60. Power to make regulations

The Minister may, on the recommendation of the Bank, make regulations as may be necessary or expedient for the purpose of carrying into effect the provisions of this Act.

Without prejudice to the generality of subsection (1), regulations may be made to provide—

Any regulations made under this section may prescribe an act or omission in contravention of the regulations to be an offence and may prescribe penalties of a fine not exceeding fifty thousand ringgit or to imprisonment for a term not exceeding one year or to both for such offence.

Regulations made under this section may relate to all or any class, category or description of persons, and the Minister, on the recommendation of the Bank, may make different provisions for different classes, categories or descriptions of persons.