Tuesday, June 22, 2010

BNM investigating money changers transmitting illegally

KUALA LUMPUR: Investigations by Bank Negara Malaysia are underway on money changers'' involved in transmitting money out of the country illegally, said Prime Minister Datuk Seri Najib Razak.

In his written reply to Anthony Loke (Rasah), who had asked on the status of the investigation on Negeri Sembilan's Menteri Besar Datuk Seri Mohamad Hassan who allegedly transferred RM10 million to the United Kingdom through money changer and action that has been taken, Najib said the investigations revealed that the money changers who have transmitted money illegally have contravene Section 30 (1) Money Changer Act 1998.

'As a result, the licence of the money changers involved have cancelled by Bank Negara,' he said but did not tell the House if any action has been taken against Mohamad Hassan.

Najib also said Bank Negara could take legal action against anyone who transmit funds abroad illegally with fine of not more than RM100,000.

'If Bank Negara investigation shows that the transmission of the funds involve money laundering or funding for terrorism acts, action can be taken under Anti-Money Laundering Act 2001 where if found guilty one could be fine no more than RM5 million or jail term of not more than 5 years or both,' he said adding if provisions under other Acts out of the Bank Negara jurisdiction are contravened then investigation can be extended to other enforcement agencies.

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