Whoaa there black bear, I'm no expert, just a fella who loves sharp objects, and a few other things

.. in fact my love for these edged tools are currently limited to production pieces only, thanks largely to *ahem* economic *ahem* reasons

Based on my limited understanding, when something is prohibited in the eyes of the Malaysian law, it stays prohibited, whether its tuck away in a drawer in your house, or carried on your person. To my knowledge, just like automatic knives and daggers, butterfly knives and balisongs are a total no-no. if they are discovered by the custom service in a parcel addressed to you, then you'll be called to the custom office to produce your credential (member of the police force, armed service, etc) or to produce the permit to own or/and carry such item.
or normally, they just confiscate the thing, charge you with attempt to possess illegal weapon/prohibited object and make your life a living hell.
To clear the air, let me paste this here (as plagiarized from a post by my good friend and sifu on sharp objects) :-
Please bear in mind that Malaysia is NOT a land of the free and home of the brave, nor have we the rights to bear arms; hence if there is any reason for the authorities to 'inspect' your house and found this in your possession, or within the compound or property occupied by you, then you shall be made liable and so on and so forth.
a further extraction of the Act 357 also listed the following prohibited items:
Expert may have been a bit presumtuous BUT as this post shows you certainly have a very good understanding of the facts you post here;~) Your knife laws are MUCH stricter than ours here in the USA. There are always local laws and ordinances to take into account as well. length of blade seems to be the big factor here. 3.5" is pretty much the standard here and the palm of ones hand is what is often used by local law enforcement.
ALSO: America is seldom the "Land of the free and even less often the home of the brave" Dont get me wrong I am very proud of my country but it is not the place it once was, Sad but True. But we do have the right to bear arms and to protect what we hold dear and this is sometimes a very dangerous thing. Also I consider a knife to be more of a tool than a weapon but as with all things they are often misused. Take a Baseball Bat for instance it is a wonderfull thing in the hands of a gifted player yet it is a weapon of disaster in the hands of a deranged psycopath. And one can walk any street with one in each hand. I guess what I am getting to is a little common sense goes a long ways EVERYWHERE!!! But I do apologize for not keeping in mind that not everyone shares the same freedoms that I have the good fortune to have here in this country.