The Malaysian Insight

STRONG cooperation between banks and the police is key in crippling terrorism financing, Ayob Khan Mydin Pitchay said while adding that 22 investigation papers (IP) have been filed since 2016. 

The Special Branch’s Counter-Terrorism Division principal assistant director at Bukit Aman said terrorism financing is not new in Malaysia as it had taken place between the 1990’s and 2000 involving group’s such as Al-Qaeda, Jemaah Islamiah and the Islamic State among others.

Meanwhile, of the 22 IPs opened since 2016, 19 have been charged and are undergoing sentences, while the remaining are still in court.

Ayob said the high conviction rate of these cases is attributable to the successful cooperation between the police, Bank Negara Malaysia and other banks. 

“There are many successes recorded by police in crippling terrorism financing and this is due to the successful cooperation with Bank Negara, other banks and the private sector,” he said. 

Ayob said authorities did this by following the money trails. 

He said perpetrators often make multiple transfers below the transaction limit.

“The amount is not huge but the volume is large,” he said. 

He said banks should be alarmed and inform the police if they spot such suspicious transactions.

“Let’s say the threshold is RM30,000 but RM28,000 is being transferred in several tranches then they should be alerted,” he said.

He added that services such as Western Union and Hawala have been used as mediums to transfer money to the Islamic State and other militant groups.

Ayob said some of these transactions were not direct transfers and were done by family members of fighters. – November 5, 2019.