Illegal money service businesses raided


  • Nation
  • Sunday, 04 Aug 2019

KUALA LUMPUR: Raids on a network of illegal money service businesses (MSB) have seen 35 bank accounts frozen, and RM4mil in cash and property seized around the Klang Valley and Penang.

Bank Negara, in a statement, said the operation held in collaboration with the police and Immigration Department on Aug 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 employees and customers of the illegal operators, were detained by the department under the Immigration Act 1959/63.

“The network is being investigated for 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, 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 RM5mil or imprisonment not exceeding 10 years, or both, ” it said.

For an offence under Section 4(1) of the Amla, those found guilty can be imprisoned for not more than 15 years and fined no less than five times the sum or value of the proceeds of unlawful activity or instrumentalities at the time the offence was committed, or RM5mil, whichever is higher.

The statement also advised the public not to deal with any illegal MSB operators for remitting money, and that anyone involved will not be protected from financial loss in the event of a dispute.

“Members of the public should conduct their transactions with licensed MSBs, which are listed on Bank Negara Malaysia’s website (www.bnm.gov.my), ” it added. — Bernama

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