In 2024, Bank Negara Malaysia amended the policy documents on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions to include countering proliferation financing (“PF”).
In the same year, the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Amendment Bill 2024 (“Bill”) was tabled in Parliament for its first reading, and Malaysia launched its fifth national risk assessment, an update to the previous assessment in 2020 (“NRA 2020”). Malaysia’s national risk assessment is a periodic and centralised risk evaluation conducted under the purview of the National Coordination Committee to identify, assess, and mitigate the nation’s exposure to money laundering (“ML”), terrorism financing (“TF”), and PF risks.
This article provides a quick introduction to PF, summarises the key findings from the NRA 2023, highlights key changes in the financial sector during this period, and briefly outlines the future risk trajectory of the financial sector.
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