What is Money Laundering?

Definition of Money Laundering
Section 4(1) of Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLATFPUAA 2001”) provides that any person who:

How does Money Laundering works?
Money laundering commonly involves three (3) steps hide their illegal proceeds:

What is the consequence if a person commits money laundering? Pursuant to Section 4 of the AMLATFPUAA 2001, any person who commits a money laundering offence, shall on conviction be liable to imprisonment for a term not exceeding fifteen (15) years and shall also be liable to a fine of not less than five (5) times the sum or value of the proceeds of an unlawful activity or instrumentalities of an offence at the time the offence was committed or five million ringgit (RM5,000,000), whichever is the higher.

 How does money laundering affect the legal profession in the real estate practice area?