Is On-line FOREX trading illegal? BNM ask me to decide............!!

BNM Telelink to me
show details 11:29 AM (6 hours ago)


Mr Lee xxxxxxxxx,

We refer to your email dated 5 January 2010.

Please be informed that Bank Negara Malaysia (Bank) only gives licence to financial institutions to conduct foreign currency trading (forex). Under the Exchange Control Act 1953 (ECA), it is an offence for a person in Malaysia, who is not an authorised dealer, to do any of the following:
buy or sell foreign currency or do any act which involves, is in association with, or is preparatory to, buying or selling of foreign currency with any person, other than an authorised dealer;

issue or publish or facilitate the issuance or publication by any person of an advertisement containing an invitation or an offer to buy or sell foreign currency or information which is intended or might reasonably be presumed to be intended to lead directly or indirectly to the buying or selling of foreign currency; or

aid or abet another person to do the above,
unless the prior permission of the Controller of Foreign Exchange is obtained.

Based on the above, under the Exchange Control Act 1953 (ECA), it is an offence for a person in Malaysia to buy or sell foreign currency or do any act which involves, is in association with, or is preparatory to, buying or selling of foreign currency with any person, other than an authorised dealer. It is also an offence for a person to aid or abet another person to buy or sell foreign currency with any person, unless the person is an authorised dealer.

The list of authorised dealers and financial institutions permitted by the Controller of Foreign Exchange to buy or sell foreign currency can be obtained from Bank Negara Malaysia's website at http://www.bnm.gov.my/index.php?ch=17&pg=54&ac=57.

You may also refer to our press statement regarding this matter in our website at http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1976

Thank you.

Noor Shuhaila Hj Johari
BNMTELELINK
Bank Negara Malaysia
No Tel : 1-300-88-5465
No Faks : 03-21741515
Email : bnmtelelink@bnm.gov.my

__________________________________________________________________________________________________
DISCLAIMER: Any e-mail messages from Bank Negara Malaysia are sent in good faith, but shall not be binding nor construed as constituting any obligation on the part of the Bank.
CONFIDENTIALITY NOTICE: This e-mail contains confidential information, which is intended only for the use of the recipient(s) named above. If you have received this communication in error, please notify the sender immediately via e-mail and return the entire message. Thank you for your assistance.


----Original Message----
From: Michael Lee
Sent: 05/01/2010 09:12
To: icccrm2@bnm.gov.my
Cc:
Subject: Forex trading online

Can I conduct forex investment online with FXCM. http://www.fxcm.co.uk/
Thank You

Lee xxxxxxxx
IC 59xxxxxxxx
016-2081166

Send To : bnmtelelink@bnm.gov.my