January 13, 2009 17:22 PM
Bank Negara Raids Gemilang Mirza Office
KUALA LUMPUR, Jan 13 (Bernama) –
Bank Negara Malaysia (BNM) raided Gemilang Mirza Sdn Bhd today on suspicion of conducting illegal deposit-taking and money- laundering activities.
The raid was conducted on the company’s premise in Papar, Sabah following complaints received from the public, the central bank said in a statement.
“Relevant assets and documents of the company were seized for purpose of the investigation,” the central bank said.
BNM said the raid was conducted under Section 25(1) of the Banking and Financial Institutions Act (BAFIA) 1989 and Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act (AMLATFA) 2001.
Section 25(1) of BAFIA 1989 prohibits any person from receiving, taking, or accepting deposits without having valid licence, whereas Section 4(1) of AMLATFA prohibits any person from engaging in or attempting to engage or abetting the commission of money-laundering activities.
If found guilty, the scheme operator faces jail term of not more than 10 years or fined not more than RM10 million or both under BAFIA.
Meanwhile, a fine not exceeding RM5 million or jail sentence of not more than five years or both await the offender under Section 4(1) of AMLATFA 2001.
BNM advises the public to be cautious about investment schemes promoted on the Internet, through phone calls or seminars conducted by individuals or companies that are not licensed or authorised by it to accept deposits or to conduct foreign currency dealings.
A list of all licensed institutions that accept deposits is available on BNM website at http://www.bnm.gov.my.