Thread: Bank Negara - Update

There is an update on the BNM website regarding Pips. I have copied and pasted it below:

PureInvestor.com Inc. and its Related Companies
Bryan John Marsden and Phan Sew Ken, directors of PureInvestor.Com Inc. and its related companies were charged separately at a Malaysian Sessions Court on 30 August 2006 for engaging in money laundering by receiving money which are proceeds from unlawful activities, an offence under section 4(1) of Anti-Money Laundering Act 2001 read together with section 87(1) of the same Act.

The court has fixed 13 and 30 September 2006 for mention.

Originally Posted by nej

There is an update on the BNM website regarding Pips. I have copied and pasted it below:

PureInvestor.com Inc. and its Related Companies
Bryan John Marsden and Phan Sew Ken, directors of PureInvestor.Com Inc. and its related companies were charged separately at a Malaysian Sessions Court on 30 August 2006 for engaging in money laundering by receiving money which are proceeds from unlawful activities, an offence under section 4(1) of Anti-Money Laundering Act 2001 read together with section 87(1) of the same Act.

The court has fixed 13 and 30 September 2006 for mention.

Nej,

Thank you for posting the update.

V/R,
Chris

Originally Posted by nej

There is an update on the BNM website regarding Pips. I have copied and pasted it below:

PureInvestor.com Inc. and its Related Companies
Bryan John Marsden and Phan Sew Ken, directors of PureInvestor.Com Inc. and its related companies were charged separately at a Malaysian Sessions Court on 30 August 2006 for engaging in money laundering by receiving money which are proceeds from unlawful activities, an offence under section 4(1) of Anti-Money Laundering Act 2001 read together with section 87(1) of the same Act.

The court has fixed 13 and 30 September 2006 for mention.

I do not accept this statement from BNM in which it is accusing all of us who invested hard earned money as "money which are proceeds from unlawful activities". This is a false statement being made by a Central Bank of a Country. We should rebute this legally.

I believe they mean the "unlawfull activities" is "investing" in or participating in a Ponzi which is illegal in almost every country. I doubt that many want to go over there and say we want our money back but we did not participate in it.

I think the unlawful activity is BM receiving money into Picpay, which was unlicenced and illegal. This money was then removed from Picpay and thrown into the Pips "pot", where it was presumably distributed amongst the 15 or so companies that made up the Pips conglomorate. Eventually some of it would have been paid out to other people around the globe, hence the laundering.

It is not saying that our money was illegal.

That's correct. Those who jump up and protest that they are accused of sending illegal funds are totally misinterpreting the statement. Either that or they have a guilty conscience!

Originally Posted by nej

I think the unlawful activity is BM receiving money into Picpay, which was unlicenced and illegal. This money was then removed from Picpay and thrown into the Pips "pot", where it was presumably distributed amongst the 15 or so companies that made up the Pips conglomorate. Eventually some of it would have been paid out to other people around the globe, hence the laundering.

It is not saying that our money was illegal.

Exactly, Nej! It is amazing how many people keep misconstruing what these charges actually mean.

Originally Posted by nej

I think the unlawful activity is BM receiving money into Picpay, which was unlicenced and illegal. This money was then removed from Picpay and thrown into the Pips "pot", where it was presumably distributed amongst the 15 or so companies that made up the Pips conglomorate. Eventually some of it would have been paid out to other people around the globe, hence the laundering.

It is not saying that our money was illegal.

Exactly.

After one year of "investigating", that's all they've got.

My understanding is that approximately 200,000 people invested/loaned to PIPS. I believe most of the funds sent in were legal but some could have been very well illegal. Maybe this is why BNM took so long to trace the source of funding.

V/R,
Chris

None of us can tell. It may as well be that the money that BM paid out to the members (and as we all know, he DID pay for some time) came from illegal sources and not from legal investments.