Malaysia: Unflagged transactions raise concerns over money laundering

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October 9 2018

Unflagged transactions involving billions of ringgit, which were exposed in several high-profile court cases recently, have raised concerns over gaps and adherence to suspicious money transfer laws.

Banks, including foreign branches operating in Malaysia, are required to flag and report suspicious transactions to the central bank’s Financial Intelligence and Enforcement Department.

This guideline, which covers all reporting financial institutions, is part of the Malaysian financial system’s commitment to combat money laundering and terrorism financing.