BNM: Investors can be charged too over financial scams
Saying that it views illegal financial schemes very seriously, BNM however, promised to first enforce the law against the perpetrators and promoters of such schemes.
“The wrongdoers will face the full brunt of the law, including laws administered by Bank Negara Malaysia, the Penal Code, the Interest Schemes Act 2016, the Direct Sales and Anti-Pyramid Scheme Act 1993 as well as the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
“Under existing laws, legal action can also be taken against investors participating in illegal schemes for abetment,” the central bank said in a statement over the recent controversy over forex and other investment schemes going bust, amid a backlash from investors who were promised high returns of 20-30%.
BNM said it is setting up an inter-agency initiative, led by the Attorney-General’s Chambers under the National Coordination Committee to Counter Money Laundering.
With such an initiative, the authorities will be able to take joint enforcement action against any cases of financial fraud and scams.
Warning against financial schemes promising unrealistically high returns, BNM advised Malaysians to avoid falling prey to such scams by referring to BNM’s Financial Consumer Alert, which lists companies that are neither authorised nor approved under the relevant laws and regulations administered by the central bank.
“We also provide information on the common features of illegal financial schemes.”
In the meantime, BNM will escalate the matter with all financial institutions in the country to ensure that large sums of funds are monitored and reported back to the central bank.
“Financial institutions and money business service providers have been directed to heighten their vigilance in detecting the accounts which are used by the perpetrators of financial scams.
“They have also been told to further enhance their customer due diligence policies and processes in identifying suspicious transactions and fund flows between bank accounts so as to prevent financial institutions from becoming conduits that facilitate such illegal schemes.”
Recently, a number of ‘money game’ operators and other investment schemes have come under the spotlight after one such company, JJPTR, said that it had lost RM500 million to “hackers” who allegedly siphoned off the funds from the company’s accounts.
The founder of the Penang-based JJPTR, Johnson Lee, then promised to repay all investors their capital, and later claimed to have found foreign investors to cover the customers’ investments.
JJPTR’s money game investment scheme was established in 2015, promising returns as high as 20% a month to members.
According to The Star in a report yesterday, JJPTR is one of three that went bankrupt last monh. The others are Richway Global Venture and CYL.
It sounds good news that BNM is taking action against Illegal Financial Schemes.
But I, like most Malaysians want to know when action can be taken against MO1 cum Public Shit for taking Rakyat Money from Felda, Tabung Haji, Zakat, GST Collection, Banks and Insurance Company. Every company and organisation affilated to UMNO Government are forced to give money to MO1 cum Public Shit when instructed.
Every Ministers siphon off money in their Ministry, this kind of cheating and stealing has been going on since 1984.
Even Pak Lah does the same.
There is particularly none whatsoever money for the Rakyat and development for Malaysia.
Certain people should not point fingers at all the Ponzi Scam happening in Malaysia. Do you know that 30% of the students who paid back their PTPTN loan came from their investment through such schemes. Where do students without proper job and good income get their money to pay off their loans? These students cannot depend on the government, MPs, charity organisation, parents, sugar daddy and sugar mummy. Do business is also risky? So they turn to such scheme. Can you blame these students who wants to pay off their study loan so that others will also get such benefit.
Do you know the percentage of LUCKY NON MUSLIM AND NON MALAY getting PTPTN loan? Only 3%. Can the government show proof that it takes care of Non Muslim and Non Malay in this country.
Everyday there is propaganda against Non Muslim and Non Malay.
Certain party are xenophobic against DAP claiming it is a Communist Chinese Party. Yet UMNO Government especially MO1 cum Public Shit welcome China with red carpet and open arms to send their Army and people to come to Malaysia to live.
UMNO government also welcome and fund terrorist like Zakir Naik to abduct activists.
The above people started Moral Police. Since then 148 have gone missing without a trace. But the public only know of the 4 activists. Do you know the kind of training given to the chosen Moral Police?
Honestly, I am sick of the Malays who are majority in the Government doing wrong and hurting us.
Not one of them are make to pay for their crime.
We need to change the government to be on the right path.
IT IS TIME NO ONE PERSON CAN SIT ON THE PREMIERSHIP LONGER THAN TWO TERMS AND RACISTS SHOULD BE WIPE OFF THE MINISTRY POST.