PETALING JAYA: Cash may no longer be king once a cash transaction limit (CTL) is introduced next year, making it mandatory for people to report any transaction that is more than RM25,000. Bank Negara Malaysia is proposing the CTL as a means of cutting down on illicit activity and to strengthen the country’s financial integrity, but is seeking public feedback. “Hiding behind the anonymity of cash will no longer be tolerated, ” said Bank Negara deputy governor Datuk Abdul Rasheed Ghaffour. The CTL is aimed at preventing cash transactions from being untraceable and anonymous, and possibly used in criminal activity. “People prefer to use cash for illicit and criminal activities, ” he added.

Source: The Star November 07, 2019 23:08 UTC