Bank Negara says this is necessary to address the abuse of physical cash used for illicit activities. FMTNews BNM NCC
Bank Negara Malaysia says industries with large cash transactions will be exempted from the cash transaction limit.
KUALA LUMPUR: Malaysia is planning to impose a cash transaction limit of RM25,000 starting next year to further strengthen the country’s financial integrity. “This is to address the abuse of physical cash used for illicit activities,” Bank Negara Malaysia deputy governor and chairman of the National Coordination Committee to Counter Money Laundering Rasheed Ghaffour said.
However, industries with large cash transactions, such as high-value dealers, medical tourism, hotels and wholesalers, are exempted from the CTL, he said at a media briefing here today.Rasheed said the move would not affect households as NCC’s engagement with over 1,000 individuals across the country revealed that large single cash transactions on average among the B40 low-income group were RM2,284, M40 middle-income group RM4,104 and T20 high-income group RM7,843.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank Negara may introduce cash transaction limit to fight financial crimeKUALA LUMPUR: Malaysia may introduce a Cash Transaction Limit (CTL) to combat financial crimes, says Bank Negara Malaysia.
Read more »
Over five million suspicious deposits recorded since cash threshold rate lowered, says Bank Negara governor | Malay MailKUALA LUMPUR, Nov 5 — Over five million suspicious cash deposits were reported up to September after Bank Negara Malaysia (BNM) lowered the daily cash threshold to RM25,000 starting this year, Datuk Nor Shamsiah Md Yunus said today. The cash transactions were valued at RM483 billion, the BNM...
Read more »
National hockey coach 'won’t run away from contract I signed with brains'Roelant Oltmans under pressure after Malaysia fail to make next year’s Olympics in Tokyo. FMTNews RoelantOltmans
Read more »
Bank Negara mulls cash transaction limitIts governor says the measure will further mitigate the abuse of cash by addressing the ease of conducting high-value money transactions. FMTNews BNM NorShamsiahMohdYunus
Read more »
Sia-sia bayar RM2,000 gadai nyawapengerang Sanggup bayar sehingga RM2,000 kepada tekong bot untuk memasuki Malaysia secara haram.
Read more »
Former Goldman Sachs executive to stand trial in Malaysia next yearKUALA LUMPUR (Reuters): Former Goldman Sachs banker Roger Ng will face trial in Malaysia in April 2020 for allegedly abetting the sale of US$6.5bil (RM26.89bil) in bonds tied to troubled state fund 1Malaysia Development Bhd (1MDB), a judicial official said on Wednesday (Nov 6).
Read more »