In yesterday's Starbiz, the headlines on the frontage was that YBHg would be resuming his role as Group Headhanco as the independent review found he did nothing wrong! There were some shortcomings in the processes, so it said.
Putting aside the rights and wrong of YBhg, I just want to know if the EY report now says that passing money through one's account is legal, and cannot be tantamount to infringing the AMLA Act? Funny that the only body that actually has a right to comment, BNM, remains silent! I suppose the best way to communicate what some thoughts are on the subject is to reproduce my text with a banker:
Me: Money passing thru accounts now OK?, BNM not saying anything.
Banker:This is classic hoodwink. If public including the bloody journalist understand the scope of work, they won't writing such headlines.
Looks like BNM will only react if their position threatened.
Me:Well is their position not!Is it not suggesting money laundering to be ok. BNM has to make a statement.
Banker: They should, technically.
Thinking out aloud I wonder who had done the greater wrong:
a) The CEO of an islamic institution for his Facebook posting, and who was summarily dismissed,
or
b) A person that pretended to be virtuous until the foreign press draws attention to "an error in judgement" for himself, but for anyone else a grave crime I suppose.
To those chappies on the Audit Committee, I suppose the systems of control are sound, to the external auditors, I suppose tyour private report on the statement of risk management and internal controls still stands, and to EY, hi guess what with these type of engagements you guys can change the name to AA, ala Enron II, akan datang.
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