The Money Services Business (Amendment) Bill 2024 was presented for the first reading in the Dewan Rakyat today (Feb 28) which saw the introduction of a significant legislative proposal aimed at bolstering the legal mechanisms against unlicensed money service operations.
Deputy Finance Minister Lim Hui Ying (pic) unveiled the Money Services Business (Amendment) Bill 2024, a move poised to refine the judiciary’s approach to such economic infractions.
The amendment specifically targets the procedural aspects of prosecuting unlicensed money services. It seeks to elucidate the rules surrounding the admissibility of evidence in court trials, a step that could streamline the prosecution process for offenses under Act 731.
By defining clearer guidelines, the amendment aims to remove ambiguities and ensure a more efficient legal process.
Another pivotal aspect of the proposed amendment is the empowerment of courts to issue orders for the forfeiture of properties seized in connection with unlicensed money service businesses.
This provision is expected to act as a significant deterrent against the operation of such illicit services, as it hits directly at the economic benefits reaped from these illegal activities.
Through the confiscation of assets, the amendment seeks to recover and redirect ill-gotten gains back into the legal economic stream.
The introduction of the Money Services Business (Amendment) Bill 2024 marks a critical step in Malaysia’s ongoing efforts to tighten its financial regulatory framework.
By addressing specific loopholes and enhancing the powers of the judiciary, the bill is expected to bolster the country’s defences against financial crimes associated with unlicensed money services.
As the bill moves toward its second reading, stakeholders within Malaysia’s financial ecosystem watch closely, anticipating the positive impacts its enactment could have on the integrity and stability of the nation’s financial markets.
Deputy Finance Minister Lim Hui Ying, who tabled the bill, said the second reading was also scheduled to take place this session.
According to a document posted on the Parliament’s website, the proposed amendment aims to provide for, among other things, the admissibility of evidence in trial proceedings for offences related to unlicensed money service businesses.
The proposed amendment also aims to empower the court to make an order of forfeiture for any property seized under the Money Services Business Act 2011.
