Latest news with #Anti-MoneyLaunderingAct
Sinar Daily
11 hours ago
- Business
- Sinar Daily
Najib relieved after court grants DNAA
With this, he said Najib can now concentrate fully on the 1MDB case. By NOOR AZLIDA ALIMIN 20 Jun 2025 05:14pm Former prime minister Datuk Seri Najib Razak seen at the Kuala Lumpur Court Complex. - Bernama file photo KUALA LUMPUR – Former prime minister Datuk Seri Najib Razak is relieved to be free from yet another legal burden after the High Court granted him a discharge not amounting to an acquittal (DNAA) over three money laundering charges involving RM27 million from SRC International Sdn Bhd. His lawyer, Tan Sri Muhammad Shafee Abdullah, confirmed the development on Friday, stating Najib is relieved to have fewer cases weighing on him, particularly after multiple previous requests for a DNAA. The High Court here today granted a discharge not amounting to an acquittal (DNAA) to former Prime Minister Datuk Seri Najib Razak over three money laundering charges involving RM27 million from SRC International Sdn Bhd. - Bernama file photo With this, he said Najib can now concentrate fully on the 1Malaysia Development Berhad (1MDB) case. The High Court allowed the DNAA application filed on June 11. The decision followed Najib's failed bid to have the charges dropped after the Attorney General's Chambers (AGC) rejected his representation on July 31, 2023. Deputy Public Prosecutor Mohd Ashrof Adrin Kamarul had initially requested the court to set a new date for trial. However, Shafee again pressed for a DNAA, pointing out that the case had been ongoing since 2019 with over six years of delays. When asked about the possibility of an appeal, Shafee clarified that the deputy public prosecutor cannot challenge the decision, as the prosecution retains the option to pursue the case again once they are prepared. 'Of course, we hope they do not, because this case has already prejudiced against Najib. So I hope the Attorney General will use his discretion and authority to close the case,' he said. Najib was charged on Feb 3, 2019, with receiving RM27 million from illegal proceeds through his three AmPrivate Banking accounts at AmIslamic Bank, Jalan Raja Chulan, on July 8, 2014. The charges were brought under Section 4(1)(a) of the Anti-Money Laundering Act, which carries a maximum of five years in prison, a RM5 million fine, or both, upon conviction. Despite this discharge, Najib continues to serve his sentence at Kajang Prison for misappropriating RM42 million from the same SRC International fund. He began serving his sentence on Aug 23, 2022. He was initially sentenced to 12 years in prison and a RM210 million fine, which were upheld by the Court of Appeal and the Federal Court. However, a royal pardon petition filed on Sept 2, 2022, led to the Pardons Board reducing his sentence to six years and the fine to RM50 million.
Business Recorder
6 days ago
- Automotive
- Business Recorder
AMLA: minister says FBR powers to be reviewed
ISLAMABAD: Finance Minister Muhammad Aurangzeb said Saturday that the issuance of notices to the business community under Anti-Money Laundering Act (AMLA) is a very serious matter and the government would review AML powers available to the Federal Board of Revenue (FBR). During review of the Finance Bill (2025-26) at the Senate Standing Committee on Finance on Saturday, Chairman of the committee Senator Salim Mandviwala took up the issue of AML notices to the taxpayers by the FBR. The issue came to the light when FBR Member Customs (Policy) explained creation of proposed Directorate General of Intelligence and Risk Management Customs under the Finance Bill 2025-26. The proposed Directorate would have the powers to exercise under the AML Act. FBR makes first major 'Benami Property' seizure in Islamabad, vows to expand crackdown Salim Mandviwala expressed serious concern over the powers to the Directorate General of Intelligence and Risk Management Customs for taking action against taxpayers under the AML law. 'We have received many complaints on issuance of illegal notices to the business community under the AML', he said. All these notices issued in the past were withdrawn on the intervention of the Senate Standing Committee on Finance. These powers should not be given to the FBR officials as they were misused in the past, Mandviwala said. Finance Minister assured the committee that it would look into the matter and would examine FBR powers under the AML law. In a landmark move, the committee approved sweeping amendments to the Customs Act, 1969, targeting the issue of tempered and tampered chassis vehicles. As per the new law, any vehicle found with tampered chassis number, Cut-and-weld modifications or Re-stamped chassis will be presumed smuggled even if registered with any Motor Registration Authority. FBR Chairman Langrial clarified that such vehicles will be confiscated and destroyed. They won't be auctioned again. 'In principle, these vehicles should be set on fire to avoid resale of parts.' The Standing Committee recommended that the confiscation and destruction of such vehicles must occur within 30 days of seizure. FBR Chairman said that the tampered vehicles cannot be allowed to be auctioned. Even if the tempered vehicles have been registered by the Motor Registration Authority, they are liable to be confiscation. Chairman of the committee asked FBR to share number of confiscated vehicles used by the customs officials. A committee member questioned that why customs department collected duties and taxes on tempered vehicles during legalization of non-duty paid cars under the last amnesty scheme. FBR Member Customs explained that new section ('187A. Presumption as to legal character of vehicle), any vehicle is detained or seized under this Act or the rules made there under and such vehicle upon forensic examination is found to be having a tampered chassis number or cut and weld chassis or chassis number filled with welding material or re-stamped or body changed, such vehicle shall be presumed to be smuggled, even if registered with any Motor Registration Authority, and shall be liable to confiscation. Copyright Business Recorder, 2025
