Latest news with #Anti-MoneyLaunderingAct
New Straits Times
18 hours ago
- New Straits Times
Immigration officer out on bail to face more charges tomorrow
KUALA LUMPUR: An Immigration Department senior deputy assistant director who claimed trial yesterday to laundering nearly RM1 million will face additional charges tomorrow. Nas Suffian Nasrun, 41, is currently out on a RM100,000 bail after he was slapped with five charges of money laundering involving RM933,295 at the Shah Alam Sessions Court yesterday. The offences were allegedly committed between 2022 and last year. Tomorrow, he is expected to be charged at the Sessions Court, here, with one count under the Anti-Money Laundering Act, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.. This was confirmed by Nas Suffian's lawyer, Muhammad Zaim Rosli. On Tuesday, Nas Suffian was accused of being involved in online transactions of the monies from illegal activities from a special pass agent's bank account to his. He was also accused of receiving money and making multiple transactions to transfer it to the bank accounts of his accomplice, who is also an immigration officer, his mother and a company. He allegedly committed the offences at two banks in Kajang and Kota Damanara between July 29, 2022 and Sept 23 last year. Each charge carries a jail term not exceeding 15-years and a fine not less than five times the amount from illegal proceeds or RM5 million, whichever is higher, upon conviction.
New Straits Times
20 hours ago
- Business
- New Straits Times
Najib's bankruptcy case adjourned to Sept 8 over disorganised submissions
KUALA LUMPUR: Datuk Seri Najib Razak's bid to stay bankruptcy proceedings was postponed after the High Court raised concerns over disorganised and incomplete submissions by his legal team. Judicial commissioner Suhendran Sockanathan @ Saheran Abdullah also instructed Najib's lawyer Muhammad Farhan Shafee to refile a consolidated set of submissions after finding that key issues were either missing or scattered across documents. Farhan had earlier argued that the Inland Revenue Board's (IRB) RM1.69 billion tax claim against Najib was tied to funds allegedly received from 1Malaysia Development Bhd (1MDB), which were still the subject of ongoing criminal and civil proceedings. He submitted that there were unresolved legal issues surrounding whether the alleged proceeds of criminal activity could be taxed under Section 4 of the Income Tax Act 1967. "The IRB has treated the sums received through the appellant's personal accounts, alleged to have originated from 1MDB, as income. "These amounts do not fall within the scope of Section 4 of the Income Tax Act. Furthermore, provisions under the Anti-Money Laundering Act are also involved," he said during the proceeding today. Farhan also told the court that these matters were pending before the Special Commissioners of Income Tax, and a final ruling had yet to be made. He also raised the issue of potential double recovery by the government, saying there were attempts to penalise his client under both criminal and tax laws using the same facts. However, the court pressed Farhan repeatedly for clarity, pointing out that these central arguments were either not included in the written submissions or only briefly referenced in affidavits. "None of this is (arguments) in your submissions, you know? "At the moment, you are all over the place. "I do not want to have bits here and bits there... it is too cumbersome," Saheran said. Farhan then suggested that the court grant a short date to allow his team to update and streamline their submissions. He acknowledged that their arguments had not been presented in a structured manner and expressed his willingness to return to court with a more comprehensive and organised set of submissions. Saheran: I think yes... Farhan, I think you need to focus a bit more. Farhan: Sure. Saheran: Update the submissions and get it to us... I do not want this to be sitting on my docket. For a long period of time. How long will it take? Farhan: We can file it within the week. Saheran: Take two weeks... but do it properly. Senior federal counsel Norhisham Ahmad, who appeared for IRB, also supported the call for clearer submissions, adding that many of the appellant's arguments had not been raised in their original filings. The court then fixed Sept 8 to hear the case. Najib is appealing against two bankruptcy notices stemming from additional tax assessments amounting to RM1.46 billion, which have now ballooned with penalties and interest to RM1.69 billion. The former prime minister maintains that the tax assessments are flawed and should not proceed while related matters are being litigated in other courts. On June 25, 2019, the government, through IRB, filed the suit against Najib asking him to settle the unpaid tax with interest at five per cent, a year from the date of judgment, as well as costs and other relief deemed fit by the court. The government claimed that Najib had failed to pay his income tax from 2011 to 2017 within the stipulated 30-day period after assessment notices were issued by the IRB.
The Star
3 days ago
- Business
- The Star
Penang Development Corp cooperating with police in MBI probe
GEORGE TOWN: Penang Development Corporation (PDC) will cooperate with Bukit Aman's anti-money laundering division on the investigation into the Mobility Beyond Imagination (MBI) investment scheme, says Chow Kon Yeow. The Penang Chief Minister said the Bukit Aman special task force visited PDC as part of a broader nationwide investigation into the MBI investment scheme. "This visit was carried out in accordance with Anti-Money Laundering Act procedures and forms part of the authorities' wider efforts to trace and verify the flow of funds associated with the scheme. "An official request letter by the special task force was submitted to PDC on July 9, 2025, seeking the submission of meeting minutes and financial documents related to the Penang World City (PWC) project. "The request was specifically for documentation concerning payments made to PDC for the purchase of land by Mutiara Metropolis Sdn Bhd (MMSB), formerly known as Tropicana Ivory Sdn Bhd. "The focus of the investigation is to examine whether any of the funds paid to PDC by MMSB between 2011 and 2019 may have been linked to the MBI scam," he said during a press conference held at his office on Monday (July 21). Chow, who is also PDC chairman, was asked if PDC was being investigated over the MBI scam. He said on July 18, 2025, PDC submitted all required documents, including minutes of meetings and financial records, to the Bukit Aman special task force. "PDC is assisting the authorities in its capacity as a stakeholder in past commercial transactions relevant to the probe," he said. Chow said there are four agreements signed pertaining to the PWC project.
