For this, it is important that we are well prepared for the next round of evaluation on Malaysia, which may be scheduled from the next year onward. From our past experience, a national AML/CFT assessment demands the joint efforts of all stakeholders, including the financial institutions. Participation, contribution and cooperation by all stakeholders are very critical in ensuring that the result of the assessment truly reflect our strong commitment in not  2  BIS Review 99/2010  only meeting the international standards, but also in achieving the desired result in combating ML/TF. Therefore, I wish also to call upon all stakeholders of our AML/CFT regime at every level to make due preparation for the coming assessment on Malaysia, while continuing our concerted efforts in preventing for the interest of the country, against ML/TF risks. Shifting gear of AML/CFT implementation action Let me now touch on the second area in terms of policy and strategic response of authorities. The Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (or AMLATFA) has been in operation for the past eight years with the basic foundation of the required framework, such as legal, regulatory and institutional infrastructures, already in place. In the 2007 Mutual Evaluation exercise, Malaysia is recognised as having good AML/CFT framework through good ratings obtained in many areas, comparable to those jurisdictions with excellent AML/CFT framework.
We have addressed, since then, most of the recommendations set out in the Mutual Evaluation Report (or MER), including the only Non-Compliant rating in terms of SR IX by implementing the cross border cash transportation declaration system since January 2010. Moving forward, considering the rising threat of cross border money laundering and greater emphasis on the effectiveness of the AML/CFT framework, a more strategic approach is undertaken. This is also undertaken as a tool to support the Malaysia’s National Key Result Areas (NKRAs), particularly the first and the second NKRAs, i.e., initiatives to reduce crime and combat corruption. For this, Malaysia has formulated (in 2009) a 3-year National AML/CFT Strategic Plan 2010–2012 as a strategic tool to achieve the desired results of AML/CFT regime. The Strategic Plan includes a set of strategies to achieve specific Desired Outcomes in four key areas; focused implementation; enhancement of the legal framework; improvement of the institutional framework; and capacity building. The Plan covers not only the aspect of preventive measures for financial institutions and designated non-financial businesses and professions (DNFBPs), but also the aspects of legal, financial intelligence and law enforcement, as well as domestic and international cooperation. As the Strategic Plan will be officially rolled out soon, Bank Negara Malaysia and the relevant agencies have started to implement the action plan in stages. The ML/TF investigation and prosecution have been intensified. To date, there have been 94 money laundering cases at various stages of prosecution, with more than 3000 charges involving proceeds amounting to RM1.2 billion.