BNM raids five premises for suspected illegal money services offences

KUALA LUMPUR: Bank Negara Malaysia (BNM) has seized cash, documents and foreign currencies in a raid conducted on five premises located in three states for suspected illegal money services offences.
The central bank said in a statement said that it had on August 17 raided the premises located in Perak, Pahang and Negeri Sembilan for suspected offences under the Money Services Business Act 2011 (MSBA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA).
Four illegal immigrants manning the premises operations were also detained by the Immigration Department in the same operation.
The five premises are DJ Travel & Tour Sdn. Bhd. in Lumut and Sitiawan, Fathima Warisan Enterprise in Giant Supermarket Senawang, and Habeeb Textiles in Kuantan and Muadzam Shah.
Offences committed under section 4(1) of the MBSA which includes conducting money services business activities, such as money changing and remittance activities without a license carries a penalty with a fine not exceeding RM5 million or imprisonment not exceeding 10 years or both.
Whereas for offences 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 the offence was committed or RM5 million, whichever is higher.
BNM advised members of public to not conduct any money changing or remittance transactions with illegal money services business operators, as person conducting such transactions with such operators are at risk of financial loss from funds absconded by perpetrators or with enforcement action taken by the relevant authorities in the form of seizure of assets by authorities.
The list of licensed money services business operators can be found on BNM's website.
"Members of the public are advised to deal only with licensed money services business operators which can be identified by the official logo of Malaysian Association of Money Services Business (MAMSB) displayed at their counters," BNM said.
The operation is a part of BNM's continuous measures in eradicating illegal money changing and remittance activities in our country.