Express Tribune
05-07-2025
- Business
- Express Tribune
Govt finalises industrial policy
The SAPM noted that the industrial sector's share in GDP has declined from 26% in 1996 to 18% in 2025. photo: file Listen to article The government on Friday finalised recommendations for a long-term industrial policy, proposing 10-year loans for industrial units with a two-year grace period. Several other measures have also been suggested to boost industrialisation. To support manufacturing, the policy proposes reducing corporate tax from 29% to 26% over three years. Amendments to the SECP Act, Anti-Money Laundering Act, and Income Tax Ordinance have also been recommended. A high-level meeting of the Prime Minister's Committee on Industrial Policy was held under the chairmanship of Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan. The meeting reviewed and finalised the recommendations of eight specialised sub-committees. These proposals mark the start of implementing the new industrial policy. The policy categorises borrowers into four groups for financing. According to State Bank of Pakistan (SBP) guidelines, the first group includes viable units with moderate repayment ability, and the second includes marginally viable ones needing external support. Interest rates will be adjusted based on the policy rate and revival potential. Loans may be extended for up to 10 years, with an optional two-year grace period. Early repayment will be allowed without penalty for back-ended projects. Fresh working capital of up to 20% of the restructured principal will also be provided. A haircut policy of up to 60% on the principal will be allowed under board-sanctioned approval. This amount may be recorded as a "shadow entry" for tracking but won't require provisioning or audit qualification. Remaining loan amounts will be listed as "Restructured but Active" in regulatory reports. Full and final settlements (FFS) will be allowed once, through lump sum or staggered payments over 12-24 months. Banks will record waived amounts separately for tax purposes under the Income Tax Ordinance. Loan write-offs will qualify for tax deduction under Section 29. Each restructuring case will report to a subcommittee of the bank's board. Government-owned banks must set annual targets for resolving non-performing loans. Incentives such as bonuses or board fees may be tied to target achievement. For governance and risk control, third-party due diligence will be mandatory for loans up to Rs100 million. Chartered accountancy firms or financial institutions will verify the due diligence. SBP will launch a portal displaying monthly sector and province-wise summaries. A whistle-blower channel will allow reports of misconduct or non-transparent dealings. Each revived unit will be monitored for at least two years, with quarterly reports submitted to the Ministry of Industries and Production (MoIP). Khan noted that the industrial sector's share in GDP has declined from 26% in 1996 to 18% in 2025. He stressed the urgency of reviving this sector, increasing exports, and developing import substitutes. Eight sub-committees were earlier formed to address key challenges. Their proposals include SBP guidelines for reviving sick industries and amending the Corporate Rehabilitation Act 2018. Banks have been asked to use forecasting tools to detect early signs of distress. To ensure fast execution, SAPM Khan formed 10 new sub-committees and asked them to deliver tangible outcomes within a week. He said the new policy could trigger an industrial revolution and confirmed the recommendations were presented to Prime Minister Shehbaz Sharif, who appreciated the efforts.
Business Recorder
05-07-2025
- Business
- Business Recorder
10-year industrial policy finalised
ISLAMABAD: The government while accepting the longstanding demand of the industrial and business community has finalised 10-year long-term industrial policy after months of detailed discussions. The prime minister of Pakistan has tasked the Ministry of Industries and Production to discuss and review the current industrial policy, keeping in view that the share of industrial sector in GDP in 1996 was 26 percent which in 2025 has reduced to 18 percent. The Ministry of Industries and Production, following the prime minister's directives constituted eight different high-powered sub-committees to look into the matters of reshaping the industrial sector of the country, here on Friday presented the recommendations for the revival of industrial sector to the Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan during a high-level meeting. Long-term industrial policy on the anvil As per the policy recommendations of prime minister's constituted committees, the policy will remain valid for 10 years and the government along with other stakeholders after every 18 months will review the progress. The government will ensure improved credit to the small and medium enterprises (SMEs) and distressed segment. Special amendments in various laws will be made to create business-friendly environment and ensure the investors security as well as promoting localisation. The sick industrial units will be restored and banks will be encouraged to provide them loans. During the meeting, the committee members finalised the recommendations of eight specialised sub-committees. These proposals were reviewed in detail, marking the beginning of the implementation phase for the country's new industrial policy. Haroon Akhtar Khan highlighted that the contribution of the industrial sector to GDP has declined from 26 percent in 1996 to 18 percent in 2025, stressing the urgent need to revive the sector. He emphasised the importance of boosting exports and developing import substitutes to stabilise the economy. To address the challenges facing the industrial sector, eight sub-committees were constituted. Among their key proposals: The State Bank of Pakistan will issue guidelines for the revival of sick industries and resolution of debts. Amendments have been proposed to the Corporate Rehabilitation Act, 2018. Banks have been advised to use data forecasting tools to detect early signs of industrial sickness. Industrial unit classification has been determined in consultation with the Pakistan Banking Association. To incentivise manufacturing, a reduction in corporate tax from 29 percent to 26 percent over three years has been recommended. Amendments to the Securities and Exchange Commission of Pakistan (SECP) Act, the Anti-Money Laundering Act, and the Income Tax Ordinance have also been proposed. To ensure swift execution, SAPM Haroon Akhtar Khan has formed 10 new implementation sub-committees and instructed them to show tangible results within a week. He stated that the new industrial policy is comprehensive and has the potential to usher in an industrial revolution in Pakistan. Commending the committees for their exceptional performance in a short span, Khan added that the finalised recommendations have been presented to Prime Minister Shehbaz Sharif, who appreciated the effort. Copyright Business Recorder, 2025
