19:19, July 20, 2010

Malaysia's legislation is currently on par with other jurisdictions to control terrorist funding activities and global money laundering abuses in the country, a senior official said on Tuesday.

Malaysian Attorney-General Abdul Gani Patail made this remark at the International Conference on Financial Crime and Terrorism Financing 2010.

Abdul Gani said since the country's Anti-Money Laundering and Anti-Terrorism Financing Act 2001 came into force, the number of cases involving these activities underwent sharp increase between 2004 and 2009.

While there are now 54 pending cases pending in court for violation of the act, Abdul Gani said 11 convictions were recorded.

Abdul Gani stressed that Malaysia hoped to curb terrorist financing activities and wipe out all forms of money laundering abuses of the global financial system.

"We have enacted and implemented effective anti-money laundering and terrorist financing legislations that encompass a comprehensive framework to control, if not, to curb these activities," said Abdul Gani.

The International Monetary Fund estimated that total proceeds involved in money laundering amounted to 3-5 percent of the world output annually.