KUALA LUMPUR, Prime Minister Tun Dr Mahathir Mohamad today launched the Public-Private Partnership (PPP) initiative, a collaboration and cooperative initiative between Bank Negara Malaysia (BNM), Securities Commission Malaysia, law enforcement agencies and financial institutions to better combat financial crimes.
Speaking at the Financial Crime and Terrorism Financing Conference, he said the PPPs would promote synergy in anti-money laundering or countering the financing of terrorism measures.
This is achieved through effective, timely and seamless sharing of financial intelligence from financial institutions for the purpose of crime prevention and law enforcement.
The more effective detection of suspicious transactions by financial institutions and other reporting institutions would go a long way in eradicating financial crime, he said.
Also present were BNM governor Datuk Nor Shamsiah Mohd Yunus and Malaysian Anti-Corruption Commission chief commissioner Latheefa Koya.
The Prime Minister said the private institutions and the people have a vital role to play against financial crimes so that Malaysia can transform into a value-driven developed nation, as well as in preserving the integrity of the nation's financial system.
He said a key component of PPP models throughout the world is the emphasis on personal data protection and confidentiality, benchmarked against the European Union General Data Protection Regulation.
As for Malaysia's PPP, he said the law enforcement and financial institutions would continue to adhere to the country's data protection legal framework in combating financial crimes.
I believe such noble effort needs to be strengthened and expanded further to allow more parties especially the public at large to exercise their responsibility in fighting against corruption and financial crime, he said.
Therefore, he said Malaysia needed to continuously work in building these critical elements of trust and transparency, through open dialogues and collaboration among the relevant players, accelerate reforms, and strengthen institutions, policies and legal frameworks.
This would ultimately enable Malaysia to effectively play its role in the global fight against financial crime and terrorism financing, he added.
Source: Office of the Prime Minster Malaysia