BNM expects more info, data on 1MDB

May 17, 2018 | By | Reply More

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KUALA LUMPUR: Bank Negara Malaysia (BNM) expects to obtain more information and more transparent data under the new government when dealing with 1Malaysia Development Bhd (1MDB) entities.

“On 1MDB, what has been done so far, especially on bringing back the monies under the new administration, we are quite confident that when we deal with 1MDB entities, we will get more information, more transparent data,” said governor Tan Sri Muhammad Ibrahim.

“Once we get that data and information, we will be able to make an assessment of how much money can be brought back. As of now, we don’t have those data, because those data reside with the Finance Ministry,” he told reporters at a briefing today.

Muhammad said the central bank will work with the attorney-general’s chambers, who is the lead agency that looks into all cross border matters, for the retrieval of funds and assets held overseas with regards to the 1MDB case.

On whether BNM will reopen any previous cases, he said the central bank had exhausted all investigations on 1MDB and have taken action under the law. It has also provided information on breaches that do not fall under its jurisdiction, to the relevant government agencies.

“Whether we will open the case, if there is new information or new data that we did not know of before, we will certainly look at it (the case) again, as we get more data and more cooperation from the relevant entities,” he added, explaining that the regulator has been very objective in taking action against wrong doing thus far.

On whether BNM is monitoring the transfer of money from individuals of interest, he said the flows are monitored by the suspicious transaction reporting (STR) system within the banking system.

“There are certain thresholds that once triggered, we will send reports to the relevant authority. We do monitor in that sense. The system is in such a way that the banking institution has a system in place to monitor any erratic or abnormal movement of funds and they will report to us.

“We will look at those reports and send to the various regulators. It is already inherent in their system. Some of the cases of corruption and abuse of power actually originated from this STR.”

Muhammad said the system applies to all entities that use the banking system, covering both individuals and companies.

On a different issue, he said BNM is “more than open” towards institutional reforms under the new government.

“The thing about reform and improvement is that it is continuous. If there’s any new reform or new things that we can include to better improve the central bank… we will be more than open looking at the proposal.

“At the central bank, we always renew ourselves from time to time. It is a given. It is not something static at the central bank,” Muhammad said.

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