The relicensing exercise under the Money Services Business Act (MSBA) 2011 aims to strengthen the money services industry and prevent it from becoming a conduit for money laundering, the Dewan Rakyat was told today.
Deputy Finance Minister Datuk Ahmad Maslan said the relicensing exercise in December last year showed that the number of participants in the industry that had been relicensed in December 2012 had dropped from 839 in 2011 to 514 currently.
“MSBA 2011 was created as a regulatory framework to ensure a more modern and structured money services business industry (money changers and money remitters) and to strengthen the industry and prevent it from becoming a conduit for money laundering, financing violent and other illegal activities,” he said when replying to Fong Kui Lun (DAP-Bukit Bintang) during question time.
Kui Lun wanted to know the situation concerning money laundering in the country following the role played by money changers in carrying out transits in the country and the measures taken to control it.
Ahmad said the relicensing exercise also aimed to ensure that only entities that were controlled and managed by those with integrity, capability and commitment to fulfil the requirements of the regulations were eligible to carry out the money services business activity.
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