BNM raids illegal money services biz

by NG MIN SHEN / Pic by TMRpic

Bank Negara Malaysia (BNM) has raided five premises and seized cash, foreign currencies as well as relevant documents for suspected illegal money services activities.

The central bank in a statement yesterday said it had on Aug 17, 2017, raided five premises located in Perak, Pahang and Negri Sembilan, for suspected offences under the Money Services Business Act 2011 (MSBA) and the AntiMoney Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2011 (AMLATFA).

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

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 Bandar Muadzam Shah.

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

It noted any person or company who conducts 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 shall be liable to a fine not exceeding RM5 million or imprisonment not exceeding 10 years, or both.

For an offence under Section 4(1) of the AMLATFA, individuals convicted shall be liable to imprisonment 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 of committed offence or RM5 million, whichever is higher.