The STRs submitted are 2  BIS central bankers’ speeches  valuable to us and to law enforcement agencies. Based on the feedback that we received from the law enforcement agencies, the STRs submitted have provided leads to their investigation and have resulted in the number of joint initiatives. More than 70% of the STRs disclosed to the enforcement agencies have resulted in the opening-up of Enquiry Papers or Investigation Papers. The remaining of the information disclosed will be is used as part of the database for future investigation. Compliance with AML/CFT law and regulations in the financial institutions require high commitment from all level of staff, particularly the front-liners. Non-compliances will be seriously dealt with. At the international level, we have witnessed banks been penalised to the tune of billion of dollars for failure to comply with AML/CFT law and regulations. In Malaysia, we have also taken and will continue to take strong actions on banks that failed to comply and implement AML/CFT law and regulations. With the implementation of the Financial Services Act, there are various forms of enforcement actions that can be taken by Bank Negara Malaysia including private and public reprimand. In terms of the penalties, the amendment to the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA) that came into force on 1 September 2014 had increased the penalty amount.
Encik Abu Hassan Alshari Yahaya: Continuing efforts to combat money laundering and terrorism financing in Malaysia Keynote address by Mr Encik Abu Hassan Alshari Yahaya, Assistant Governor of the Central Bank of Malaysia, at the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Compliance Conference 2014, Sesana Kijang, Kuala Lumpur, 17 September 2014. *  *  *  It is my great pleasure and honour to welcome all of you today to our annual Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Conference. Today’s line up of programme and most importantly, your presence here today underscores our continuing efforts to combat money laundering and terrorism financing in Malaysia and the critical importance of the role that financial services industry contributes in supporting regulators, government and law enforcement to tackle and mitigate the threats. I am pleased to note that today we have close to 350 participants representing banking, insurance, takaful, investment and securities industries in Malaysia. I also would like to take this opportunity to express my appreciation to all the speakers and moderators for your willingness to share knowledge and views for the two concurrent sessions that we will be having later this morning. Money laundering is a serious global problem Money laundering is a serious global problem. At the global level, the International Monetary Fund (IMF) estimated the extent of money laundering to be at 2% to 5% of global GDP.