Malaysians need to be more financially literate to avoid being cheated by money games companies and get-rich-quick schemes, said Datuk Seri Johari Abdul Ghani (pic).
The Second Finance Minister observed that while high financial literacy should not be expected of all Malaysians, they should at least conduct checks before making any investment.
"Bank Negara already has a list of schemes and companies that should not be invested in, but some of these companies operate overseas so we cannot shut them down.
"Therefore it is also up to the people here to do their due diligence before making investments. Don't wait until the so-called scheme has collected all your money before lodging complaints," he said during his winding-up speech during Budget 2018 debates in Parliament on Wednesday (Nov 15).
To that, Johari assured that the Government took all necessary action against companies that were found to be running unsustainable financial schemes.
"We have already told people through Bank Negara that these are the schemes we should not invest in, but some Malaysians go ahead anyway. If our people have no financial literacy and do not understand, then no matter what the Government does to curb these scams, it will not be enough," he said.
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