YOURSAY ‘After weeks of investigation, is this the best Zeti can come up with?’
Bank Negara wants AG to act on 1MDB
CQ Muar: The RM2.6 billion personal accounts fiasco is in fact a simple case to handle. Anyone transferring fabulous sums of money into his/her private accounts must furnish reasons and through a designated process under the law.
It's the bank's onus to alert Bank Negara, whereby immediate investigations ought to be ascertained. Regardless of who the donor, recipient or benefactor is, all those involved must systemically probe the transaction.
This is to rule out the possibility of money being laundered, especially 'dirty money' (which could end up in the hands of subversive elements).
Bank Negara governor Zeti Akhtar Aziz should courageously expose the culprit involved in this case without fear or favour, which PM Najib Abdul Razak is allegedly guilty of. No one is above the law.
Hang Babeuf: “If we are called by the Public Accounts Committee (PAC), that is the only other avenue where the (central) bank will be able to respond to questions on this investigation,” Zeti added.
So now we know (1) Why it was so urgent and necessary to shut down and gut the PAC inquiry; and (2) Why it was imperative that making timely replacement appointments to the PAC be delayed, obstructed, resisted and blocked.
Kim Quek: Zeti, you said the issue of Najib’s RM2.6 billion was not under Bank Negara’s purview, but how is it so, when Bank Negara is the country’s top watchdog and guardian against money laundering and other illegal activities through our financial institutions?
More so when the money involved is such a huge sum and the suspect is none other than the prime minister, and hence, whether you deal with this issue with full professionalism and without fear or favour, may either restore or further jeopardise investors’ confidence in the integrity of our financial system.
Bank Negara under your leadership has been regarded by many as perhaps the only remaining institution that still enjoys some measure of public confidence - in a country where all national institutions have crumbled under the corrupt weight of the executive - but your performance yesterday is a complete let down.
Zeti, you are cunningly evasive. When asked pointedly whether any bank had reported to you on the suspicious RM2.6 billion in Najib’s account, you answered: “We are investigating on the compliance of financial institutions on this requirement.”
Why kind of an answer is that? It is either “Yes, I have” or “No, I haven’t” received such report. And in this case, you can’t possibly not know the status of this RM2.6 billion in Najib’s account when the whole world is already well aware of it?
Uragt: Did Bank Negara miss the transaction in 2013? Why was it not picked up then? Was it another MH370 not on the radar?
Whatever excuse, why was Bank Negara unable to assure the public (that they are in control and have all records) back in July when the donation was reported?
Magnus: "To a question whether a STR (suspicious transaction report) was lodged in the case of funds the deposited into Najib’s account, she replied, ‘We are investigating on the compliance of financial institutions on this requirement.’”
Why does it take so long to simply check and confirm if AmBank and Affin Bank filed the required STRs with Bank Negara when they received those millions and billions of cash into Najib’s bank accounts held with those two banks?
Are these Malaysian banks and Bank Negara still using pre-historic manual processes and not high-tech computerised banking systems for submission and filing of legally required data, given that the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613) was enacted in June/July 2001?
And does anyone in their right mind or wildest imagination (still) think that the new AG appointed via an unlawful/ultra vires constitutional process will consider and act on Zeti requests to take the recommended lawful/enforcement actions?
So why would someone obviously smart like Zeti bother to do nonsense for the sake of doing nonsense?
Would it not be easier for her to just throw in the towel and walk out in disgust, particularly when she is due to retire soon anyway and is already well-off and doesn't have to put up with any more professional nonsense and psychologically stifling cheap cash and pointless perks?
Mushiro: After weeks of investigation, is this the best that Zeti can come up with? And what is the meaning of ‘recommended enforcement actions’?
This is very vague and it looks like Zeti is running away from her responsibility.
Kang Kong King: Is she playing safe? The ‘recommended enforcement actions’ can be anything including ‘there’s no evidence of wrongdoing by anyone’!
