Bank Negara goes after money-changers

Cases involving VIP overseas money transfer have taken on a new dimension with Bank Negara going after money-changers offering such services. The central bank said in a statement that it had revoked the licences of 41 money-changers under the Money-Changing Act.

Issue

Illegal transfer of RM10 Million cash via money changer: Former Negri Sembilan Mentri Besar Datuk Seri Mohamad Hasan, was reported to have engaged the services of a money changer to remit RM10 million in March 2008. The case was marked as no further action, despite a few money changers shut down and fined as part of a Bank Negara probe for illegal remittances in 2009.

Directly implicated parties

Indirectly implicated parties

Mohamad Hasan: Mohamad bin Hasan also popularly known as Tok Mat, is a Malaysian politician and the incumbent Deputy President of the United Malays National Organisation (UMNO) since 2018. Mohamad is currently the Negeri Sembilan State Legislative Assemblyman for Rantau

Implicated parties through circumstantance

Disclosing Parties

Source

Link

The Star, (10 Dec, 2009). Bank Negara goes after money-changers. Retrieved 22 Oct, 2020, from https://www.thestar.com.my/news/nation/2009/12/10/bank-negara-goes-after-moneychangers

File(s)

Notes

It was widely reported that VIPs including politicians and their spouses had made use of money-changing services to transfer money to England.

One politician, who was said to have transferred RM10mil to buy property, had claimed that he was unaware that such act was an offence.

It was also reported that the largest amount detected for transfer via money-changers so far was over RM20mil by a local property developer.

Note that this unnamed politician was later confirming it himself as Mohamad Hasan for which the RM10 million was said to have been for the purchase of a property in London