Bank Negara Account Freezing

When people think about money laundering, they usually picture banks. But criminals also try to clean their money by buying gold and jewellery, purchasing property, setting up companies or channelling funds through a professional’s client account. For this reason, Malaysian law places a group of businesses and professionals in the front line of the fight against financial crime. These are known as “reporting institutions”.

Every day, banks and other businesses in Malaysia quietly report suspicious transactions to Bank Negara Malaysia. What happens to that information, who gets to see it, and how is it kept confidential?