Which legal act governed the money laundering charges against Nicky Liow?

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The Anti Money Laundering, Anti Terrorism Financing and Proceeds of Unlawful Activities Act 2001 governed the money laundering charges against Nicky Liow.

Businessman Nicky Liow faced 26 charges for money laundering, which were governed by the Anti Money Laundering, Anti Terrorism Financing and Proceeds of Unlawful Activities Act 2001, also known as Act 613. The Attorney General's Chambers (AGC) accepted Liow's representation and withdrew these charges after he agreed to a settlement.
Charges Under Act 613

Liow was initially charged with 26 counts under Section 4 of Act 613 at the Shah Alam Sessions Court on April 12, 2022. These charges pertained to alleged proceeds of unlawful activities, and the case had a series of hearings scheduled throughout 2023.
Settlement and Withdrawal of Charges

Following representations made by Liow's legal team, the AGC agreed to a compound payment of RM10 million. This sum was accepted by Liow and paid on May 29, 2023. The settlement also included the forfeiture of a bond valued at RM647,366 and the confiscation of assets that had been seized during the investigation.
Court Acquittal and Legal Basis

In accordance with Section 92 of Act 613, the AGC subsequently withdrew all charges against Liow. Subsequently, on June 15, 2023, the Shah Alam Sessions Court ordered his release and acquittal from all counts. The AGC has maintained that this decision was made independently, based on evidence from a comprehensive investigation, and without external pressure.

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Which legal act governed the money laundering charges against Nicky Liow?

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