Malaysian authorities claimed to have successfully thwarted a significant money laundering scheme linked to an illegal online gaming operator.
According to the Malay Mail, the Bukit Aman Anti-Money Laundering (AMLA) division uncovered the operation, which involved laundering illicit gambling revenues from overseas totaling hundreds of millions of ringgit.
Datuk Muhammad Hasbullah Ali, head of the AMLA division, reported that the suspect involved aimed to conceal his criminal activities from local authorities. He accomplished this by using a local investment bank in Labuan to manipulate deposits of illicit funds through offshore entities.
The bank, which operates under the Labuan Offshore Financial Services Authority, is a licensed financial institution. The suspect, holding dual citizenship and being a non-Malaysian, received commissions from over 10,000 online gambling transactions.
Authorities estimate the total gambling revenue at RM14.05 billion ($3.18 billion), with RM371 million ($84.13 million) funneled into Malaysia.
Out of the RM371 million ($84.13 million), an estimated RM281 million ($63.69 million) was allocated for purchasing stock units. Investigations led to the freezing of several bank accounts belonging to the suspect, including an escrow account of RM18.55 million ($4.21 million) and a Central Depository System account containing RM281 million ($63.69 million).
Additionally, authorities revealed that the suspect is currently wanted in his home country, appearing on Interpol’s Red Notice list.
