A new Direction on Dealings with Specified Person and in Restricted Currency (“Direction”) was issued by Bank Negara Malaysia and came into effect on 3 January 2022.
The Direction:
• amends the definition of “Specified Person”;
• permits a person, without having to obtain the prior written approval of Bank Negara Malaysia, to enter into, or make or receive payment arising from an international trade with or involving a Specified Person:
− in goods, where such trade is licensed under the Customs Act 1967, or does not involve movement of goods into or out of Malaysia; or
− in services, where such trade is allowed in writing by a relevant authority exercising statutory power in Malaysia, or does not involve provision of services to or from a person in Malaysia; and
• revokes the Direction on Dealings with Specified Person and in Restricted Currency issued on 30 April 2020.
Contact Us For Further Information Regarding Financial Services Matters.
For further information, please contact:
Christina S.C. Kow, Partner, Shearn Delamore & Co
christina@shearndelamore.com
