Malaysian authorities claim to have successfully thwarted a major money laundering scheme related to illegal online gambling operators.
According to The Malay Mail, the Bukit Aman Anti-Money Laundering division (AMLA) uncovered the operation, which involved laundering proceeds from overseas illegal gambling, totaling hundreds of millions of ringgits.
The head of the Anti-Money Laundering department, Datuk Muhammad Hasbullah Ali, reported that the suspects aimed to conceal their criminal activities from local authorities. They achieved this by manipulating a local investment bank in Labuan to deposit illegal funds through offshore entities.
This bank is under the jurisdiction of the Labuan Offshore Financial Services Authority and is a licensed financial institution. The suspect, who holds dual nationality and is not Malaysian, earned commissions from over 10,000 online gambling transactions.
Authorities estimate the total gambling revenue at 14.05 billion ringgits ($3.18 billion), of which 371 million ringgits ($84.13 million) flowed into Malaysia.
Out of the 371 million ringgits ($84.13 million), it is estimated that 281 million ringgits ($63.69 million) were used to purchase stock units. The investigation led to the freezing of multiple bank accounts of the suspect, including a custodial account containing 18.55 million ringgits ($4.21 million) and a central depository system account containing 281 million ringgits ($63.69 million).
Furthermore, authorities revealed that the suspect is currently wanted in his home country and has been listed on Interpol's red notice.
