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KUALA LUMPUR: The Government has set up a special task force to address the huge illicit outflow of money - believed to be in the billions of ringgit - from the country.
KUALA LUMPUR: Bank Negara Malaysia clarified on Thursday that the buying and selling of foreign currency in Malaysia is only allowed with licensed commercial banks, Islamic banks, investment banks and international Islamic banks as provided for under the Exchange Control Act 1953.
KUALA LUMPUR: National Fatwa Council chairman Tan Sri Dr Abdul Shukor Husin has clarified that the council's declaration that foreign exchange (forex) trading was "haram" only applied to real-time individual spot forex transactions through the electronic medium.
KUALA LUMPUR: Britain-based Travelex Group, the largest foreign exchange player in the world, plans to set up 150 to 200 sites in Malaysia by the middle of next year, and to double growth every year in its first five years of operations in the country.
Bank Negara Malaysia (BNM) has charged Guan Hin Chan Enterprise (M) Sdn Bhd and its director, Lim Eng Shieong for operating an unlicensed money changing business in Kedah.
TRAVELEX Malaysia, which was launched in June last year by Prime Minister Datuk Seri Najib Tun Razak, recenlty launched their northern regional wholesale centre in Penang to cater to licensed money changers and banks in Penang, Perlis, Kedah and Perak.