Kuala Lumpur, August 13, 2024 – Malaysian authorities have taken significant action against a foreign online gambling operator by freezing RM300 million in financial assets suspected to be linked to a money laundering scheme. The move follows a tip-off from a local bank regarding the individual’s illicit activities.
Hasbullah Ali, chief of the Anti-Money Laundering (Amla) force, reported that the suspect, believed to be in his 30s, has been profiting from online gambling operations since 2012. Over an eight-year span, he amassed more than RM14 billion in earnings, with RM300 million transferred to Malaysia for laundering purposes.
The frozen assets include:
- RM281 million held in a central depository system account with stocks.
- An RM18.6 million escrow account managed by an offshore bank in Labuan.
- RM58,048 distributed across two local bank accounts.
In a media conference, Hasbullah emphasized the need for vigilance, noting that Interpol has issued a Red Notice for the suspect, who holds dual nationality, for charges related to illegal gambling and money laundering.
The investigation is currently being conducted under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
In light of this case, Hasbullah urged offshore banks to enhance their due diligence practices and implement stricter “Know Your Customer” (KYC) protocols. This call aims to bolster efforts against money laundering activities within the region, especially involving individuals seeking to open accounts in Malaysia.
As the investigation unfolds, the police remain committed to addressing and combating financial crimes that undermine the integrity of Malaysia’s financial system.