Nor Shamsiah Mohd Yunus: Building trust and transparency collaborate, accelerate, strengthen Speech by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 11th International Conference on Financial Crime and Terrorism Financing (IFCTF) 2019, Kuala Lumpur, 5 November 2019. * * * Last year, I spoke at this same conference about our shared responsibility to combat financial crime and the need for us to have a deep understanding of new and emerging risks. I also called on reporting institutions to strengthen their compliance functions. I was therefore delighted to learn that the theme of this year’s conference is “Building Trust and Transparency: Collaborate, Accelerate, Strengthen”. This afternoon, I would like to briefly expand on some of the ideas that I put forward last year, which will build on this year’s conference theme. First, on the point on collaboration. We speak a lot about how combating financial crime is a shared responsibility. This is because of its massive impact, imposing a cost to governments, businesses and individuals. A Thompson Reuters report from 2018 revealed that nearly half of 2,000 plus large companies surveyed were victims of financial crimes in the past one year, losing an estimated 3.5% of their turnover. This goes to show that this is a battle that needs to be waged together. Key to this is the sharing of information.
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