter in light of recent actions taken by BNM, which imposed administrative monetary penalties amounting to RM4.95 million on several financial institutions for breaches of statutory and regulatory obligations. The penalties involved non-compliance with provisions under the Development Financial Institutions Act 2002 as well as failures to adhere to requirements under the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document. These regulatory actions reflect the heightened scrutiny placed on financial and corporate entities, reinforcing the need for robust compliance measures, especially in sectors exposed to cross-border transactions. Guok stressed that proper record-keeping may constitute a key line of defence should a company come under investigation for alleged money laundering or involvement in unlawful activities. 'BNM has the authority to conduct annual checks on such entities to ensure compliance with AMLA regulations,' he said.
Barnama
13-05-2025
- Politics
- Barnama
Netherlands, Australia Urge ICAO To Press Russia Into Talks Over MH17 Crash
The view of the reconstructed wreckage of Malaysia Airlines Flight MH17 that displayed at the military base in Gilze-Rijen, central Netherlands. Photo: THE HAGUE, May 13 (Bernama-TASS) -- The Netherlands and Australia have called on the Council of the International Civil Aviation Organisation (ICAO) to urge Russia to enter negotiations over the 2014 downing of Malaysia Airlines flight MH17, TASS news agency reported. 'The Netherlands and Australia request the ICAO Council to impose on the Russian Federation to enter into negotiations with the Netherlands and Australia on this matter and to supervise this process,' the Dutch Foreign Ministry said in a statement. According to the Dutch government, the ICAO Council ruled earlier on Sunday that Russia was responsible for the downing of flight MH17 and had thereby violated the 1944 Chicago Convention on International Civil Aviation. bootstrap slideshow Dutch Foreign Minister Caspar Veldkamp welcomed the decision, stressing that the ICAO Council must now examine the possibility of compensation. Russian news agency TASS said it had sent an official inquiry to ICAO for comment on the ruling, but no response had been received at the time of reporting. In June 2024, Russia withdrew from ICAO proceedings involving the dispute with Australia and the Netherlands, arguing that the council lacked jurisdiction over what it called 'fabricated allegations.' The Russian Foreign Ministry reiterated that it did not recognise ICAO's authority on the matter or any subsequent decisions. Malaysia Airlines flight MH17, en route from Amsterdam to Kuala Lumpur, was shot down over Ukraine's Donetsk region on 17 July 2014, killing all 298 people on board. The victims were citizens of ten different countries.
