KUALA LUMPUR, March 23 ― Deputy Finance Minister Lim Hui Ying revealed that a total of 497 entities have been flagged in the Financial Consumer Alert List under Bank Negara Malaysia (BNM) as of 2023. These entities, identified for being unauthorized or unapproved, are listed in accordance with laws and regulations administered by the central bank. Lim emphasized during a question-and-answer session in the Dewan Rakyat today that BNM has not only updated the alert list but has also taken stringent measures against companies falsely claiming to have obtained licenses and approvals from BNM.
Legal actions, including lawsuits for misuse of BNM’s name, have been pursued against such entities.In response to inquiries regarding BNM’s efficiency in detecting and recovering assets from investment fraud, Ponzi schemes, and online scams, Lim highlighted collaborative efforts with various agencies. These efforts include cooperation with foreign authorities to analyze fund movements and conduct investigations into fraudulent activities, as well as collaboration with the Securities Commission Malaysia (SC), other enforcement agencies, financial institutions, and the National Anti-Financial Crime Prevention Centre (NFCC) for more effective enforcement actions against investment fraud syndicates.
