More than RM18 mln seized in joint raid on illegal money services business networks

Bank Negara Malaysia (BNM) has conducted a joint raid on illegal money services business networks and seized cash (both ringgit and foreign currencies), gold wafers and luxury vehicles valued at more than RM18 million.

The operation was conducted together with the National Revenue Recovery Enforcement Team of the Attorney-General's Chambers (NRRET), the Police and Immigration Department.

BNM said in a statement here today that 14 premises, including three operated by licensed money services business operators in Kuala Lumpur and Selangor, were raided.

Relevant documents were seized and bank accounts frozen to facilitate investigation.

"During the raid, 12 suspects, including eight foreign nationals were arrested and remanded and 23 individuals questioned," said the central bank.

The premises were raided for suspected offences under the Money Services Business Act 2011 and the Anti-Money Laundering, Anti- Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

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

"Any person who conducts transactions with an illegal money services business operator does so at their own risk, and appropriate legal action can also be taken against them by the relevant authorities," it said.

Members of the public should conduct their transactions only with licensed money services business operators listed on BNM's website (www.bnm.gov.my). -- Bernama