According to ChainCatcher, Malaysian law enforcement officers recently arrested ten suspects suspected of using cryptocurrency to launder money. Assets including cars worth more than $7.7 million were seized, and bank accounts holding approximately $10.8 million were frozen.
Law enforcers also seized designer watches worth more than $3.9 million, 18 luxury cars, motorcycles and handbags, and cash totaling $106,800. Malaysian Inspector-General of Police Tan Sri Razaruddin Hussein revealed that the eight men and two women arrested, aged between 28 and 51, used unregistered money changers and cryptocurrency exchanges to transfer funds from illegal activities from abroad to Malaysia. They have been detained under Section 4(1) of Malaysia's Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.
