Prime Minister Datuk Seri Anwar Ibrahim in Parliament today moots a new law to hold banks accountable for scam cases. Giving the current rules in the UK as an example, Anwar said that Malaysia should adopt the same principle by making banks compensate scam victims, if the banks were found to be negligent.
Malay Mail quoted the Prime Minister as saying that in a study chaired by the Treasury’s chief secretary, Malaysia will also study the mechanisms in making banks liable if found to be not careful in monitoring and ensuring rules were followed. For context, rules in the UK require banks to refund fraud victims up to £85,000 (RM480,600) within 5 days.
Under Malaysian law, Section 413 of the Criminal Procedure Code is similar, whereby banks are required to return the money to victims if negligence has been established. Anwar revealed that, as of now, RM178,407 has been returned under this provision.
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