Thread: BNM Short news on the investigation

Interesting,

I guess the FBI were not in Malaysia for nothing two weeks ago, and no other international cases were being investigated, so I guess everyone should be able to hear the far lady singing by now.

Good luck to all, Mike

Thanks For Update Marek,....trickey

Who knows the email address of the bank in Malaysia to send info. regarding our investments?

Originally Posted by Offshore-Wealth.com

Interesting,

I guess the FBI were not in Malaysia for nothing two weeks ago, and no other international cases were being investigated, so I guess everyone should be able to hear the far lady singing by now.

Good luck to all, Mike

Yeah and the counts against Marsden is brought just by Bank Negara for Malaysia. Remember he has multiple other countries that could and may press charges against him for their clients or citizens. Here is the organization that does just that......


The Asia/Pacific Group on Money Laundering

"The purpose of the Asia/Pacific Group on Money Laundering (APG) is to facilitate the adoption, effective implementation and enforcement of internationally accepted standards against money laundering and the financing of terrorism, in particular the Forty Recommendations and Nine Special Recommendations on Terrorist Financing of the Financial Action Task Force on Money Laundering (FATF).

The APG provides an autonomous regional body for APG members and observers to work together against money laundering and the financing of terrorism. This includes assisting jurisdictions in the region to enact laws criminalising the laundering of the proceeds of crime and the financing of terrorism, as well as laws dealing with confiscation and forfeiture of the proceeds of crime, mutual legal assistance and extradition. The APG also assists jurisdictions to effectively implement comprehensive preventative measures for the financial sector as well as certain other businesses and professions. The APG also assists jurisdictions to establish coordinated systems for reporting and investigating suspicious transaction reports and to develop effective capacities to investigate and prosecute money laundering and the financing of terrorism. "


I have a feeling this is just the beginning. With all the scams that are out there on the internet I think "they" are going to make an exampe out of BM.

well after reading the actual laws of Malaysia on licensing I can see why Bryan Marsden would NOT obtain a license. It would have revealed too much and he would not have passed the audits......


Malaysia Financial Law - Banking Law - BAFIA Act 1989


"The objective of the Banking & Financial Institutions Act, 1989 (BAFIA) is "to provide new laws for the licensing and regulation of the institutions carrying on banking, finance company, merchant banking, discount house and money-broking business, for the regulation of institutions carrying on certain other financial businesses, and for the matters incidental thereto or connected therewith".



Licensing

All licensed institutions are required to hold a valid license granted by the Minister. Every licensed institution is required to affix or paint on the outside of each of its offices in a prominent position and in a legible manner in the national language its name and words clearly indicating the business for which it is licensed such as "licensed finance company".

A licensed finance company is permitted to carry out the business of :
receiving deposits on deposit account, savings account or other similar account ; and
(i) the lending of money;
(ii) leasing; or
(iii)hire-purchase, including that which is subject to the Hire-Purchase Act, 1967; or
such other business as the Central Bank may prescribe




Financial Requirements

Every licensed institution may be required by the Central Bank to maintain

a general reserve;
a statutory reserve;
a liquidity ratio;
a capital adequacy ratio; and
any amount or class of assets/li>
Section 40 of BAFIA requires every licensed institution to appoint an approved auditor who meets with the requirement laid down in the section. This section also lays down the duties of the auditor.

Within three months (or such further period as approved by the Central Bank) after the close of each financial year every licensed institution must submit to the Central Bank its latest audited Balance Sheet, Profit & Loss Accounts and Statement of Sources and Uses of Funds together with the report of the auditors, and directors.

Section 42 provides that within fourteen days of laying of its accounts at its annual general meeting, every licensed institution must publish the account in not less two daily newspapers approved by the Central Bank. It mush further, throughout the year, exhibit in a conspicuous position at every of its office in Malaysia, a copy of its Balance Sheet and such other documents as specified by the Central Bank.

Absolutely correct, Pippyman. It also explains the "banking difficulties" experienced.

Originally Posted by Owen Platt

Absolutely correct, Pippyman. It also explains the "banking difficulties" experienced.

pips had actually violated BAFIA by taking deposits (as evidenced by the deposits received in their EON Bank account) but rather than take that route, the authorities decided to charge them under the Anti-Money Laundering Act which places the onus on BM and gang to prove rather than the other way around. perhaps they should have been more serious in acquiring the cambodian bank when they had the chance (if it was true at all)

Regarding the Cambodian Bank. There was an applicatiion made and I have copies of the details and the estimated costs. The major problem would have been that Marsden would never have stood up to the scrutiny of the Cambodian authorities to ever issue him the licence. It's not just a matter of money which was, in any case, the other reason. Pips could not afford it.

so although the investigators have all the info, we still have to provide our info?
unlike with gins, i have no records left. too bad, as someone almost a year ago warned us to copy our account info.