Bank Negara has issued notice against a list of companies the Central Bank has deemed to be operating illegal money services in Sarawak.
The authorities had conducted raids on these entities and warned the public against potential financial risks when dealing with unlicensed entities in the country, Bank Negara Malaysia in collaboration with the Royal Malaysia Police, raided a total of eight premises in various parts of Sarawak.
The raids held on 28 November 2023 were conducted on the premises of the following targeted entities suspected of operating money services businesses without a valid license from BNM as well as potentially engaging in money laundering activities:
Name City 999 Mobile Enterprise/H7 Telco Sibu Golden One Enterprise Sibu MK-MKH Telecommunication Sdn. Bhd. Mukah Junlong Mobile Services Selangau Happy Phone Services/Selangau Mobile Phone Centre Selangau Fook Ann Mobile Bekenu Shin Hin Electronic Service/Kedai Emas Shin Hin Batu Niah Hin Trading Company Batu Niah
The above entities are investigated under Subsection 4(1) of the Money Services Business Act 2011 (MSBA). Any person who commits an offence under Subsection 4(1) MSBA is liable to a fine not exceeding RM5 million or imprisonment for a term not exceeding ten years, or to both.
