300 nabbed for money laundering and tax evasion
The Sun Daily (25 May 2012)

PUTRAJAYA (May 24, 2012): A special task force to curb money laundering, income tax and customs duties evasion has scored considerable success in just a year since it was established.

It has uncovered such activities by more than 300 individuals and companies particularly from those involved in the car and liquor import trades, as well as freight forwarding companies.

The probe by the special task force was focused on:-

-income tax evasion under the Income Tax Act 1967;
-under-declaration of customs duties under the Customs Act 1967; and
-money-laundering activities under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (Amlatfa).

"These individuals and companies were found to have falsified their true taxable income to reduce and avoid paying taxes," the task force said in a statement yesterday.

"We will continue conducting joint operations and act against more individuals and corporations involved in such activities which jeopardise the nation's economy," it said.

"Failure to furnish returns, submitting incorrect returns and wilful evasion of taxes under the Income Tax Act 1967 are serious offences under the Amlatfa," it added.

It advised individuals and companies to step forward and give their cooperation in declaring their true taxable income and customs duties to the IRB and the customs department respectively.

The operations of the task force – which comprises 10 enforcement agencies – is coordinated by the Attorney-General's Chambers.

They include the Inland Revenue Board, the central bank, police, Malaysian Anti-Corruption Commission (MACC), Customs and Immigration departments.

Also supporting the task force are the Auditor- General's Department, Companies Commission of Malaysia and CyberSecurity Malaysia.

Legal action has been taken against those involved in income tax and customs duties evasion.

More action is on the cards as the task force is closely monitoring other individuals and companies which have been identified as being involved in income tax and customs duties evasion.

Last year, Prime Minister Datuk Seri Najib Abdul Razak was reported to have said that the task force had managed to substantially reduce incidents of tax evasion.

Its main objective is to identify and assist the IRB and Royal Malaysian Customs in collecting revenue arising from income tax and customs duty evasion.

It also coordinates collective action at national level against money-laundering activities and other financial-related crimes.