Financial Crime World

MALAYSIA STEPS UP EFFORTS TO COMBAT FINANCIAL CRIME AND TERRORISM FUNDING

Strengthening Anti-Money Laundering and Countering Financing of Terrorism Compliance

The Companies Commission of Malaysia (SSM) recently concluded its 12th annual national conference, focusing on sharing responsibility in strengthening anti-money laundering and countering financing of terrorism compliance. The two-day virtual event drew over 3,000 participants from various sectors, aiming to enhance cooperation among regulators, law enforcement agencies, and industry players.

Key Discussions at the SSM National Conference (SSMNC) 2023

  • Regulatory Expectations: Understanding the requirements for anti-money laundering and countering financing of terrorism compliance.
  • Risk Assessment: Identifying and mitigating risks associated with money laundering and terrorism financing.
  • Collaboration among Stakeholders: Enhancing cooperation among regulators, law enforcement agencies, and industry players to combat financial crime.

Notable Discussions at the Conference

  • National Risk Assessment 2020 (NRA 2020): A comprehensive assessment of Malaysia’s risk profile in relation to money laundering and terrorism financing.
  • FATF Mutual Evaluation of Malaysia in 2024-2025: An evaluation of Malaysia’s compliance with Financial Action Task Force (FATF) recommendations.

SSM’s Efforts to Strengthen Reporting Framework

  • Guideline on Reporting Framework for Beneficial Ownership of Legal Persons: A guideline aimed at strengthening the reporting framework on beneficial ownership.
  • Consultative Paper Proposing Amendments to the Companies Act 2016 and Limited Liability Partnership Act 2012: A proposal to amend existing laws to enhance corporate rehabilitation frameworks.

Malaysia’s Commitment to Promoting Financial Transparency

Malaysia has made notable progress in combating money laundering and terrorism financing, becoming a member of the Financial Action Task Force (FATF) in 2016. The country is currently compliant with 20 FATF recommendations, largely compliant on 18, and partially compliant on two.

With experts and stakeholders from various sectors coming together, significant strides were made in the battle against financial crime and terrorist funding at the SSM National Conference (SSMNC) 2023.