Malaysia warns actions against illegal financial schemes
Bank Negara Malaysia (BNM) has warned that drastic actions will be taken against perpetrators and investors of illegal financial schemes through a line-up of regulations.
BNM has warned those involved in illegal financial schemes that they can be charged under any of the various laws. (Photo: nst.com.my)
Kuala Lumpur (VNA) – Bank Negara Malaysia (BNM) has warned that drastic actionswill be taken against perpetrators and investors of illegal financial schemesthrough a line-up of regulations.
The enforced laws include Penal Code, Interest Schemes Act 2016, Direct Salesand Anti-Pyramid Scheme Act 1993 and the Anti-Money Laundering, Anti-TerrorismFinancing and Proceeds of Unlawful Activities Act 2001.
The BNM has cautioned the public not to join in schemes that promiseunrealistically high returns, interest rates or profits.
In addition, it also directed financial organisations and business serviceproviders to enhance supervision to detect accounts used by the perpetrators offinancial scams.
They are also asked to increase policies and examinations of Customer DueDiligence (CDD) to identify suspicious transactions and money flows betweenbanks to prevent illegal financial programmes.-VNA
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BNM has warned those involved in illegal financial schemes that they can be charged under any of the various laws. (Photo: nst.com.my) 
