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Wednesday, June 30, 2021

Businesswoman first to be charged with ‘transaction restructuring’

 

Businesswoman Mazni Abu Bakar at the Sessions Court in Kuala Lumpur to face transaction restructuring and money laundering charges. (Bernama pic)

KUALA LUMPUR: A businesswoman was charged in the sessions court here today with four counts of “transaction restructuring” involving over RM200,000 – making her the first in Malaysia to be charged for the offence.

Mazni Abu Bakar, 59, however, pleaded not guilty to all charges read out before judge Sabariah Othman.

She also claimed trial to four charges of money laundering.

For the transaction restructuring charges, the woman is alleged to have ordered one of her employees to structure four transactions totalling RM238,575 into the CIMB account belonging to her company, Sasrestu Sdn Bhd, to avoid reporting requirements as provided for under Section 14 (1) (a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001.

She is alleged to have committed the offence at the Taman Melawati branch of CIMB Bank Berhad between Jan 16 and May 21, 2018.

The charge, framed under Section 4A (1) of the AMLATFPUAA 2001, carries a maximum jail term of seven years or a fine five times the amount or aggregate value of the transaction at the time the offence was committed, upon conviction.

Mazni is also facing four charges of money laundering involving RM233,352 believed to be proceeds from illegal activities through the purchase of a Toyota Alphard and payments to Customs made at the same bank between Feb 20 and Sept 18, 2018.

For that, she was charged under Section 4 (1) (b) of the AMLATFPUAA 2001, which carries a maximum jail term of 15 years and a fine of RM5 million or not less than five times the amount or value of the proceeds from the illegal activities, whichever is higher, upon conviction.

Deputy public prosecutor from the Malaysian Anti-Corruption Commission Mahadi Abdul Jumaat prosecuted while the businesswoman was represented by K. Theivendran.

The court allowed Mazni bail of RM80,000 in one surety and set July 30 for remention.

Transaction restructuring usually involves moving large sums of money in smaller amounts to avoid detection by the banking system. - FMT

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