KINIBIZ So how fares the ongoing battle between law and order against money-launderers in Malaysia? KINIBIZ has it from the Royal Malaysian Police themselves that they are doing everything they can. But how, exactly, is Malaysia doing?

Where money launderers receive demand

If there is anything true about the world, it is that a demand will inevitably create a supply, as long as the demand is loud enough, or is willing to pay enough money for it. Such is the way money-laundering came about, when there was a need to hoodwink the financial system into thinking that any money acquired through crime was actually legitimate and clean.

Unfortunately, for money-laundering to thrive, there has to be a backdrop of other crimes that require the service of money-launderers.

Deputy superintendent of police (DSP) Mohd Noor Firdaus Abdullah, the the Anti-Money-Laundering Act (AMLA) senior investigating officer from the Commercial Crime Department of the Royal Malaysian Police, noted that there were a variety of crimes that required the services of money laundering, with the DSP naming tobacco smuggling, arms smuggling, and prostitution, among others.

“Any criminal activity that generates significant profit creates a need for money-laundering,” said DSP Noor, adding that organised crime and financial crime together costs Malaysia between RM15 million and RM25 billion per annum.

DSP Noor also noted that the primary concern of the police force with money-laundering is that the proceeds would be used to further crime, either through funding more criminal acts, or by enabling criminals to more easily launder money via legitimacy.

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