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YOUR OPINION | “Now that Malaysia is on the bad financial list, we can forget about foreign direct investment.”
US banks consider Malaysia a ‘high risk money laundering’ destination
US banks did not act on ‘suspicious’ transfers from Jho Low, 1MDB until it was too late, the leak shows
Sit elephant: Much of the due diligence appears to be a bureaucratic process rather than actual investigations, and it is understandable. The main business of banks is not fraud detection.
Criminals now know not to send large amounts and declare some “real” economic purpose. That should be pretty easy to do.
Why not automatically send all transactions to the central bank, suspicious or not, and let them do the data mining, detection, investigation, etc. adequate?
The current system seems like a solution designed not to solve the problem.
Blind payment: Yes, banks have all kinds of bureaucratic red tape and mindless documentation for small transactions carried out by the average citizen. However, they can fail in all of these illicit bulk transactions by big scammers.
Again, there are different sets of rules and laws in place.
WhiteQuokka4162: Three years ago, during Chinese New Year, my wife wanted to send 50 US dollars ‘ang pow’ money to our daughter.
My wife experienced so many inconveniences. There were many documents that needed to be signed and we have to show proof that our daughter is studying in the USA and show all the necessary documents before the bank transfers the 50 dollars.
So when it says money laundering through banks; With such strict law and verification, it is not easy to launder money unless different laws apply to different people.
Well that’s fantastic: So now banks are increasing their “due diligence” by calling and harassing business customers with more than two decades of transaction history.
It is quite obvious that they are trying to increase the number of investigations carried out and then say that they have been doing their due diligence. We all know it’s garbage.
We are not transacting with foreign bank accounts in the amount of hundreds of thousands or millions of US dollars. We are operating the way we always have: providing jobs and spending in the local economy.
How are ordinary people a target when the news reports that these millions of dollars are not being properly investigated?
VS: Our former prime minister and his top political and business cronies are supposedly top money launderers in Malaysia.
Bank Negara claims to have excellent governors and regulates banking operations very professionally and efficiently with expert advisers. See the final result. We have been singled out for our incompetence.
1MDB transactions in the billions passed back and forth from the country’s banking system without a query. Only when the case came up did everyone wake up.
Jackal path: State bank can close (may close) due to its lack of capacity to monitor and investigate all these money laundering cases in the country.
A typical case is 1MDB when billions can come and go without being asked any questions.
IndigoTrout2522: Malaysia, once an Asian tiger, is now a suspected money laundering country. That is a drastic change.
Malaysia needs a clean government in which the international community can have faith to do business and increase investment in this country.
Hawk: Wow, we are famous! Shame that (what is there to be ashamed of)? Cash is king.
So are the bourgeois lifestyles of Malaysian politicians, their families and their parasites, not all the result of intelligence, hard work, integrity, and merit.
Enjoy the new fame of the country.
Olxrev: The headline, US banks regard Malaysia as a ‘high risk money laundering’ destination, says it all.
It is no wonder that overseas countries view Malaysia as a third world country. We can never move forward if corruption is widely practiced.
Most of the well-known brands do not recognize Malaysia as a shipping destination. Only Singapore, Thailand, Indonesia, Vietnam and so on. This shows how bad our country looks from the outside.
Cyclone: Thank you Bossku and his family for your hard work to make Malaysia what it is today.
Thank you BN for allowing the Bossku family to enrich themselves and their cronies at the expense of the Malaysian rakyat.
So now that Malaysia is on the bad financial list, we can forget about foreign direct investment. Our government bonds are worth a little more than banana leaves.
Anonymous_7180953: In the US, look first at the international bank Goldman Sachs and the rest of the criminal financial advisers in the US.
You steal our money and you blame our banks.
Hrrmph: Malaysia should never have let Goldman Sachs out so easily. The big banks of the world are the true facilitators of money laundering. They provide the mechanisms for money to move and have the expertise to identify suspicious funds.
If the controls were better in the end, it would be very difficult for criminals to afford the kind of lifestyle that is the subject of their nefarious activities.
Malaysia could have gone down in world history for making banks more responsible for money laundering. After the closure of the Swedish banks, who knows what can be achieved. But we give in, in the name of convenience.
No true cause can be properly fought without effort and effort. No achievement can be great if we leave the battlefield without breaking a sweat. We received a small prize but we let the champion trophy slip away.
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