Iiiizzzziiii: If nothing happens to the PM or if 1MDB ended up with a slap on the wrist as a punishment, then this can be seen as a miracle in Malaysia.
Bank Negara has committed the ultimate disgrace and is allegedly caught red-handed, and the central bank governor just sits pretty and lets the elegant silence be perpetuated.
There was a time where a man of honour was called upon to sit in high position in the country. Oops... I suppose this may not be applicable to a woman here.
Now it makes sense. It has never been in the Malaysian culture for a person of high position to take responsibility and resign. They have to be kicked out.
Jaded: How is this even surprising? Firstly, it's questionable as to why Bank Negara is allowed to investigate itself when it should have been done by an independent third party.
Now it is done by Bank Negara and given to the attorney-general who reports to whom? The PM. So much for justice and the truth.
Supercession: No need to be so secretive, especially considering that the new AG hardly inspires trust. Just tell us, does it tally with what we all already know?
Hplooi: As usual the detailed contents of the investigations are kept secret from the Malaysian public.
Only bits and pieces, cherry-picked to suit a political narrative, will be released and in delayed sequence. Malaysians will never get to see the whole unvarnished truth.
Kamikasi: I'm afraid the report will be left on the shelves for the next generation to ponder.
Guyintheglass: From what I can gather, Bank Negara's investigation covers the banking laws.
It implied that the bank in question should have raised a suspicious transaction report for such a large transfer. They did not. That is a violation of the banking laws.
As to the source of the money and its legality, it looks like this goes beyond Bank Negara and falls under the Malaysian Anti-Corruption Commission (MACC) or the AG.
I thought Bank Negara has more jurisdiction than that. Perhaps we will have to wait for AG to decide, and he needs to decide quickly.
Jaguh: Dear Zeti, I missed my loan payments, Bank Negara knows; I issue a bad cheque, Bank Negara knows; I receive US$3,000 from my brother, Bank Negara knows.
Najib received RM2.6 billion from a British Virgin Islands company, Bank Negara does not know and does not want to know.
I hope we all are treated equally, and Zeti, be honourable. -Mkini
Bank Negara wants AG to act on 1MDB
CQ Muar: The RM2.6 billion personal accounts fiasco is in fact a simple case to handle. Anyone transferring fabulous sums of money into his/her private accounts must furnish reasons and through a designated process under the law.It's the bank's onus to alert Bank Negara, whereby immediate investigations ought to be ascertained. Regardless of who the donor, recipient or benefactor is, all those involved must systemically probe the transaction.
This is to rule out the possibility of money being laundered, especially 'dirty money' (which could end up in the hands of subversive elements).
Bank Negara governor Zeti Akhtar Aziz should courageously expose the culprit involved in this case without fear or favour, which PM Najib Abdul Razak is allegedly guilty of. No one is above the law.
Hang Babeuf: “If we are called by the Public Accounts Committee (PAC), that is the only other avenue where the (central) bank will be able to respond to questions on this investigation,” Zeti added.
So now we know (1) Why it was so urgent and necessary to shut down and gut the PAC inquiry; and (2) Why it was imperative that making timely replacement appointments to the PAC be delayed, obstructed, resisted and blocked.
Kim Quek: Zeti, you said the issue of Najib’s RM2.6 billion was not under Bank Negara’s purview, but how is it so, when Bank Negara is the country’s top watchdog and guardian against money laundering and other illegal activities through our financial institutions?
More so when the money involved is such a huge sum and the suspect is none other than the prime minister, and hence, whether you deal with this issue with full professionalism and without fear or favour, may either restore or further jeopardise investors’ confidence in the integrity of our financial system.
Bank Negara under your leadership has been regarded by many as perhaps the only remaining institution that still enjoys some measure of public confidence - in a country where all national institutions have crumbled under the corrupt weight of the executive - but your performance yesterday is a complete let down.
Zeti, you are cunningly evasive. When asked pointedly whether any bank had reported to you on the suspicious RM2.6 billion in Najib’s account, you answered: “We are investigating on the compliance of financial institutions on this requirement.”
