In this pursuit, greater collaboration among the law enforcement agencies (LEAs) as well as between LEAs and the private sector is essential for us to efficiently and effectively connect and assess all relevant information, which will no doubt further strengthen our efforts to fight ML/TF/PF threats. In this respect, it is observed that the Public-Private Partnership (PPP) is gaining momentum and is fast becoming known as a key success factor for effective information sharing in the 1 the Joint Money Laundering Intelligence AML/CFT/CPF ecosystem. To quote some examples, Taskforce (JMLIT) established by the United Kingdom in 2016 has prompted a key shift in 1/3  BIS central bankers' speeches  addressing ML/TF threats. As of June 2020, JMLIT has completed over 750 cases and detected more than 5,000 suspected accounts linked to financial crimes. Similar achievement was also experienced by the Fintel Alliance in Australia where within the span of one year between 2018 to 2019, over 300 cases were successfully completed through the partnership. Other countries within the region have also followed suit – Hong Kong’s Fraud and Money Laundering Intelligence Taskforce (FMLIT) and Singapore’s Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP). In Malaysia, the PPP is undertaken through the Financial Intelligence Network (MyFINet), which involves collaboration and information sharing between LEAs such as the Central Bank, Royal Malaysia Police and Malaysian Anti-Corruption Commission, and private sectors such as financial institutions.
Marzunisham Omar: Welcoming remarks - 23rd Asia/Pacific Group on Money Laundering (APG) Typologies Workshop Welcoming remarks by Mr Marzunisham Omar, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 23rd Asia/Pacific Group on Money Laundering (APG) Typologies Workshop, 9 November 2021. * * * It is my pleasure to welcome all of you to the 23rd APG Typologies Workshop. This is the second time the Annual Typologies Workshop is held virtually. Malaysia is pleased to jointly host the Workshop with the APG Secretariat. After more than a year of COVID-19, the past few months have seen the ease of the pandemic and the lifting of restrictions by most countries. Despite the challenging environment, it is encouraging to note that the authorities remain vigilant in the fight against money laundering (ML), terrorism financing (TF) and proliferation financing (PF). Indeed, we are facing new and increasing challenges following the increasing sophistication of financial tools and products. This morning, allow me to share four observations on the recent developments and challenges that are pertinent in strengthening AML/CFT/CPF measures. First, on therapid changes of ML/TF/PF methods and risks that are driven by technology. As the shift towards digitalisation especially in the financial industry accelerates, the emerging risks presented are intensifying. The rapid change in technology sometimes result in AML/CFT/CPF measures undertaken by authorities to be reactive. For example, we see this in the virtual asset sector given its rapid development and widespread innovations.