Business Recorder
7 days ago
- Business
- Business Recorder
EPBD's BoG rejects granting FBR excessive powers
ISLAMABAD: The Economic Policy and Business Development (EPBD) Board of Governors categorically rejected the draconian amendments introduced in the Budget that grant the Federal Board of Revenue (FBR) unprecedented and excessive powers over the business community. These measures represent a fundamental assault on business rights and economic freedom that no business organisation can tolerate. It also goes fundamentally against the government's policy of promoting Ease of Doing Business in Pakistan, the board observed. The budget transforms the FBR into an enforcement agency, with powers that threaten the foundation of Pakistan's business environment. Under the Anti-Money Laundering Act, 2010, FBR's Directorate General of Intelligence and Risk Management-Customs now operates with police-like authority, treating every businessman as a potential criminal rather than a contributor to the national economy. The mandatory e-bilty system under Section 83C imposes comprehensive digital surveillance on all business transactions. With penalties reaching Rs1 million, goods confiscation, and six-month imprisonment for non-compliance, this system creates a climate of fear that will cripple legitimate business operations. Most alarmingly, the Finance Bill 2025 grants FBR officers dangerous and excessive powers that have no place in a modern democracy: Section 37AA authorises arrest without warrant based on mere suspicion of tax fraud—a power that invites abuse and harassment; Section 14AE allows arbitrary seizure of business premises and property without adequate safeguards; Section 37B permits 14-day detention of businesspersons, extendable through magistrates; Section 11E enables tax assessment and recovery based on suspicion alone, without proper investigation; Section 33 (13 and 13A) introduces 10-year prison terms and Rs10 million fines for broadly defined "tax fraud" that could criminalise routine business errors; Section 32B empowers private auditors with quasi-legal authority over businesses. These provisions create a surveillance state where businesses operate under the constant threat of arbitrary action. This is not tax policy—this is systematic harassment institutionalised by law. While burdening businesses with these oppressive measures, the budget offers absolutely zero incentives for industrial growth or investment. With interest rates at 11 per cent - the highest in the region - businesses are already fighting for survival. Industrial closures, flight of capital, and unprecedented unemployment. This demands urgent relief to the business community, not additional persecution. The effective tax burden on Pakistani businesses has reached a breaking point. Corporate income tax at 25 per cent, combined with 25 per cent dividend tax, creates a 50 per cent burden before accounting for super tax, minimum turnover tax, withholding taxes, sales tax, and import duties. The total effective tax rate of 50-60 per cent makes Pakistan one of the most punitive business environments regionally, driving away investment and destroying job creation. The EPBT also expressed its resolve that with the inflations having been brought down to 4.5 per cent, the policy rate must not exceed six per cent. This will not only make the struggling businesses viable, but also create enough fiscal space to double the vital expenditures, as compared to last year on education and health, rather than reducing them, as has been proposed in this budget. The government is advised to use the monetary policy as a tool to kick-start the economy and not to throttle it. The EPBD issues ultimatum: If these provisions remain in the Finance Bill 2025, the business community will, unfortunately, have no choice but to cease operations in Pakistan. It is not difficult to appreciate that the tax-paying business community will find it difficult to participate in an economy that criminalises business activity and treats entrepreneurs as suspects. Pakistan's economy cannot survive without its business community. The proposed policy measures will make it impossible for law abiding businesses to survive in Pakistan. If the government believes it can collect taxes without taxpayers, it can try. If FBR thinks it can run the economy without businesses, let them do so. The EPBT demanded immediate actions by the government including; complete withdrawal of all arbitrary enforcement powers granted to FBR, reduction of interest rates to six per cent to provide relief to struggling businesses, elimination of the punitive tax structure that penalises compliant businesses, introduction of genuine pro-business policies that encourage investment and growth. Copyright Business Recorder, 2025
