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

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. 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.

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