BNM raids five premises for suspected money laundering

  • Banking
  • Wednesday, 23 Aug 2017

THURSDAY, NOVEMBER 3 KUALA LUMPUR- Bank Negara Malaysia Governor Muhammad Ibrahim to officiate the Launch of Ombudsman Scheme at 1500 (0700 GMT) KUALA LUMPUR- Second Finance Minister Johari Abdul Ghani to deliver keynote address at SCxSC Digital Finance Conference 2016 at 0900 (0100 GMT) PUTRAJAYA- Deputy Prime Minister Ahmad Zahid Hamidi attends Home Ministry Innovation Day and monthly gathering at 0845 (0045 GMT) KUALA LUMPUR- Communications and Multimedia Minister Salleh Said Keruak launches Kuala Lumpur International Youth Discourse 2016 at 1030 (0230 GMT)

KUALA LUMPUR: Bank Negara Malaysia (BNM) swooped on five premises in three states on Aug 17 for suspected money laundering while relevant documents, cash and foreign currencies were seized.

The central bank said on Wednesday the five premises were in Perak, Pahang and Negeri Sembilan.

It said these premises were raided 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). 

The raids were conducted on DJ Travel & Tour Sdn. Bhd. in Lumut and Sitiawan, Fathima Warisan Enterprise in Giant Supermarket Senawang, and Habeeb Textiles in Kuantan and Muadzam Shah.

In the same raiding operations, four illegal immigrants who were involved in manning the premises were detained by the Immigration Department of Malaysia.

BNM said it was an offence under section 4(1) of the MSBA to conduct money services business activities, such as money changing and remittance activities without a licence.

The offenders face a fine not exceeding RM5mil or imprisonment not exceeding 10 years or both. 

For an offence under section 4(1) of the AMLATFA, individuals convicted can be jailed not exceeding 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 RM5mil, whichever is higher.

“This raiding operation is one of the continuous measures by BNM to eradicate illegal money changing and remittance activities in our country,” it said.
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