KUALA LUMPUR: A public-private partnership (PPPs) initiative has been launched to better combat financial crimes.
Prime Minister Tun Dr Mahathir Mohamad said the initiative is a collaboration between Bank Negara Malaysia, Securities Commission, law enforcement agencies and financial institutions.
PPPs promote synergy in Anti-Money Laundering and Countering Financing of Terrorism measures, he said
"This is achieved through effective, timely and seamless sharing of financial intelligence from financial institutions for the purpose of crime prevention and law enforcement.
"Its more effective detection of suspicious transactions by financial institutions and other reporting institutions would go a long way to eradicate financial crimes," he said at the two-day 11th International Conference on Financial Crime and Terrorism (IFCTF 2019) which began on Tuesday (Nov 5).
The theme of the conference is Building Trust and Transparency: Collaborate, Accelerate, Strengthen.
Dr Mahathir said steps need to be taken to allow relevant players, including the public to exercise their responsibility in fighting corruption and financial crime.
He said continuous work in building critical elements of trust and transparency, through open dialogues and collaboration among the players, will accelerate reforms and strengthen institutions, policies and legal frameworks.
"This will ultimately enable Malaysia to effectively play its role in the global fight against financial crime and terrorism financing.
“We must be persistent and remain focus in delivering this agenda. Only then can we stand tall with pride - as a nation of integrity," he said.
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