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Bank Negara raids premises for suspected money laundering

Bank Negara raids premises for suspected money laundering

KUALA LUMPUR: Bank Negara Malaysia raided five premises in Perak, Pahang and Negri Sembilan for suspected offences under the Money Services Business Act 2011 (MSBA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA) last Thursday. The premises are DJ Travel & Tour Sdn Bhd in Lumut and Sitiawan, Fathima Warisan Enterprise at Giant Supermarket in Senawang, and Habeeb Textiles in Kuantan and Muadzam Shah. Relevant documents, cash and foreign currencies were seized, the central bank said in a statement today. Four illegal immigrants who manned the premises were detained by the Immigration Department. The operation is one of the continuous measures by Bank Negara to eradicate illegal money changing and remittance activities in our country.

Bank Negara said offenders face a fine not exceeding RM5 million or imprisonment not exceeding 10 years or both under section 4(1) of the MSBA. For an offence under section 4(1) of the AMLATFA, individuals convicted can be jailed up to 15 years and a fine of not less than five times the sum or value of the proceeds of an unlawful activity or instrumentalities at the time the offence was committed or RM5 million, whichever is higher. The central bank advised the public not to conduct any money changing or remittance transactions with illegal money services business operators. They should only deal with licensed money services business operators which can be identified by the official logo of Malaysian Association of Money Services Business displayed at their counters. The list of licensed money services business operators is available in Bank Negara Malaysia’s website (www.bnm.gov.my).