Financial Crime In Malaysia Is Causing Loss Of RM1.3 Billion

financial crime malaysia

Malaysians lost RM1.3 billion between January and August this year due to financial crime, said Deputy Finance Minister II Datuk Lee Chee Leong.

There were 19,425 cases in that period, which was an increase of 2,583 cases compared to the same period last year, Lee added.

According to the Commercial Crime Investigations Department (CCID), there was a 42% increase in financial crime cases last year, from of 18,647 cases in 2015 to 26,548 cases in 2016. The total amount lost last year was RM1.96 billion.

“In Malaysia, financial crime is referred to cases such as cloning of cheques, ATM and credit card fraud, ‘Fly by Night’ scams, Internet fraud such as spoofing, love scams, parcel scam, email hacking and money laundering.

“Although Malaysia is not a regional centre for money laundering, its formal and informal financial sectors are vulnerable to abuse by narcotic traffickers, financiers of terrorism and criminal elements,” said Lee.

The government had allocated significant resources to address money laundering in the country, he added.


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