Govt Is Reducing The Deadline For Unclaimed Money To 10 Years. Be Sure To Claim Yours ASAP
As of March last year, there is approximately RM11 billion in unclaimed money.
By May Vin Ang — 14 Mar 2024, 01:35 PM
The government will be able to use the public's unclaimed money as revenue after 10 years, instead of 15 years, according to proposed amendments to the Unclaimed Moneys Act 1965
According to the New Straits Times, under the existing law, unclaimed money that has been credited into the Registrar of Unclaimed Moneys' Consolidated Trust Account would be transferred to its Consolidated Revenue Account in 15 years.
The proposed amendments to Section 11 of the Act would see this 15-year period shortened to 10 years.
Finance Minister II Datuk Seri Amir Hamzah Azizan tabled the amendments for first reading in the Dewan Rakyat yesterday, 13 March
Amir Hamzah said the government intends to pass the proposed amendments during the current Parliament session, which started on 26 February and will end on 27 March.
Unclaimed money — or Wang Tak Dituntut (WTD) — is money from sources such as dormant bank accounts, former employers, matured insurance plans, the stock market, and more, that has not been claimed by their respective owners
Until it is claimed, the money is held in the Consolidated Trust Account by the Registrar of Unclaimed Moneys in the Accountant General's Department of Malaysia.
Last year, Deputy Finance Minister Datuk Seri Ahmad Maslan said there was approximately RM11 billion in unclaimed money sitting idly under the care of the government, 70% of which came from inactive bank accounts.
He urged the public to claim their money.
There is approximately RM11 billion in unclaimed money belonging to the public, as of March last year:
