November 22 2017
Bank Negara Malaysia is developing the regulatory structure for digital currencies and from 2018, persons converting crypto currencies into fiat money currencies will come under anti-money laundering law. Bank Negara Governor Tan Sri Muhammad Ibrahim said on Wednesday these persons would be designated as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 ( AML/CFT framework). “This is to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system,” he said at the Third Counter-Terrorism Financing Summit 2017 – “Powering Regional Solutions Through Strengthened Alliances and Innovations”.
