Bank Negara raids Gemilang Mirza

KUALA LUMPUR: Bank Negara raided Gemilang Mirza Sdn Bhd on Tuesday on suspicion of illegal deposit taking and money laundering activities

The central bank said the raid on Gemilang Mirza was conducted at its premises in Papar, Sabah following complaints received from the public.

“Relevant assets and documents of the company were seized for purpose of investigation,” it said.

The raid was carried out under Section 25(1) Banking and Financial Institutions Act 1989 (BAFIA) and Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).

Section 25(1) of BAFIA 1989 prohibits any person from receiving, taking, or accepting deposits without having a valid licence.

Section 4(1) of AMLATFA 2001 prohibits any person from engaging in, or attempting to engage in, or abetting the commission of money laundering activities.

Any person or company who commits an offence under Section 25(1) of BAFIA 1989 shall, on conviction, be liable to a fine not exceeding RM10mil or to imprisonment for a term not exceeding 10 years or to both.

Any person or company who commits an offence under Section 4(1) of AMLATFA 2001 shall on conviction, be liable to a fine not exceeding RM5mil or to imprisonment for a term not exceeding five years or to both.