Regulatory Alerts2024-12-20
Virtual Asset Risk Assessment (VARA) 2024 Executive Summary
The National Coordination Committee to Counter Money Laundering issued the 2024 Virtual Asset Risk Assessment to evaluate money laundering, terrorism financing, and proliferation financing risks associated with virtual assets in Malaysia from 2020 to 2022. The report concludes that while the materiality of illicit virtual asset activities remains negligible, there is a notable upward trend in high-risk money laundering threats, particularly fraud, driven by cross-border transfers and investment scams. To mitigate these risks, the document recommends enhancing regulatory procedures for asset seizure, intensifying enforcement against unregulated entities, and strengthening international cooperation through mechanisms like the Travel Rule.
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