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jimmyay
24-09-2009, 05:45 PM
Any expert here? My friend ajak me to join but have to pay lot of $$ for training. Then i saw it in some hotel seminar in KL. Is this the hot quick rich project now?

Erino
24-09-2009, 07:55 PM
Any expert here? My friend ajak me to join but have to pay lot of $$ for training. Then i saw it in some hotel seminar in KL. Is this the hot quick rich project now?

Hi Jimmy

maybe you might like to read this first before you join your friend :


source: http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1699

Ref No: 10/08/03

Embargo: For immediate release

Bank Negara Malaysia Raided Four Companies on Suspicion of Conducting Illegal Deposit Taking & Money Laundering Activities
On 13 October 2008, Bank Negara Malaysia raided Buluhmas Enterprise Sdn. Bhd., Jazmeen (M) Sdn. Bhd, Noradz Travel & Services Sdn. Bhd., and Eastana Farm Industries Sdn. Bhd. under Section 25(1) of the Banking and Financial Institutions Act (BAFIA) 1989 and Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act (AMLATFA) 2001. Section 25(1) of BAFIA 1989 prohibits any person from receiving, taking, or accepting deposits without having a valid license, whereas Section 4(1) of AMLATFA 2001 prohibits any person from engaging in, or attempting to engage in, or abetting the commission of money laundering activities.

The raids were conducted at the premises of the companies in Kuala Lumpur, Selangor and Negeri Sembilan following complaints received from members of the public. Relevant assets and documents of the companies were seized for purpose of the investigation.

Any person or company who commits an offence under Section 25(1) of BAFIA 1989 shall, on conviction, be liable to a fine not exceeding RM10 million or to imprisonment for a term not exceeding 10 years or to both. Any person or company who commits an offence under Section 4(1) of AMLATFA 2001 shall on conviction, be liable to a fine not exceeding RM5 million or to imprisonment for a term not exceeding 5 years or to both.

Members of the public are advised to be cautious of investment schemes promoted on the internet, through phone calls or through seminars conducted by individuals or companies that are not licensed or authorized by Bank Negara Malaysia to accept deposits or to conduct foreign currency dealings. A list of all licensed institutions that accept deposits is available on Bank Negara Malaysia's website at www.bnm.gov.my.

For further enquiries, members of the public can contact Bank Negara Malaysia at the following contact points:

Laman Informasi Nasihat dan Khidmat (BNMLINK)
(Walk-in Customer Service Centre)
Ground Floor, Block D
Jalan Dato' Onn
50480 Kuala Lumpur

BNMTELELINK (Customer Service Call Centre)
1-300-88-5465 or
E-mail: bnmtelelink@bnm.gov.my



Bank Negara Malaysia
13 October 2008

Bank Negara Malaysia, 2009. All rights reserved.

jimmyay
25-09-2009, 01:20 AM
Seems like i need to get a license to be able to trade on my own? What about Singapore regulation?

Jey
25-09-2009, 01:34 AM
No you don't need a licence to trade on your own. That is for deposit taking. Some people are taking deposits from others to trade on their behalf. For that you need a licence but you don't need a licence to trade for your own self.

On the one hand, there are some scammers jumping in the forex bandwagon and doing some seminars etc. to entice you to join their scheme and collect deposits etc. So you need to be careful.

On the other hand, retail forex trading is relatively new in M'sia and that is why many are thinking its illegal etc. Its perfectly legal. Having said that I must caution you that the real statistics in forex is 95% failure rate. Only 5% make it. But I would definitely say, it is a worthwhile venture.

Jey
25-09-2009, 01:41 AM
In fact they just had the first expo at KLCC in May , they will have another one in December

http://www.forexexpo.com/Malaysia/

jimmyay
25-09-2009, 08:59 AM
Thanks Jey. Useful info.