New Straits Times
06-06-2025
- Business
- New Straits Times
Former MACC chief questions legality of second seizure of Ilham Tower
Former Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Dzulkifli Ahmad has questioned the legality of the second seizure of Ilham Tower, suggesting the move may exceed the bounds of Malaysian law. Now a practising lawyer, Dzulkifli pointed out that the asset had already been seized under Section 38(1) of the MACC Act on Dec 18, 2023. He said action under Section 38 requires the Deputy Public Prosecutor (DPP) to be satisfied that the asset in question - Ilham Tower - either constitutes the proceeds of, or is evidence related to, a corruption offence. "If no charges are brought or civil forfeiture proceedings initiated before June 17, 2025 - the end of the statutory 18-month period - it raises a fundamental question as to whether the original seizure was justified," he said in a statement today. Dzulkifli, the MACC's third chief commissioner, added that although the MACC Act and the Anti-Money Laundering Act (AMLA) operate under different legal frameworks, two overlapping seizure orders on the same property may be seen as an overreach of authority. "This is because legal powers must be exercised based on necessity, fairness, and proportionality," he said. It was reported yesterday that Ilham Tower, located on Jalan Binjai, had once again been seized by MACC. The commission said it had obtained approval from the DPP to seize the building, which is linked to the late former finance minister Tun Daim Zainuddin. According to the agency, the latest seizure was carried out via an Immovable Property Seizure Notice dated June 4, 2025, under Section 51(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA). Dzulkifli said enforcement actions must be grounded in clear legal thresholds, not procedural convenience. "If AMLA is invoked merely to maintain control of the asset as the earlier MACC order nears expiry, it may undermine the rule of law and call into question the legitimacy of the original seizure," he said. He also noted that the absence of further action by June 18 would suggest that Ilham Tower was never genuinely linked to a corruption offence under the MACC Act. "This raises a critical question: why is there now a need for a new seizure order under Section 51 of AMLA? What new evidence, if any, justifies this action?" he asked. He added that the Ilham Tower case presents a significant test of how far enforcement and prosecutorial powers may be exercised within the law. "With the June 17 deadline approaching, all eyes are on the DPP's next move. Will there be a charge? Forfeiture? Or will the order lapse - signalling that the asset was wrongly targeted from the outset?" he said.
The Star
05-06-2025
- Politics
- The Star
Daim's widow to challenge London asset freeze order
PETALING JAYA: Toh Puan Na'imah Abdul Khalid (pic) will challenge the court order obtained by the Malaysian Anti-Corruption Commission (MACC) to freeze assets in London worth RM759mil linked to her and her family. Na'imah, the widow of the late Tun Daim Zainuddin, said while this came as no surprise, it was done despite no crime of any kind being proven against her husband. 'My lawyers will immediately challenge and set aside the order. I will challenge this order to defend what should never be taken from any of us; our rights, our voice,' she said in a statement. In response, MACC chief commissioner Tan Sri Azam Baki said the commission froze seven properties and one bank account belonging to Na'imah to prevent the assets from being disposed of while investigations are ongoing. He said the move is part of the commission's preliminary actions to facilitate further investigation. 'In this case, we have submitted a court application for a prohibition order to freeze the overseas assets. If such an order is not obtained, there is a high possibility that the assets, believed not to have been declared, may be disposed of,' he said in a statement. Na'imah claimed she was not notified of the asset seizure by the MACC and became aware of the order through media reports. 'Seizure of property by the government without notice to the legal owner is a dangerous precedent. The MACC obtained this ex parte order secretly, in silence behind closed doors. I was never given a chance to speak,' she said. Na'imah said the law under which the MACC is acting, the Anti-Money Laundering Act, requires that such orders only be granted where there is a serious offence as defined under the Second Schedule. 'No such offence or charge has ever been proven or brought against me or Daim, neither during his lifetime nor after his death,' she said. On Tuesday, the High Court allowed an application by the MACC to freeze assets worth UK£132mil (RM759mil) in London, England, allegedly owned by Na'imah and her family. Justice Azhar Abdul Hamid granted the ex-parte application under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, for investigation under Section 4(1) of the same Act. Daim died on Nov 12 last year at 86. Following his death, the Kuala Lumpur Sessions Court discharged and acquitted him of charges related to failing to comply with a notice under Section 254 of the Criminal Procedure Code.
