Malaysia still has RM14 billion in unclaimed money as of September

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RM14 billion in unclaimed money

Highlights

Malaysia still had RM14 billion in unclaimed money as of September 2023, driven by low public awareness and difficulties proving entitlement.
The eGUMIS portal and its integration with MyGov Malaysia allow users to check for and claim unclaimed money online free of charge, with no deadline.
The 2027 Federal Expenditure Estimates allocate RM30 million for repayments of unclaimed money, maintaining the same amount as in 2026.

This article was translated from the original. Read the original version by our correspondent here.

Reasons for claim delays and steps to simplify the process

As reported by The Edge Malaysia, Second Finance Minister Datuk Seri Amir Hamzah Azizan said most beneficiaries were unaware that the money existed or had delayed the claims process, during his winding-up speech in the committee-stage debate on Budget 2027 in the Dewan Rakyat on Tuesday.

He said the main reasons the money had not been returned to its owners included low public awareness, outdated contact details and difficulty proving entitlement to the funds. Some beneficiaries were also unaware that companies or other entities owed them money, while some owners had died without their heirs or estate administrators knowing that the funds existed.

Amir Hamzah said some owners knew about the unclaimed money but had yet to take steps to claim it due to privacy concerns or time constraints. Heirs or representatives may also face difficulties obtaining documents to prove their entitlement to the money.

Unclaimed money can include unpaid wages, dividends, approved insurance payments, refundable deposits and balances in dormant bank accounts. The government is now taking steps to make repayments to rightful owners easier, including those in rural areas.

Digital access and repayment allocation

Through the eGUMIS portal, operated by the Accountant General's Department, individuals and organisations can check for unclaimed money and file claims online free of charge. The system was also integrated with MyGov Malaysia in January to improve user access.

According to the Accountant General's Department website, there is no deadline or minimum amount for claiming money that has been handed over to the Registrar of Unclaimed Moneys. Applicants must, however, prove ownership or legal entitlement to the funds.

The 2027 Federal Expenditure Estimates allocate RM30 million for repayments of unclaimed money, unchanged from the 2026 estimate. The unchanged allocation shows that efforts to return the funds are continuing as the government seeks to improve claim rates through digital channels and a simplified process.

In our previous coverage of Budget 2027, we examined the increase in Federal spending to RM459.8 billion, up 9.7% from 2026, as well as historical patterns showing that allocations typically rise after elections. The article also discussed spending pressures linked to preparations for GE16, the implementation of the new minimum wage policy, the Visit Malaysia 2026-2027 programme and preparations for the 2027 SEA Games, all of which could affect the government's fiscal direction.

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