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On 26 March 2000, officers from Bank Negara Malaysia (BNM) assisted by police from the Langkawi Police District Headquarters conducted another raid on an operator suspected of conducting money-changing business in Langkawi, Kedah without a licence as required under section 4 (1) of the Money-Changing Act 1998 (Akta Pengurupan Wang 1998). Relevant documents, signboards and cash in local and foreign currencies equivalent to about RM8,000 were seized. The operator who was present during the raid was released after his statement was recorded.
Since the implementation of the Money-Changing Act on 25th September 1998, BNM has conducted 20 raids, most of which were in Kuala Lumpur, Pulau Pinang and Selangor, as a result of complaints received from members of the public. These raids signify the intention of BNM to bring to book the illegal money-changers operating nationwide.
Money-changing activities come within the ambit of the Money-Changing Act 1998 (Act) and it is an offence to conduct money-changing business without a licence issued by BNM. Section 4 of the Act provides for a fine of up to RM100, 000 or 5 years jail or both for those convicted of carrying out illegal money-changing business.
Members of the public are again advised to obtain their foreign exchange services only from licensed money-changers and authorised dealers which are commercial banks (including bureau de change set up by the banks) and Bank Islam Malaysia Berhad, to ensure that they obtain genuine foreign currency notes and proper receipts to protect their own interest.
Owners of buildings and complexes are also advised to let their premises only to licensed money-changers so as to ensure that only the bona fide licensed money-changers operate within their premises. Owners of buildings who, with full knowledge, continue to allow their premises to be used by illegal money-changing operators may run the risk of being charged for abetting the illegal operations.
