RM22M SEIZED SINCE 1996 FROM DRUG DEALERS

Govt Says Anti-Money Laundering Act Will Make Seizures Easier

KUALA LUMPUR - The Malaysian government has seized assets worth close to
RM22 million (S$10 million) from big-time drug dealers in the country.

Deputy Finance Minister Datuk Shafie Mohd Salleh said the assets were
seized under the Dangerous Drugs Act (Seizure of Assets) between 1996 and
last year.

He said the government hoped to catch more drug dealers with the
enforcement of the Anti-Money Laundering Act soon.

The Act would make it easier for the authorities to seize assets from
unlawful activities, he said when winding up the debate on the Anti-Money
Laundering Bill 2001 in Parliament on Wednesday.

The Act would allow for the freezing, seizing and forfeiture of property of
any person suspected of committing money laundering.

'This is the most effective measure to curb money laundering activities in
the country. Before this, we did not have regulatory measures against money
laundering.'

Datuk Shafie said under the new Act, the authorities would be given the
right to seize properties or cash stashed away by the offenders.

He said the Act would introduce stiffer penalties against money launderers
and those abetting in the commission of the crime.

'Those found guilty could face a maximum RM5 million fine or five years'
imprisonment or both upon conviction.

'It will also empower the investigating officer to arrest without warrant
any person who he reasonably suspects to have committed an offence under
the Act.'

Datuk Shafie said a national coordination committee on money laundering had
also been set up.