Attended a briefing and discussion in Parliament today with Deputy Finance Minister, YB Lim Hui Ying, officers from the Ministry of Finance, Bank Negara and Members of Parliament, on upcoming amendments to the Money Services Business Act 2011. 

These amendments seek to enforce the existing legal framework surrounding money services businesses to better curb unlicensed money services businesses. 

The proposed amendments among others include substituting the term ‘currency exchange business’ for ‘money-changing business’, extending the scope of admissibility of evidence in court and imposing a minimum fine of RM50,000 if found guilty of carrying out unlicensed money businesses. 

It is hoped these proposed amendments will better equip our law in preventing such unlicensed activities.