35 bank accounts frozen, cash and properties worth RM4m seized in raids on unlicensed MSBs in Penang, Klang Valley, says Bank Negara
05 Aug 2019

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 August 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.

Read more at Malay Mail

Photo: CEphoto, Uwe Aranas, via Wikimedia Commons

You can claim CPD minutes for this content, by signing up to our CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.