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.