That is to ensure that the financial system and the broader economy are protected from threats of money laundering and the financing of terrorism and proliferation, thereby strengthening financial sector integrity and contributing to safety and security of the country. In relation to the Mutual Evaluation that will be undertaken from 13 to 25 November this year, I wish to inform that some of you will be called to meet the assessors during the on-site assessment in November. The purpose of the meeting is for the assessors to assess how effectively have AML/CFT measures been implemented by the reporting institutions. We have identified several potential institutions as per the criteria given by the assessors. If your institution is being selected, you will receive formal notification from us in due course. Of course, there are possibilities that the assessors may request to meet other institutions during the on-site assessment. Malaysian leadership and authorities are fully committed and unrelenting in the efforts to address money laundering and terrorist financing risks. For the country, an effective AML/CFT regime is critical to: •  Reduce the overall crime in the country;  •  Increase government revenue and reduce leakages in the economy;  •  Preserve the integrity and reputation of our financial system;  •  Create conducive environment for businesses and investors, and support the Government’s economic transformation agenda; and  •  Strengthen Malaysia’s reputation as a country committed to combat money laundering and terrorist financing.
An interesting – and delicate – question is whether it is possible to expand the coordination monetary and fiscal policies during deep downturns. Under the present fiscal policy framework, the budget regulations for fiscal policy are one possible obstacle. The regulations were set up to ensure a responsible fiscal policy and avoid a constantly increasing national debt. But perhaps we should have a discussion on how these rules should be applied in a deep  14 There has also been an academic discussion of a more fundamental interaction between fiscal and monetary policy, known as the fiscal theory of the price level; see Leeper (1991) and Sims (2017). 15 See Ubide (2020) for a discussion of the interaction between fiscal policy and monetary policy. 16 [25]  downturn and consider whether the scope for discretionary fiscal policy could be linked to the limitations of monetary policy. A mild form of coordination could take place in the form of the Riksbank publishing alternative scenarios in its Monetary Policy Report stating that monetary policy is limited and that, if fiscal policy were to become more expansionary, this would not lead to higher interest rates but only to inflation closer to the target. A stronger form could involve the Riksbank informing the Ministry of Finance that monetary policy needs the assistance of a more expansionary fiscal policy if the inflation target is to be met.