What new forfeiture powers will the court gain under Act 731?

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Court to Gain New Forfeiture Powers Under Act 731

The court will be empowered to order the forfeiture of any property seized under Act 731 as a result of the proposed amendments to the Money Services Business Act. The Money Services Business (Amendment) Bill 2024, presented for its first reading in the Dewan Rakyat, seeks to introduce this enhanced judicial authority alongside provisions for the admissibility of evidence in trials concerning unlicensed money service businesses.
Empowerment of Judicial Forfeiture Orders

The primary new power granted to the court under the proposed legislation is the ability to issue forfeiture orders for seized assets. This amendment is specifically designed to strengthen the legal framework surrounding the regulation of money services businesses. The Bill, tabled by Deputy Finance Minister Lim Hui Ying, explicitly aims to "empower the court to make an order of forfeiture for any property seized under Act 731."
Context of the Amendment Bill

The presentation of the Money Services Business (Amendment) Bill 2024 for its first reading signifies a move towards enhancing the enforcement capabilities within the sector. Beyond forfeiture, the Bill also addresses procedural aspects of legal proceedings, including the admissibility of evidence. This suggests a multi-faceted approach to tackling offences related to operating unlicensed money service businesses.
Legislative Process Underway

The Bill has officially commenced its journey through Parliament, with its first reading having taken place. The Deputy Finance Minister indicated that the second reading is slated to occur within the current parliamentary session. This progression through the legislative stages is necessary for the proposed amendments to become law and for the new forfeiture powers to be enacted.

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What new forfeiture powers will the court gain under Act 731?

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