KUALA LUMPUR: The authorities in Malaysia have raided gold trader Genneva Malaysia Sdn Bhd and its affiliates for suspected offences under the laws administered by the respective enforcement agencies.
Bank Negara said on Monday the joint raiding operation was carried by the police, Domestic Trade, Cooperatives and Consumerism Ministry, Companies Commission of Malaysia and the central bank.
BNM said Singapore's Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in Singapore.
"The public is advised to be cautious in investing their money to avoid becoming victims of activities that are illegal and in breach of the law," said BNM.
According to Genneva's website, it is a corporate member of the Gold Bullion Entrepreneurs Association of Malaysia which represents Gold Bullion dealers in Malaysia.
The company also says it sets the pricing of Gold Bullion products for its members in Malaysia.
The website said the company has evolved to become one of the leading and most innovative gold traders in Malaysia.
Its business model was based on the Syariah principle of "Al-Bai". To make the transaction more attractive, Genneva rewards its customers with discretionary payments.
Genneva also said it is a reporting institution under the Anti-Money Laundering and Anti-Terrorism Financing Act, (AMLA) 2001 and understands its responsibilities and duties.
http://biz.thestar.com.my/news/story.asp?file=%2F2012%2F10%2F1%2Fbusiness%2F20121001171542&sec=business
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