Lahad Datu: Bank Negara monitoring currency outflow to Sulu terrorists

photo credit:Kelantanpost

BACHOK: Bank Negara Malaysia is monitoring currency outflow via the Sabah border to curb funding for Sulu terrorists responsible for the intrusion in Lahad Datu.

Deputy Finance Minister Datuk Dr Awang Adek Hussin said all banks operating in Sabah should promptly report to the central bank withdrawals on a big scale.

"Investigation can be done under the Money Laundering Act. Accounts of the withdrawers can be frozen if there is proof," he told reporters here Friday.

Monitoring could be done in more detail such as requiring the withdrawer to give the delivery address and reason for sending the money, he said commenting a statement by economist Tan Sri Ramon Navaratnam that currency outflow is difficult to detect as it can be done in the black market via post, trade account or smuggling.

Awang Adek said the ministry could not prevent withdrawal of money on a small scale as it was in conflict with the country's international trading policy.

However, if the withdrawal involves a big sum with minimum of RM30,000, the bank may report it to Bank Negara Malaysia for further action.

"Bank Negara Malaysia will make a report to authorities including the police for the purpose of investigation," he added. - Bernama