2  To help on the supply side the Bank has developed an education outreach strategy with three components: 1. econoME: which includes free lesson plans and supporting materials for teachers to use in their classrooms; 2. Bank Ambassadors: colleagues below the director level at the Bank who volunteer to visit schools across the country to explain the Bank of England’s role; and 3. School visits by senior Bank and policy committee members: to spark young people’s interest in economics and to inspire them to pursue a career in related fields. Let me say a bit more about why we are doing this. 1  May 2017 survey conducted by ING and the Economics Network, available at: https://www.economicsnetwork.ac.uk/research/understandingecon 2 See Haldane, A “Everyday Economics”, Birmingham 2017 2  All speeches are available online at www.bankofengland.co.uk/speeches  2  The first objective is to help young people understand the economy and to make better informed personal financial decisions. The econoME lessons are designed for 11-16 year olds and cover: -  The economic factors that influence personal decisions;  -  How to make informed decisions; and  -  How such decisions collectively influence the economy. An array of econoME resources, designed in close collaboration with teachers and education specialists, support these classes. The materials include lesson plans, presentations, videos, activities and real life case studies. And they can be used by non-specialists with no prior economics training.
Some of the targeted mitigation measures undertaken by the authorities include: •  Intensified joint investigation efforts by the LEAs to effectively combat money laundering and terrorist financing. This is reflected in the increased number of raids, arrests and prosecutions related to money laundering and terrorist financing and predicate offences;  BIS central bankers’ speeches  5  •  Another effort is the enhancement of the structure of the individual LEAs, which includes the formation of dedicated AML/CFT unit within the LEAs and increase in manpower focusing on money laundering and terrorist financing investigations;  •  Another response by the government is the amendment to the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) which is aimed at strengthening Malaysia’s AML/CFT framework against criminal activities. The amendments would provide clarity on reporting obligations so that preventive measures can be implemented more effectively, such as requirements to submit STRs related to terrorism financing, tipping off provision and CDD requirement;  •  The intensity of enforcement actions against financial institutions that failed to comply and implement AML/CFT programs is also increased. In 2013 and 2014, BNM has compounded banks for various failures to implement effective compliance programs. With the coming into force of the amendments to the AMLATFA on 1 September 2014, the maximum penalty for various provisions was increased. For instance, maximum penalties under general offence have been increased from RM250,000 to RM1 million.