Unclaimed Money Act Malaysia Pdf

An act to amend the unclaimed moneys act 1965.

Unclaimed money act malaysia pdf. 1 this act may be cited as the unclaimed moneys amendment act 2002. Unclaimed moneys 3 laws of malaysia act 370 unclaimed money act 1965 arrangement of sections section 1. Phone 603 5636 1868 2019 mahzan sulaiman plt llp0004951 lca nf 1381. Peninsular malaysia 28 september 1949 ord.

An entity that fails to comply with the unclaimed moneys act 1965 shall be guilty of an offence and the entity and every officer of the entity who is in default shall be liable on conviction to a fine not exceeding rm20 000 and shall in the case of a continuing offence be liable to a further fine not exceeding rm1 000 for each day during which the offence continues. Akta wang tak dituntut 1965 such sums of money will be transferred to the registrar of unclaimed moneys. As of october 31 2019 the total unclaimed monies amounted to almost rm7 billion with the department promising to have a portal set up for people to find out if any of the money rightfully belongs to them. Provision for payment into consolidated revenue account in certain cases of unclaimed money in court 6.

Unclaimed money to be paid into court 37. Sabah sarawak 1 january 1973. Maintain a record of all unclaimed moneys in a register to be kept at its principal office or place of business in malaysia in the form to be determined by the registrar. According to section 10 unclaimed moneys act 1965 company firm is responsible for the following actions.

Our colleagues over at soyacincau bm recently discovered that the egumis portal is now functional and you can check your unclaimed monies status online. Saving part i moneys in court 5. Amendment of section 4 2. The owner of the unclaimed moneys may recover the moneys from the registrar either in person or in writing.

Trust companies 7 laws of malaysia act 100 trust companies act 1949 an act to provide for registration and regulation of trust companies in malaysia. 2 this act comes into operation on a date to be appointed by the minister by notification in the gazette. Enacted by the parliament of malaysia as follows. According to the unclaimed moneys act of 1965 every business corporation board and trade union in malaysia is legally obligated to report unclaimed money to the government so claimants can go to a central authority to track down this cash.

6 laws of malaysia act 100.