After exposé, finance minister says OK for Malaysians to have off-shore bank accounts, so long as applicants pass due diligence

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz addresses members of Parliament in Kuala Lumpur September 28, 2021. — Bernama pic
Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz addresses members of Parliament in Kuala Lumpur September 28, 2021. — Bernama pic

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KUALA LUMPUR, Oct 5 — Malaysians keen to open bank accounts outside the country are allowed to do so, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said in Parliament today.

However, they must pass the necessary approval processes currently in place by regulators.

“Any individual can open an account with any licensed bank, including in off-shore accounts, under existing laws.

“However, all customers who open these accounts in licensed banks will be regulated by Bank Negara Malaysia or the off-shore ones by the Labuan Financial Services Authority.

“They have to also pass the existing customer due diligence processes as stated within the  Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” he said in the Dewan Rakyat.

Tengku Zafrul was replying to Bagan MP Lim Guan Eng who asked for an explanation following the recent Pandora Papers exposé that trillions of ringgit had been deposited in off-shore bank accounts.

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