Bank Negara Malaysia said today that all investments abroad by resident entities are subject to the requirements under the Exchange Control Act 1953 that was in force prior to 2013 (since replaced by the Financial Services Act 2013).
It was referring to a testimony of a witness in an ongoing trial in New York relating to the approval given by BNM for 1MDB to invest abroad in 2009.
It said that these requirements and criteria governing such investments are transparent and published on BNM’s website. “All submissions made by 1MDB, including the said application, were subject to the same approval criteria and internal governance process that apply to any submission by other entities to BNM, “it said
The Central Bank would also like to address previous reports on information received from foreign financial intelligence units (FIUs) with respect to the accounts belonging to the husband of a former Governor.
On this, BNM said that it has furnished information to the relevant law enforcement agency in April 2016 in accordance with our responsibilities under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
