KUALA LUMPUR: More than RM56 million in assets were forfeited by the Domestic Trade and Cost of Living Ministry.
The assets were from offenders who flouted several laws including the Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 from 2016 until last year.
During the same period, the ministry's enforcement division also issued and collected RM12 million in fines and RM2 million in compound, subsequently contributing to about RM71 million in revenue to the federal government.
Its enforcement director-general Datuk Azman Adam said last year, more than RM21 million worth of movable property in financial institutions were frozen by the ministry.
"The ministry also seized some RM1 million in movable assets in financial institutions, about RM2.6 million in immovable assets, and more than RM84,000 in cash last year.
"The ministry also issued some RM1.7 million worth of compound, which was subsequently settled by the offenders last year," he said in a statement today.
The properties as well as the compound and fines were issued when the ministry conducted several operations to enforce 12 Acts last year involving domestic trade, price control, anti-profiteering, supply control of subsidized and essential goods, consumer protection as well as intellectual property protection.
Among the operations conducted by the ministry's enforcement division included Op Pharma, which was jointly organised with the Health Ministry's enforcement division, the Inland Revenue Board and the National Anti-Financial Crime Centre (NFCC).
Op Pharma, said Azman, focuses on enforcement and offenses under the Control of Drugs and Cosmetics Regulations 1984, Poison Act 1952 and Trademark Act 2019.
Apart from Op Pharma, he said the ministry also conducted Op Tiris aimed at putting an end to abuse of government-subsidised diesel as well as Op Reward that received the support and reinforcement from the police, Bank Negara Malaysia, CyberSecurity Malaysia which focuses on Penang and Kedah.
Azman, in the same statement, outlined the challenges faces by the ministry in combating money laundering in the country."Among the challenges faced by the ministry in our anti-money laundering operation including the use of cash transactions outside the banking system by suspected offenders who resorting to engaging in these activities.
"There were also involvement of professionals such accounts and company secretaries, who were involved in these activities, giving it a challenge for the ministry to curb these activities.
"We nevertheless will continue to strengthen our enforcement according to the laws available and continue. to cooperate with other enforcement bodies to eradicate money laundering activities in the country," he said.
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#kw: Domestic Trade and Cost of Living, enforcement, Azman Adam