Recommend Us | About Us | Back to Bernama.com

News | Financial Calculator | Home Financing | Archived News |

 

  Welcome to Bernama Banking & Finance Special Page     
 
Illegal money: 35 bank accounts frozen, cash and properties worth RM4 million seized
Last update: 03/08/2019

KUALA LUMPUR, Aug 3 (Bernama) -- A total of 35 bank accounts were frozen in addition to RM4 million cash and properties seized in raids on a network of illegal money services business (MSB) operators around the Klang Valley and Penang.

Bank Negara in a statement said the raiding operation, held in collaboration with the Royal Malaysian Police and the Malaysian Immigration Department on Aug 1 also saw the seizure of documents, computers and mobile phones related to the activities.

The statement said 14 individuals were questioned to assist in the investigation, while 22 illegal immigrants, suspected to be the staff and customers of the illegal operators were detained by the Immigration Department under the Immigration Act 1959/63.

"The network is investigated for suspected offences of carrying out MSB activities without a licence under section 4 (1) of the Money Services Business Act 2011 (MSBA) and engaging in money laundering activities, which is an offence under section 4 (1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

"Those committing offences under section 4 (1) of the MSBA shall be liable to a fine not exceeding RM5 million or imprisonment not exceeding 10 years, or both," it said.

For an offence under section 4 (1) of the AMLA, persons found guilty can be imprisoned for not more than 15 years and be fined no less than five times the sum or value of the proceeds of unlawful activity or instrumentalities at the time of the offence was committed, or RM5 million, whichever is higher.

The statement also advised the public not to deal with any illegal MSB operators for remitting money, and that anyone involved would not be protected from financial loss in the event of a dispute.

"Members of the public should conduct their transactions with licensed MSBs, which are listed on Bank Negara Malaysia's website (www.bnm.gov.my)," the statement added.

-- BERNAMA


 


 <Back>

Petronas to collaborate with Bank Muamalat on VFP
Bank Muamalat named Khairul Kamarudin as new CEO

 

Life insurance records healthy growth in Q3 2019
mySalam Scheme insufficient to meet B40 takaful needs

 
FWD Takaful injects RM5 million for para athletes in preparation for 2020 Paralympics

CLOSING, MONDAY, DEC 9
US4.1590/1630
S'pore3.0581/0615
100 Yen3.8328/8372
Sterling5.4703/4773
Euro4.6015/6076
Source: Bank Negara Malaysia

Reduction in the overnight policy rate (OPR) by Bank Negara Malaysia would be good for consumer spending and investment;
Yes
No
Not sure
 
  Main | News | Insurance

© 2019 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution