Bank Negara Malaysia wishes to announce that it has conducted another raid on 4 suspected illegal money-changing operators in Kuala Lumpur on September 29,1999. Earlier on 19 June ,1999, two raids were conducted in Kuala Lumpur and Penang as a result of complaints made by members of the public. These raids signify the intention of Bank Negara Malaysia (BNM) to bring to book the illegal money-changers operating all over Malaysia.

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 the 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 for carrying on illegal money-changing business.

Members of the public are 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 in their premises.