Use your head before you invest or you might end up with more than you bargain for. Amid reports of RM100mil being lost monthly to commercial crime, the central bank of Malaysia has decided to release its
blacklist of 77 companies involved in unauthorised and illegal
The list posted on its website (www.bnm.gov.my) includes companies without proper licenses, involved in gold investment and in forex trading. It also cautioned the public to be wary of companies and individuals who might be misusing acknowledgement letters from Bank Negara to solicit investments.
Under the Banking and Financial Institution Act, a company that conducts leasing, factoring, development financing or building credit activities must obtain a written acknowledgment from Bank Negara. The letter is issued only for statistical purposes and will be withdrawn when the institution concerned ceases its scheduled business. Bank Negara warned that people dealing with unauthorised operators were not protected under these laws, and those who participate in the illegal financial activities could also be charged with abetting the operators.
The list will be updated regularly by Bank Negara said in a statement.
It said the list was not exhaustive and only serves as a guide to help
the public be on their guard.
Those with information on illegal and suspicious financial entities and activities can call 1-300-88-5465 or e-mail email@example.com.