PETALING JAYA: Police have welcomed the proposed RM25,000 Cash Transaction Limit (CTL) to be implemented next year by Bank Negara Malaysia.
Deputy Inspector-General of Police Datuk Mazlan Mansor (pic) , when met on Thursday (Nov 7) after the closing ceremony of the National Commercial Crime Conference at Universiti Malaya here, said that the cap would help investigations.
"We very much welcome any approach, especially from Bank Negara.
"It is a very good undertaking and it makes it easier for us to investigate (cases) with these tariffs. We welcome that," he said.
When asked on his thoughts on the set limit of RM25,000, he said that police would follow suit with what will be set.
"We will comply. They have done all the research and studies and I feel that it is appropriate for the time being," he said.
Earlier, Bernama reported that Malaysia is planning to impose CTL of RM25,000 starting next year to further strengthen the country’s financial integrity.
"This is to address the abuse of physical cash used for illicit activities, ” said Bank Negara deputy governor and chairman of the National Coordination Committee to Counter Money Laundering (NCC) Datuk Rasheed Ghaffour.
However, industries with large cash transactions such as high-value dealers, medical tourism, hotels, and wholesale are exempted from the CTL, he said at a media briefing.
This exemption is to balance the genuine needs of industries with a large cash transaction.