12 Suspects Arrested in Anti-Money Laundering Raids

12 suspects arrested in anti-money laundering raids; RM18mil cash, assets seized

Twelve suspects, including eight foreigners, were detained and more than RM18,000 in cash and assets were captured as part of the collective flights against money laundering by the authorities.

Negara The bank said that 14 buildings, three of them operated by local monetary services companies of licensed operators in Kuala Lumpur and Selangor have recently been attacked.

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

During the raid, eight foreigners were among 12 suspects arrested and sent back, while 23 people were interviewed.

The joint operation foray also resulted in the seizure of cash (foreign currency and foreign currency), luxury waffle vehicles and gold worth more RM18,000.

Negara Bank, together with the national team responsible for the implementation of tax collection rooms of the Public Prosecutor's Office, the police and the Immigration Department participated in raids on networks of illegal money service providers.

These premises were attacked for alleged crimes under the Services Blanching Act 2011 (MBSA) and the capital of the LMA, financing of terrorism and illicit products 2001 (Amlatfa).

Negara Bank warned that anyone who performs business money services, such as money transfers and remittances without a permit, commits an offense under section 4 (1) of MBSA. Creditors face a fine not to exceed RM5,000 or imprisonment not exceeding 10 years or both.

Any person who engages in money laundering commits an offense under section 4 (1) Amlatfa and is subject to imprisonment for 15 years and a fine of at least five times the amount or value of proceeds of illegal activity or instrumentalities At the time of the infringement was committed or RM5 thousand, according to the highest of the two.

Bank Negara has advised the public not to carry out currency transactions or cash payment with the services of money traders illegal. "The public should not conduct business transactions with operators licensed money services listed on the website of the Central Bank," said in a statement

Parliament approves anti-money-laundering bill

South African legislators on Tuesday approved a anti-money laundering bill that will increase control of the bank accounts of "politically exposed people" three months after President Jacob Zuma has referred to Parliament.

The National Assembly of 400 members of the country voted through the party lines for the bill at the Financial Intelligence Center (FICA) to be adopted by Zuma, virtually unchanged from the moment that Parliament has sent the president in may.

Bill aims to strengthen the fight against global financial crime by facilitating the identification of the ultimate owners of society and accounts - including those of "national opinion leaders."

At the time, South Africa was under pressure to meet international requirements for regulatory corruption, but the Intergovernmental Panel of Financial Experts granted it more time.

The bill also required that local banks continue to be part of the international banking system.

Revolt throughout the bill and its rejection came in the back of a report by the body's constitutional anti-corruption lawyer arguing that the wealthy Gupta family exerts an undue influence on Zuma, his cabinet and state-owned enterprises.

Zuma and the Gupta have denied any wrongdoing and said they would challenge the report in court.