Definition of Financial Crimes and Establishment of NFCC

1. What is the National Anti-Financial Crime Center (NFCC)?

NFCC was established as a Federal government agency under the administration of the Prime Minister's Department. It acts as a coordinator and co-ordinator to the Enforcement Agencies in Malaysia such as Bank Negara, SPRM, PDRM, JKDM, SSM, LHDN, KPDNHEP and LOFSA to deal with issues related to financial crime in an integrated manner.

2. What is the meaning of the interpretation of Financial Crime ?

Financial Crime is defined under section 2 as any offense listed in the Second Schedule to the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

However, the NFCC Act will give the Minister the power to include any criminal offense as a new financial crime in addition to the offenses listed under the Second Schedule to the AMLA. The Minister can do this by issuing an order.

3. Why should NFCC be established?

The establishment of NFCC is a dimension of coordination and collaboration of various law enforcement agencies and government entities involved in combating financial crime. NFCC is a government agency that was created and functions as a strategic and holistic platform at the national level in line with the manifestation and commitment of the government in dealing with financial crime.