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Bank Negara Warns on Illegal Money Dealings

Posted in Malaysia Personal Finance, Money Scams |

Bank Negara is cracking down heavily these days on illegal money dealings and scams. Here’s one of their latest pamphlets, available in banks nationwide.

Bank Negara Malaysia – Dont Get Trapped in Illegal Money Dealings

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I think another good place to start is doing a round of filtering on direct sales or multi-level marketing companies. Whoops, did I just say that? Yup, many are going to start flaming this thread, but let truth be told, the lack of regulation in these industries has caused so much untold misery.

Most of the people I know who got cheated in such scams just prefer to remain quiet and low profile, simply because by revealing the truth, they would look stupid in front of their friends and relatives. These fear of losing face amongst the victims has undoubtedly help these illegal schemes to continue spreading like cancer cells.

All that is necessary for the triumph of evil is that good men do nothing

~Edward Burke





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  • Regulating MLM? I thought that was being done. Perhaps the issue is enforcement. After all we have problems in proper enforcement in many other areas too.
  • Yes, the MLM industry is infested with too many bad eggs, and there doesn't seem to be any serious attempts by the incumbents to at least practice some level of self-regulation, which would act to protect consumers and the reputation of the industry.

    One just can't help but to think that in the end, the MLM industry is just all about the money.
  • in addition to the much needed regulations, I think lack of education is also a main factor of the miss-interpretation, miss use of MLM. As much regulation one can put in place, we don't foresee smoking and drinking will go away anytime soon. MLM has been catching up big time providing income for the powerful ones ... "atuk, dia tak minum tak rokok!", "takpa, jual dia MLM".
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