The Malaysian Insight

PRIME Minister Dr Mahathir Mohamad hopes the public-private partnership initiative launched today will help Malaysia in the fight against financial crimes and terrorism financing.

The initiative, called the Malaysian Financial Intelligence Network (MyFINet), allows regulators from the financial sector and enforcement to share information and intelligence.

It involves Bank Negara Malaysia, Securities Commission, law enforcement agencies and financial institutions.

“It promotes synergy in measures on anti-money laundering and countering financing of terrorism.

“This is achieved through effective, timely and seamless sharing of intelligence from financial institutions for the purpose of crime prevention and law enforcement,” Dr Mahathir said in his keynote address.

“Detection of suspicious transactions by financial institutions and other reporting institutions will go a long way to eradicate financial crimes.”

MyFINet will emphasise on personal data protection and confidentiality, such as that benchmarked against the European Union General Data Protection Regulation.

Dr Mahathir said law enforcement and financial institutions will continue to adhere to Malaysia’s data protection legal framework while combating financial crimes.

“I believe such noble efforts need to be strengthened and expanded to allow more parties, especially the public at large to exercise its responsibility in fighting against corruption and financial crime. Apart from that, continuous enhancement should also be done holistically.”

He also said it is important to continuously work towards building trust and transparency.

This, he said, can be done through open dialogues and collaboration among relevant players, accelerating reforms and strengthening institutions, policies and legal frameworks.

He said Malaysia must be persistent and focused on delivering the agenda.

“This will ultimately enable Malaysia to effectively play its role in the global fight against financial crime and terrorism financing.”

“Only then can we stand tall with pride as a nation of integrity.”

MyFINet was launched today at the International Conference on Financial Crime and Terrorism Financing organised by the Asian Institute of Chartered Bankers and its compliance officers networking group.

Among those present are Bank Negara Malaysia governor Nor Shamsiah Mohd Yunus, MACC chief Latheefa Koya, Deputy Inspector-General of Police Mazlan Mansor and Securities Commission chairman Syed Zaid Albar. – November 5, 2019.