Malaysia
KUALA LUMPUR: A total of 14 suspects, including a money mule, were arrested and RM15mil seized in a jont raiding operation on illegal money services businesses in Johor and Negeri Sembilan.
The operation was conducted by Bank Negara Malaysia (BNM) together with the National Revenue Recovery Enforcement Team of the Attorney-General’s Chambers and the Customs Department and police.
BNM said 18 premises inJohor and Negeri Sembilan were raided, where relevant documents were seized and their bank accounts were frozen to facilitate investigation.
“To date, 14 suspects have been arrested and remanded, and 24 individuals have been questioned. The joint raiding operation also resulted in seizure of cash and properties valued at more than RM15mil and the arrest of a money mule who is connected to the illegal money services businesses operation,” it said.
The central bank said these networks of illegal money services businesses were raided for suspected offences of carrying out these money services businesses activities (which comprise money changing and remittance activities) without a license under S4(1) of the Money Services Business Act 2011 (MSBA).
Theyr were also suspected of 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).
BNM said these illegal money services businesses operators were also suspected of crossing Malaysian borders with cash exceeding or equivalent to US$10,000 without declaration to the Customs Department.
Under section 28B of the AMLA, read together with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (Cash and Bearer Negotiable Instruments Declaration) Order 2014, it is an offence not to declare to the Customs Department cash exceeding an amount equivalent to US$10,000 being carried across Malaysian borders.
BNM advised the public not to deal with illegal money services businesses for exchanging or remitting monies.
“They will not be protected against any financial loss in the event of a dispute. Members of the public should conduct their transactions with licensed money services businesses which are listed on BNM’s website (www.bnm.gov.my). The public is also reminded that any person leaving or entering Malaysia with cash or bearer negotiable instruments or both exceeding an amount equivalent to US$10,000 is required to declare to the Customs Department,” it said.
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