Malaysia: Battling Bank Negara raids another suspected illegal business
Malaysia's central bank, Bank Negara Malaysia, was always switched on when it came to money laundering, housing as it does the FIU. But it's enforcement office is becoming increasingly active in attacking dubious businesses.
Yesterday, the Bank raided the offices of Pan Phoenix Dina Sdn Bhd in Kota Baru and Kuala Lumpur, taking away files and computers.
The Bank alleges that the company was involved in illegal deposit taking.
Malaysia has had a series of foreigners setting up shop and duping locals and also some boiler room operations. BNM has until recently tended to keep quiet about its enforcement actions.
But now it is making statements about the businesses is suspects.
The banking sector in Malaysia is obsessed with secrecy - at least keeping the secrets it wants to keep. But in the past five years or so, there has been much more openness about the activities of regulators and enforcement agencies.
That, one would expect, would tend to reduce the attraction that Malaysia has hitherto held for fraudsters including local copycats of the activities of foreigners.
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