A new direction entitled Dealings with Specified Person and in Restricted Currency was issued by Bank Negara Malaysia and came into effect on 3 January 2022.

The direction amends the definition of "specified person". It also permits a person, without having to obtain the prior written approval from the Bank Negara Malaysia, to enter into, or make or receive payment arising from, international trade with or involving a specified person and:

  • goods – where such trade is licensed under the Customs Act 1967 or does not involve movement of goods into or out of Malaysia; or
  • services – where such trade is allowed in writing by a relevant authority exercising statutory power in Malaysia or does not involve a provision of services to or from a person in Malaysia.

The new direction revokes the direction on Dealings with Specified Person and in Restricted Currency, which was issued on 30 April 2020.

For further information on this topic please contact Pamela Kung at Shearn Delamore & Co by telephone (+60 3 2027 2911) or email ([email protected]). The Shearn Delamore & Co website can be accessed at www.shearndelamore.com.