KUALA LUMPUR: Bank Negara is taking aggressive measures to combat illegal financial schemes as part of the central bank’s zero tolerance policy on operators and investors who knowingly participate in illegal financial activities.
Governor Datuk Seri Muhammad Ibrahim said as at May 2, 238 suspicious accounts had been closed.
“Of the number, 108 accounts were listed under Bank Negara’s financial customer alert due to public complaints,” he said at a press conference after announcing Malaysia’s first quarter Gross Domestic Product growth yesterday.
Under the Financial Services Act 2013, individuals or businesses involved in illegal financial activities can be fined up to RM50mil and jailed for 10 years.
The Act provides for the regulation and supervision of financial institutions, payment systems and other relevant entities, and the oversight of the money market and foreign exchange market to promote financial stability and for related, consequential or incidental matters.
“Any return on investment that offers beyond 20% is unrealistic,” Muhammad said, adding that unit trust was the best portfolio manager as it offered returns of around 6% to 7%.
He said accounts with a high level of suspicion would be closed and the money returned to the account owner.
“The funds will only be seized if there is a court order,” he added.
Bank Negara has also conducted coordinated measures which included the Attorney-General’s chambers against illegal financial activities. — Bernama