Despite concerns over 2,000 Malaysians alleged to own offshore accounts, Bank Negara Malaysia said today no ongoing investigation yet

No investigation on Panama Paper leaks yet, BNM chief says 

Datuk Muhamad Ibrahim says BNM has yet to find any serious breach to regulations following the Panama Paper leaks, but added that BNM will take action if those named were found to have broken the law. ― File pic

KUALA LUMPUR, May 13 ― Despite concerns over 2,000 Malaysians alleged to own offshore accounts, Bank Negara Malaysia (BNM) said today no investigation will begin for the time being.

Its Governor Datuk Muhamad Ibrahim said the central bank has yet to find any serious breach to regulations following the Panama Paper leaks, but added that BNM will take action if those named were found to have broken the law.

“So far we have not discovered any breach of regulation and law but we will not hesitate to take necessary steps if there are any violation of regulations,” Muhammad told reporters at the bank's announcement of the country's quarterly performance here.

The Panama Papers information leak involves over 11.5 million confidential documents created by Panamanian corporate service provider Mossack Fonseca.

The documents provide detailed information on more than 214,000 offshore companies, the names of their shareholders as well as their directors, which included government leaders, their close associates and even close relatives.

Those named in the Panama Papers include individuals from Malaysia, Brazil, China, France, India, Pakistan, the UK, South Africa, Spain, Syria, Russia, Mexico, Argentina and Ukraine.

In the wake of the leaks, several senior government leaders played down the significance, saying offshore accounts were a legitimate method to minimise tax obligations.

- See more at: http://www.themalaymailonline.com/malaysia/article/no-investigation-on-panama-paper-leaks-yet-bnm-chief-says#sthash.pkNOoyvq.dpuf