KUALA LUMPUR: Bank Negara Malaysia and the Attorney-General’s Chamber’s national revenue recovery enforcement team raided MGSB Bhd last Friday over suspected illegal financial scheme activities. The company was now being investigated under the Financial Services Act 2013 (FSA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). The joint raid, which also included the police, was one of the continuous inter-agencies measures to eradicate illegal financial scheme activities, Bank Negara Malaysia said in a statement today. "Three company directors suspected to be the mastermind and agents for illegal deposit taking activities were also arrested and remanded." The public are advised to be wary of unlicensed companies for purpose of investment and should refer to licensed financial institutions listed on Bank Negara’s website (www.bnm.gov.my).

Source: New Strait Times September 20, 2017 14:26 UTC