24 Jun '17, 10pm

Zeti says Bank Negara powerless to act against 1MDB (FMT)

1MDB probe was one of the toughest moments during her 16-year tenure as governor of central bank, says Zeti Akhtar Aziz. PETALING JAYA: Bank Negara Malaysia was powerless to take further action than just some fines to “relevant bodies and financial institutions” over breach of regulations in relation to the 1MDB case. This was the admission by former Bank Negara governor Zeti Akhtar Aziz, who added that the handling of the 1MDB case was one of her toughest moments in office, Sin Chew Daily reported. “Although outsiders had very high expectations from Bank Negara, nevertheless, it did not have the power to prosecute. “Bank Negara has the most comprehensive laws, including the Central Bank of Malaysia Act 2009 and Financial Services Act 2013 to preserve the integrity, stability and healthy functioning of the financial system. “So, we could issue letters of administrative com...

Full article: https://blog.limkitsiang.com/2017/06/25/zeti-says-bank-ne...

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