2 M’sians charged for money laundering
BANDAR SERI BEGAWAN
TWO Malaysian nationals and a Limbang-based money changer business were charged in court yesterday with laundering over RM$1.2 million in cash into Brunei, money that is believed to be the proceeds of criminal activity.
The case marks Brunei’s first prosecution of money laundering under the Criminal Asset Recovery Order (CARO), legislation that was enacted in 2012.
Court documents state that Louis Lu Zen Kun, 23, attempted to move the cash – comprising mostly Malaysian ringgit plus other foreign currencies – from Lawas, Sarawak into Brunei on October 12, 2013, without reporting it to the authorities.
Failure to report the cross-border movement of more than $15,000 is an offence under CARO, which carries a maximum penalty of three years in jail and/or a fine of up to $50,000.
Lu is also charged with money laundering, for bringing into Brunei money believed to be the proceeds of crime.
He faces up to 10 years in prison and a fine of up to $500,000 if convicted of this second charge.
Another Malaysian national, Lu Ngoung New, 44, and Limbang-based money changer Micaland Sdn Bhd were also charged with abetting the commission of money laundering, and face similar penalties to Louis Lu.
The defendants did not enter their pleas yesterday, asking the court for more time to consider their fate.
Appearing for the Public Prosecutor were Shamshuddin Hj Kamaluddin and Dk Hazirah Pg Yusof, while representing the defendants was Pg Khairul Nizam Pg Md Yassin of Yusof Halim and Partners.
The money laundering case is scheduled to appear in court again on August 8.
The Brunei Times