Man charged with acquiring RM500,000 from unlawful activity

SHAH ALAM: A man was charged in the Sessions Court here today with two counts of acquiring a total of RM500,000 in proceeds from an unlawful activity, believed in returns from false Goods and Service Tax (GST) claims submitted to the Customs department.
Loo Peng Wah, 51, however, pleaded not guilty and claimed trial to both charges before Judge Yang Zaimey Yang Ghazali.
Loo was charged with acquiring the money at two locations in Seri Kembangan near here, involving RM200,000 and RM300,000 on Aug 29, 2017, and Sept 2, 2017, respectively.
The charge, under Section 4 (1) (b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, provides an imprisonment for up to 15 years and is liable to fine of not less than five times the sum or value of the proceeds of the unlawful activity of RM5 million, whichever is higher, if found guilty.
Deputy public prosecutor Syafinas Shabudin, who prosecuted, requested bail at RM100,000 in one surety and also for the case to be transferred to the Ipoh Sessions Court where Loo was charged with 32 counts under the Anti-Money Laundering Act and GST Act.
Loo's lawyer, Mardhiyah Sirajkumar, however, requested a lower bail, saying that her client could not afford a high bail and that he had cooperated during the investigation of the case.
Yang Zaimey then set bail at RM50,000 in one surety for both charges and also ordered Loo to report himself at the Ipoh Customs office every month.
He also allowed the case to be transferred to the Sessions Court in Ipoh. — Bernama