KUALA LUMPUR: Dewan Rakyat today passed a bill that would pave the way for the establishment of a National Center for the Fight against Financial Crime (NFCC), which aims to combat money laundering.
Dewan Rakyat spokesman Mohamad Ariff Yusof announced that the bill was passed unanimously after a four-hour debate.
The center will bring together 12 law enforcement agencies, including the police, the Malaysian Anti-Corruption Commission (MACC) and Bank Negara Malaysia.
It will have a centralized system of financial crime data.
The NFCC will also advise the Prime Minister on aspects related to financial crime and will facilitate the cooperation of the Center, government bodies and law enforcement agencies.
Last year, it was announced that former Deputy Chief Commissioner of MACC (Prevention) Mustafar Ali would lead the NFCC.
Before concluding the debate on the bill, de facto law minister Liew Vui Keong said money that left the country illegally would be returned through the NFCC.
Liew also said that the cryptocurrency would also be under the jurisdiction of the center if it contravenes laws under the Anti-Money Laundering, Terrorist Financing and Unlawful Activities Act 2001.