KUALA LUMPUR (April 3): The money services business (MSB) handled a total of RM74 billion in transactions last year, said Deputy Finance Minister Lim Hui Ying.

"As of Dec 31, 2023, there are 259 licensed MSB companies that offer conversion, delivery and wholesale currency services through more than 2,900 licensed premises and agents nationwide," she said when winding up the debate on the Money Services Business Bill (Amendment) 2024 in the Dewan Negara on Wednesday.

The Dewan Negara on Wednesday passed the Money Services Business Bill (Amendment) 2024 which includes 14 clauses with a majority voice vote in favour after being discussed by four Dewan Negara members.

Lim said the amendment bill aims to further strengthen the existing legal framework for more effective enforcement in combating unlicensed MSB (Hawala).

“This amendment covers four main considerations, namely the need to strengthen efforts to combat unlicensed MSBs due to the significant negative impact on the national economy and take into account the various modus operandi of Hawala to ensure that appropriate enforcement actions are taken on Hawala activities.

“This amendment is also necessary to ensure that the punishment imposed can have an effective deterrent effect on offenders, and the enforcement approach against licence holders must commensurate with the level of non-compliance and take into account the level of compliance of the industry which is improving," she said.

She said the improvements to the bill are expected to speed up the enforcement process on unlicensed money service businesses as well as foster a stronger culture of compliance among licensees.

The Money Services Business (Amendment) Bill 2024 was passed by the Dewan Rakyat on March 26.