They are a conduit for other forms of serious crimes. Almost all forms of serious crimes, such as human trafficking, drug trade and organised syndicates fund their activities through some form of financial crime. As such, financial crimes are inherently complex, and often will involve multiple enforcement agencies, sometimes even across borders. This reinforces the call for greater shared responsibility to shine a light on these 1/5  BIS central bankers' speeches  dark areas of the financial system. One of the key ways to exercise this responsibility is through the sharing of information. More effectively, this means putting in place an effective and mutually reinforcing ecosystem or platform where the relevant parties are able to partner together to report and investigate financial crime. In Malaysia, this is a burgeoning area that we are looking to deepen. We are encouraged by the early results that explores adapting the public-private partnership model of other countries such as the United Kingdom and Australia. So far, partnerships between the Royal Malaysian Police, selected financial institutions and money services businesses have resulted in 9 successful cases being prosecuted in the area of terrorism and terrorism financing. The idea behind these partnerships is to make intelligence sharing more meaningful and create an ecosystem where various pieces of the ‘jigsaw puzzle’ can be put together. Different parties will have different access to information and different comparative advantages. Fusing and complementing them will add to the number of cases that can be detected and prosecuted.
It is also important that we increase the transparency of shadow banking activities. In this respect, the entry into force of the European regulations EMIR2 and SFTR should be a considerable step forward. As I’ve been talking about macroprudential measures regarding large corporations, and our subject is financial stability, I’d like to bring you up to date on bank lending in France: lending to the private sector – to households and businesses – is growing rapidly in France, at a rate of close to 6% per year. At the next meeting of the High Council for Financial Stability (HCSF) in June, we shall look at whether we need to introduce additional measures. To sum up, we have not yet finished exploring the issue of non-bank finance and I am certain that today’s event will make a valuable contribution to the debate. I would like to pass the floor now to Aurélia End, who will host the round table, and wish you all an excellent morning. 3/3  BIS central bankers' speeches