Crackdown on illegal money services

> BNM conducts raids on five premises in three states

KUALA LUMPUR: Bank Negara Malaysia (BNM) has raided five premises for suspected offences under the Money Services Business Act 2011 (MSBA) and the Anti-Money Laundering, AntiTerrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA).

In a statement to Bernama yesterday, the central bank said the raids, which were conducted on Aug 17, took place in Perak, Pahang and Negri Sembilan.

“During the raid, officials seized relevant documents, cash and foreign currencies from DJ Travel & Tour Sdn Bhd premises in Lumut and Sitiawan; Fathima Warisan Enterprise at the Giant Supermarket, Senawang and Habeeb Textiles in Kuantan and Muadzam Shah.”

Four illegal immigrants, who were manning the premises, were also detained by the Immigration Department, it added.

BNM said the raid was one of its measures to eradicate illegal money changing and remittance activities in the country. Any person or company conducting money services business activities, such as money changing and remittance activities, without a licence, is committing an offence under Section 4(1) of the MSBA and liable to a fine not exceeding RM5 million or imprisonment not exceeding 10 years or both.

Individuals convicted under Section 4(1) of the AMLATFA are liable to a jail term not exceeding 15 years and a fine of not less than five times the sum or value of the proceeds of an unlawful activity at the time the offence was committed, or RM5 million, whichever is higher.

BNM advised the public to deal only with licensed money services business operators who can be identified by the official logo of the Malaysian Association of Money Services Business (MAMSB) displayed at counters.

The list of licensed money services business operators is also available on BNM’s website (www. bnm.gov.my).