Syndicates involved in money laundering are adopting increasingly complex tactics to evade enforcement, including setting up dummy companies and using “money mule” bank accounts, according to the Malaysian Anti-Corruption Commission (MACC).
MACC chief commissioner Tan Sri Azam Baki revealed that some groups are prepared to create hundreds of fake companies to funnel illicit funds. “The modus operandi is simple — once they receive illegal funds, they set up a company that appears to be running a legitimate business. That company then channels the dirty money to various parties, such as traders, who often use the cash without knowing its true source,” he told Harian Metro.
Azam said some syndicates also use illicit funds to finance loan shark operations, cheating the public in the process. “There are syndicates that even enlist celebrities and businessmen to run companies, using them as fronts to ‘clean’ the money and make it appear legitimate,” he added.
He stressed that when the MACC conducts raids, all bank accounts linked to suspected money-laundering activities are immediately frozen. “It’s not just dummy companies but also the use of mule accounts, which makes it harder for authorities to trace the real beneficiaries,” Azam said.
Reaffirming the commission’s stance, Azam warned that the MACC will not compromise on corruption and money laundering. “Those involved will be brought to justice. The stolen money will be seized and returned to the government, because it belongs to the people,” he said.
