RM3.4 million of unclaimed money has been returned as of May 31, said the Finance Ministry (MOF).

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

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

The explanation, uploaded today to the parliament website, was in response to Ahmad Amzad Mohamed @ Hashim (Kuala Terengganu-PN)’s questions about the government’s efforts to ensure people apply to reclaim dormant money, and how the government used the RM250 million interest accrued by investing the unclaimed money in fixed deposits. 

The MOF said, applications for unclaimed money in the first five months of 2023 was RM1.3 billion, an 18% jump from the same period in 2022.

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

MOF said according to the act, after 15 years from the date the money was credited to the Consolidated Trust Account, it is transferred to the Consolidated Revenue Account and be used for national operations and development, 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. Yields from the investment are credited into the Consolidated Revenue Account for the same purpose (national operations and development),” it said.

The MOF said for money transferred to either the Consolidated Revenue Account or Consolidated Trust Account, there is no deadline to submit claim applications, so owners are entitled to make claims at any time. – Bernama, June 17, 2023.