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Criminals laundering money via social media, crypto deals, says expert
Criminals laundering money via social media, crypto deals, says expert

Free Malaysia Today

timea day ago

  • Business
  • Free Malaysia Today

Criminals laundering money via social media, crypto deals, says expert

Jessica Chuah, vice-president of Growth (Asia Pacific) at Crystal Intelligence, speaking during a panel discussion at the International Conference on Governance and Integrity 2025. PUTRAJAYA : Regulators must 'up their game' to combat emerging money laundering methods involving unlicensed money changers and social media platforms, a regional financial crime expert said today. Jessica Chuah, vice-president of Growth (Asia Pacific) at Crystal Intelligence, said criminals were increasingly using Telegram, Facebook and Instagram to promote peer-to-peer (P2P) cryptocurrency trades that masked illegal fund flows. 'These days, people say 'I want to buy Bitcoin or Ethereum', but a lot of those funds are illegitimate,' she said on the sidelines of the International Conference on Governance and Integrity 2025. 'They'll look for unlicensed money changers, often advertised as P2P traders on Telegram or Facebook. The commission is slightly higher, but the appeal is that you can't trace them. 'It's like I want to sell to you, and you want to buy, (it looks) just like I'm selling to my mother,' she said. Chuah said these informal transactions were deliberately structured to avoid licensed crypto exchanges, which were bound by Malaysia's anti-money laundering (AML) laws. 'They will not go to the licensed ones. The moment they do, AML kicks in. So, they go to the silent players. Technically, it's quiet under the law. There's no record. That's the biggest threat. You're facilitating money laundering and disrupting the financial system,' she said. Corporates complicit in silence Also speaking at the conference, Joshua James, regional cybercrime and counter-fraud coordinator for the United Nations Office on Drugs and Crime, said businesses such as banks and telcos were ignoring fraud risks because enforcement could hurt their profits. 'Some of the companies are making a lot of money off of scams and fraud. And they don't have a strong incentive to be able to detect it,' he said. James said even strong local laws might not be enough, as international criminal networks operated beyond national borders. As such, he urged the country to lead by example in tightening domestic standards and demanding the same from its trade partners. 'That forces others to improve too,' he said.

Criminals laundering money via social media, crypto deals, says expert
Criminals laundering money via social media, crypto deals, says expert

Daily Express

timea day ago

  • Business
  • Daily Express

Criminals laundering money via social media, crypto deals, says expert

Published on: Tuesday, July 15, 2025 Published on: Tue, Jul 15, 2025 By: Minderjeet Kaur, FMT Reporters Text Size: Jessica Chuah, vice-president of Growth (Asia Pacific) at Crystal Intelligence, speaking during a panel discussion at the International Conference on Governance and Integrity 2025. PUTRAJAYA: Regulators must 'up their game' to combat emerging money laundering methods involving unlicensed money changers and social media platforms, a regional financial crime expert said today. Jessica Chuah, vice-president of Growth (Asia Pacific) at Crystal Intelligence, said criminals were increasingly using Telegram, Facebook and Instagram to promote peer-to-peer (P2P) cryptocurrency trades that masked illegal fund flows. Advertisement 'These days, people say 'I want to buy Bitcoin or Ethereum', but a lot of those funds are illegitimate,' she said on the sidelines of the International Conference on Governance and Integrity 2025. 'They'll look for unlicensed money changers, often advertised as P2P traders on Telegram or Facebook. The commission is slightly higher, but the appeal is that you can't trace them. 'It's like I want to sell to you, and you want to buy, (it looks) just like I'm selling to my mother,' she said. Chuah said these informal transactions were deliberately structured to avoid licensed crypto exchanges, which were bound by Malaysia's anti-money laundering (AML) laws. 'They will not go to the licensed ones. The moment they do, AML kicks in. So, they go to the silent players. Technically, it's quiet under the law. There's no record. That's the biggest threat. You're facilitating money laundering and disrupting the financial system,' she said. Corporates complicit in silence Also speaking at the conference, Joshua James, regional cybercrime and counter-fraud coordinator for the United Nations Office on Drugs and Crime, said businesses such as banks and telcos were ignoring fraud risks because enforcement could hurt their profits. 'Some of the companies are making a lot of money off of scams and fraud. And they don't have a strong incentive to be able to detect it,' he said. James said even strong local laws might not be enough, as international criminal networks operated beyond national borders. As such, he urged the country to lead by example in tightening domestic standards and demanding the same from its trade partners. 'That forces others to improve too,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia

This fitness trend will drive you up the wall
This fitness trend will drive you up the wall

Straits Times

time13-05-2025

  • Health
  • Straits Times

This fitness trend will drive you up the wall

SINGAPORE – Mrs Jessica Chuah , 44, has been battling backaches for years. As a nurse, she spends a lot of time standing, which puts pressure on her lower back. She has tried yoga and pilates on a mat, with some success. What has worked best, however, is hitching herself to a wall with a rope before moving into deep stretches inspired b y y oga and pilates. Join ST's Telegram channel and get the latest breaking news delivered to you.

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