Malaysia Imposes Cash Transaction Limit of RM25000 in 2020.

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cinnamonape VIP Member

Member since 04 February 2018

cinnamonapeVIP Member08 November 2019 09:51:20

715

https://www.malaymail.com/news/malaysia … ar/1807838

"KUALA LUMPUR, Nov 7 — Malaysia is planning to impose a cash transaction limit (CTL) of RM25,000 starting next year to further strengthen the country’s financial integrity and curb illicit activities.

“This is to address the abuse of physical cash used for illicit activities,” Bank Negara Malaysia (BNM) deputy governor and chairman of the National Coordination Committee to Counter Money Laundering (NCC), Datuk Abdul Rasheed Ghaffour said.

The measures will apply to all transactions involving physical cash payments including payments of goods and services and donations and transfers between parties, which are applicable to individuals, businesses and other entities.

Industries with large cash transactions that may be impacted by the CTL are high-value dealers, medical tourism, hotels, and wholesale, he said at a media briefing here, today."

ladivo779 Guest

ladivo779Guest09 November 2019 12:33:06

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Fortunately most of my cash transactions are only RM5k with only the occasional one being RM10k. Interesting news though and it seems Malaysia continues to play around with financial regulations despite a change in government.

cinnamonape VIP Member

Member since 04 February 2018

cinnamonapeVIP Member10 November 2019 00:29:11

715

Well after 1MDB and other financial scandals I sort of expected new regulations. ( recall many years ago that Malaysian ranked fairly low on the corruption index. But it was also viewed as a sort of Jersey or Cayman Islands in terms of a tax haven. I doubt that the indexes actually measured what was really going on (they were created by the investment houses that only looked at their bottom line). At least people will say "I can't bring in my US$10,000 and give it to my creditor, therefore they must be cracking down on money laundering". Nonetheless one has to enforce the regulations for them to work.

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