Unclaimed money

RM3.4bil in unclaimed monies reclaimed as of end-May, says Finance Ministry

KUALA LUMPUR: The amount of unclaimed monies (UM) being reclaimed as of May 31 this year totals RM3.4bil, according to the Finance Ministry.

The ministry said the number of applications received by the Registrar of Unclaimed Monies doubled in the first five months of 2023 compared to last year’s corresponding period, reflecting the rising public awareness about UM.

ALSO READ: Process of recovering money is tedious, say claimants

“The balance as of March 31, 2023, was RM11bil, and the amount was RM11.5bil as of May 31, 2023,” it said in a written reply to a June 13 query made in the Dewan Rakyat.

The explanation, uploaded on Friday (June 16) to the Parliament’s website, was in response to Datuk Ahmad Amzad Mohamed @ Hashim (PN-Kuala Terengganu) who wanted to know about the government’s efforts to ensure the public claims the monies and how the government utilised the RM250mil interest accrued by investing the unclaimed moneys in fixed deposits.

According to the ministry, the UM submissions registered for the first five months of this year totalled RM1.3bil, an 18 per cent jump compared to the same period in 2022.

The rise in claims was due to the implementation of enforcement operations to ensure companies and firms nationwide comply with the Unclaimed Monies Act 1965.

Meanwhile, it said that based on the Unclaimed Monies Act 1965, on the lapse of 15 years from the date the monies were credited to the Consolidated Trust Account, they would be transferred to the Consolidated Revenue Account and be used for the purpose of national operating and development expenditures based on the Budget tabled by the Prime Minister, in line with the Financial Procedure Act 1957.

“A large portion of the balance in the Consolidated Trust Account has been invested in fixed deposits in line with the Financial Procedure Act 1957. The yields from such investment are credited into the Consolidated Revenue Account for the same purpose (mentioned earlier),” it explained.

However, the ministry said, for the monies transferred to either the Consolidated Revenue Account or Consolidated Trust Account, there is no time limit for making claim applications and rightful owners are entitled to make claims at any time. – Bernama

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