Malaysia hopes to shackle terrorist funding activities and wipe out global money-laundering abuses, attorney-general Abdul Gani Patail said today.

In terms of legislation, he said the nation was currently on par with other jurisdictions, with sufficient control over such illegal activities.

At present, he said, there were 54 cases pending in court for violation of the Anti-Money Laundering and Anti-Terrorism Financing Act of 2001 (AMLATFA).

Since AMLATFA came into force, Abdul Gani said, there was a sharp increase in the number of cases from 2004 to last year, with 11 convictions recorded.

"With these efforts underway, we hope to curb terrorist financing activities and eradicate all forms of money laundering abuses of the global financial system, and provide for better control over such activities," he said in a keynote address at the International Conference on Financial Crime and Terrorism Financing 2010 in Kuala Lumpur today.

The two-day conference which began yesterday, is attended by about 550 participants from 14 countries.

More powers

Abdul Gani said, efforts were undertaken to amend the AMLATFA to extend its scope of application to provide more powers to the relevant authorities.

These include, intercepting communications and catering to more offences, such as the extension of the scope of property for possible forfeiture to include property involved in, or derived from, money laundering, terrorism financing, terrorist property, property of a liable person, proceeds of an unlawful activity and instrument of an offence.

According to Abdul Gani, although the amount of money laundered globally, could not be ascertained with any degree of accuracy, he said the International Monetary Fund estimated that the annual sum made up about three to five percent of the world output.

"We have enacted and implemented effective anti-money laundering and terrorist financing legislations that encompass a very comprehensive framework to control, if not, to curb these activities," he said.

- Bernama