Section 31

The Bank may prescribe by order that such licensed bank or licensed merchant bank as may be set out in the order shall not, except with the prior written approval of the Minister given on the recommendation of the Bank, establish a correspondent banking relationship with any bank established in any country, territory or place outside Malaysia, which may be set out in the order, or with any bank owned or controlled, directly or indirectly, by the government, or an agency of the government, of such country, territory or place.