KUALA LUMPUR — Aug. 23, 2017: Bank Negara last week raided five premises for suspected offences under the Money Services Business Act (MSBA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFA).
The raids took place in Perak, Pahang and Negri Sembilan on August 17.
Officers seized documents, cash and foreign currencies from DJ Travel & Tour Sdn. Bhd. in Lumut and Sitiawan, Fathima Warisan Enterprise at the Giant Supermarket in Senawang and Habeeb Textiles in Kuantan and Muadzam Shah.
Four illegal immigrants manning the premises were also detained by the Immigration Department.
The central bank said the raid was one of its continuous measures to eradicate illegal money changing and remittance activities in the country.
It said 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 MSBA and shall be liable to a fine not exceeding RM5 million or jail not exceeding 10 years or both.
Individuals convicted under Section 4(1) of the AMLATFA shall be 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 or instrumentalities at the time the offence was committed or RM5 million, whichever is higher.
Bank Negara further advises the people to deal only with licensed money services operators who can be identified by the official logo of the Malaysian Association of Money Services Business displayed at the counters.
The list of licensed money services business operators is available on Bank Negara’s website www.bnm.gov.my. — Bernama