Adhering to this principle is the key to how monetary policy can support the correction of economic discords. BIS central bankers’ speeches  3
This is a joint initiative by the Association of Banks in Malaysia and supported by the Royal Malaysian Police and Bank Negara Malaysia. To coordinate and expedite actions against the operators of financial scams, a taskforce led by the Attorney-General’s Chambers has also been established under the National Coordination Committee to Counter Money Laundering. Our regulatory approach will continue to strike a right balance between innovation and the stability of the system. We are ready to adapt regulations to support emerging technologies and changing business and operational models when they bring clear benefits to our financial system and economy, and when the risks are well-understood and managed. New requirements for eKYC solutions that were recently released for industry feedback are an example of this. We will also be releasing guidelines for digital currencies by the end of this year to address risks associated with money laundering and terrorism financing. Last but not least, let me state that Bank Negara Malaysia values our cross-border partnerships with financial intelligence and law enforcement agencies. We will continue to cooperate constructively with our counterparts, including through our membership in the Financial Action Task Force (FATF), to safeguard the integrity of the global financial system. This partnership at the international level is increasingly critical as money laundering and terrorism financing transcend borders. More importantly, our efforts are to secure the future of our economy and the trust of our people by effectively preventing abuses of the financial system for criminal purposes.