A total of RM32.1bil was remitted by foreign workers to various countries last year, Deputy Finance Minister Datuk Chua Tee Yong said.
He said 43 financial institutions, three development financial institutions and 31 licensed money changers were allowed to remit funds through their branches in the country.
Chua said the Government had introduced the Money Services Business Act to control, monitor and license such services in 2011.
“Previously, only RM13.4bil was sent overseas but with this Act, we saw a 146% increase in the amount of money transferred,” he said in reply to a supplementary question by Datuk Kamarul Baharin Abbas (PKR-Teluk Kemang).
To another question from Dr Mansor Abdul Rahman (BN-Sik), Chua said the Government always monitored any funds into the country in the form of invert remittance, especially through licensed money changers.
“With the Money Services Business Act, we can identify the countries that remit money to our country,” Chua said.
“In 2014, a total of RM361mil was remitted into the country through licensed money changers.”
