12 suspects including eight foreign nationals were arrested and more than RM18mil in cash and assets were seized in joint anti-money laundering raids

BNM's joint anti-money laundering raids nab 12 suspects, RM18m seized







KUALA LUMPUR: Twelve suspects including eight foreign nationals were arrested and more than RM18mil in cash and assets were seized in joint anti-money laundering raids by the authorities.


Bank Negara Malaysia (BNM) said on Thursday that 14 premises, including three premises operated by licensed money services business operators, in Kuala Lumpur and Selangor were raided recently.

To facilitate the investigation, relevant documents were seized and bank accounts were frozen.


During the raid, eight foreigners were among the 12 suspects arrested and remanded while 23 individuals were questioned.
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The joint raiding operation also resulted in the seizure of cash (both ringgit and foreign currencies), gold wafers and luxury vehicles valued at more than RM18mil.

BNM together with the National Revenue Recovery Enforcement Team of the Attorney-General's Chambers, police and Immigration Department were involved in the raids on networks of illegal money services business operators.

These premises were raided 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).

BNM warned that any person who carries out money services business activities, such as money changing and remittances, without a licence commits an offence under section 4(1) of the MSBA. The offernders face a fine not exceeding RM5mil or imprisonment not exceeding 10 years or both.

Any person who engages in money laundering activities commits an offence under section 4(1) of AMLATFA and face 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 RM5mil, whichever is higher.

BNM advised the public not to conduct any money changing or remittance transactions with illegal money services business operators.

“Members of the public should conduct their transactions only with licensed money services business operators which are listed on BNM's website,” it said.


Read more at http://www.thestar.com.my/business/business-news/2017/03/30/bnm-joint-anti-money-laundering-raids-nab-12-suspects-rm18m-seized/#whchzjuMDcJc4ZIP.99