Pubdate: Fri, 08 Jun 2001 Source: Straits Times (Singapore) Copyright: 2001 Singapore Press Holdings Ltd. Contact: http://straitstimes.asia1.com/ Details: http://www.mapinc.org/media/429 Author: New Straits Times 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. - --- MAP posted-by: Larry Stevens