KUALA LUMPUR, Oct. 30 (Xinhua) -- Malaysia will lower the threshold to report on daily cash transaction to fight against financial crimes, said its central bank governor Nor Shamsiah Yunus Tuesday.
Currently, Malaysian banks are required to disclose cash transactions above 50,000 ringgit (11,961 U.S. dollars). The threshold will be lowered to 25,000 ringgit (5,981 U.S. dollars) effective January 2019.
Speaking at an international conference on financial crime and terrorism financing, the governor said it is timely for the central bank to look at ways to strengthen the controls to mitigate financial crimes, namely the cash threshold reporting requirement.
"When we compare Malaysia with other countries, our current threshold is too high," she said, adding that the adjustment will bring the cash threshold report in Malaysia to be more at par with other countries.
Nor Shamsiah did not anticipate any impact in terms of economic activity but an increase in effectiveness in taming the black economy that is heavily reliant on cash transactions.
