Finance Ministry: RM3.4b in unclaimed moneys being reclaimed as of May 31, 2023

KUALA LUMPUR, June 17 ― The amount of unclaimed moneys being reclaimed as of May 31 this year totals RM3.4 billion, according to the Finance Ministry .

“The balance as of March 31, 2023, was RM11.0 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. According to the MoF, the UM submissions registered for the first five months of this year totalled RM1.3 billion, an 18 per cent jump compared to the same period in 2022.

Meanwhile, it said that based on the Unclaimed Moneys Act 1965, on the lapse of 15 years from the date the moneys 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.

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