Why kind of an answer is that? It is either “Yes, I have” or “No, I haven’t” received such report. And in this case, you can’t possibly not know the status of this RM2.6 billion in Najib’s account when the whole world is already well aware of it?
Uragt: Did Bank Negara miss the transaction in 2013? Why was it not picked up then? Was it another MH370 not on the radar?
Whatever excuse, why was Bank Negara unable to assure the public (that they are in control and have all records) back in July when the donation was reported?
Magnus: "To a question whether a STR (suspicious transaction report) was lodged in the case of funds the deposited into Najib’s account, she replied, ‘We are investigating on the compliance of financial institutions on this requirement.’”
Why does it take so long to simply check and confirm if AmBank and Affin Bank filed the required STRs with Bank Negara when they received those millions and billions of cash into Najib’s bank accounts held with those two banks?
Are these Malaysian banks and Bank Negara still using pre-historic manual processes and not high-tech computerised banking systems for submission and filing of legally required data, given that the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613) was enacted in June/July 2001?
And does anyone in their right mind or wildest imagination (still) think that the new AG appointed via an unlawful/ultra vires constitutional process will consider and act on Zeti requests to take the recommended lawful/enforcement actions?
So why would someone obviously smart like Zeti bother to do nonsense for the sake of doing nonsense?
Would it not be easier for her to just throw in the towel and walk out in disgust, particularly when she is due to retire soon anyway and is already well-off and doesn't have to put up with any more professional nonsense and psychologically stifling cheap cash and pointless perks?
Mushiro: After weeks of investigation, is this the best that Zeti can come up with? And what is the meaning of ‘recommended enforcement actions’?
This is very vague and it looks like Zeti is running away from her responsibility.
Kang Kong King: Is she playing safe? The ‘recommended enforcement actions’ can be anything including ‘there’s no evidence of wrongdoing by anyone’!
Iiiizzzziiii: If nothing happens to the PM or if 1MDB ended up with a slap on the wrist as a punishment, then this can be seen as a miracle in Malaysia.
Bank Negara has committed the ultimate disgrace and is allegedly caught red-handed, and the central bank governor just sits pretty and lets the elegant silence be perpetuated.
There was a time where a man of honour was called upon to sit in high position in the country. Oops... I suppose this may not be applicable to a woman here.
Now it makes sense. It has never been in the Malaysian culture for a person of high position to take responsibility and resign. They have to be kicked out.
Jaded: How is this even surprising? Firstly, it's questionable as to why Bank Negara is allowed to investigate itself when it should have been done by an independent third party.
Now it is done by Bank Negara and given to the attorney-general who reports to whom? The PM. So much for justice and the truth.
Supercession: No need to be so secretive, especially considering that the new AG hardly inspires trust. Just tell us, does it tally with what we all already know?
Hplooi: As usual the detailed contents of the investigations are kept secret from the Malaysian public.
Only bits and pieces, cherry-picked to suit a political narrative, will be released and in delayed sequence. Malaysians will never get to see the whole unvarnished truth.
Kamikasi: I'm afraid the report will be left on the shelves for the next generation to ponder.
Guyintheglass: From what I can gather, Bank Negara's investigation covers the banking laws.
It implied that the bank in question should have raised a suspicious transaction report for such a large transfer. They did not. That is a violation of the banking laws.
As to the source of the money and its legality, it looks like this goes beyond Bank Negara and falls under the Malaysian Anti-Corruption Commission (MACC) or the AG.
I thought Bank Negara has more jurisdiction than that. Perhaps we will have to wait for AG to decide, and he needs to decide quickly.
Jaguh: Dear Zeti, I missed my loan payments, Bank Negara knows; I issue a bad cheque, Bank Negara knows; I receive US$3,000 from my brother, Bank Negara knows.
Najib received RM2.6 billion from a British Virgin Islands company, Bank Negara does not know and does not want to know.
I hope we all are treated equally, and Zeti, be honourable. -Mkini
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