CEO Morning Brief

Former Company Director Charged With Money Laundering Involving More Than RM1 Mil

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Publish date: Thu, 30 Nov 2023, 08:49 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Nov 29): A former director of Kyaputen Sdn Bhd has been charged with money laundering of more than RM1.23 million via unlicensed fund management activities.

Muhamad Fadzli Jamaludin, 33, was slapped with nine offences under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 for receiving proceeds from unlawful activities, said the Securities Commission Malaysia (SC), who brought the charges against him, in a statement on Wednesday.

Fadzli claimed trial to all nine charges and was granted bail by Sessions Court judge Azrul Darus at RM180,000, with two sureties. Fadzli was also ordered to surrender his passport to the court and report to the SC on a monthly basis until the completion of the trial.

According to the SC, Fadzli was previously charged on Nov 9 with the predicate offences at the Kuala Lumpur Criminal Sessions Court, on three charges under Section 58(1) of the Capital Markets and Services Act 2007, for holding himself out as carrying on a business in fund management without a licence.

"The SC advises investors to exercise vigilance and scepticism when evaluating and deciding on investment opportunities. The SC’s Investor Alert List is constantly updated to help the public identify unauthorised/unlicensed platforms, companies or individuals," the regulator said.

Source: TheEdge - 30 Nov 2023

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