Unclaimed Money Act 1965 (Act 370) [As At 5th November 2011]
Unclaimed Moneys Act 1965 (Act 370)
[As At 5th November 2011]
An Act relating to the payment of unclaimed moneys into the Federal Consolidated Fund.
Detailed Contents of Unclaimed Money Act 1965 (Act 370):
Malaysian law (Act 370), known as the Unclaimed Money Act of 1965, governs how unclaimed funds are handled there. Unclaimed money is any amount that has been kept by a person or organisation for longer than seven years without the rightful owner making a claim.
The Unclaimed Money Act of 1965 has the following important clauses, among others:
- Making steps to find the rightful owner of the money is the responsibility of the person or organisation holding the unclaimed money, according to the Act. The holder must pay the money to the Registrar of Unclaimed Money if the owner cannot be located.
- Registrar of Unclaimed Money's Responsibilities: The Registrar is in charge of collecting, storing, and distributing unclaimed funds. In addition, the Registrar is expected to keep track of any unclaimed funds received and to issue notifications in newspapers and the Gazette alerting the public to the existence of unclaimed funds.
- Making a claim for unclaimed funds - Anyone who feels they are entitled to unclaimed funds may submit a claim to the Registrar. The claimant must offer proof of their right to the money, such as identification and ownership documents.
- Distribution of unclaimed funds - After a claim has been validated, the Registrar must pay the claimant for the money they have rightfully earned. Money is paid into the Consolidated Fund if the rightful owner cannot be located.
- Penalties - The Act imposes sanctions for failure to comply with its rules. A person is guilty of an offence and subject to fines or jail time if they neglect to give unclaimed money to the Registrar or give misleading information about unclaimed money.
The Unclaimed Money Act of 1965 is a crucial piece of legislation that guarantees unclaimed money in Malaysia is managed responsibly and openly. The Act safeguards the interests of both the people or businesses holding the unclaimed money and its legitimate owners.
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