KUALA LUMPUR: Prime Minister Tun Dr Mahathir Mohamad launched the Public-Private Partnership (PPP) initiative at the Financial Crime and Terrorism Financing Conference here, today.
Designed to combat financial crime, the PPP is a collaboration and cooperative initiative between Bank Negara Malaysia (BNM), the Securities Commission Malaysia, law enforcement agencies and major financial institutions in the country.
Dr Mahathir said the PPP will promote synergy in efforts to foil anti-money laundering activities and countering the financing of terrorism schemes.
“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 at the event were BNM governor Datuk Nor Shamsiah Mohd Yunus and Malaysian Anti-Corruption Commission (MACC) chief commissioner Latheefa Koya.
The Prime Minister said private institutions and the rakyat have a vital role to play in fighting financial crimes so that Malaysia can transform itself into a value-driven developed nation, as well as to preserve the integrity of the nation’s financial system.
The Prime Minister said a key component of PPP models throughout the world is the emphasis on personal data protection and confidentiality, benchmarked against the European Union’s General Data Protection Regulation.
As for Malaysia’s PPP, he said law enforcement authorities and financial institutions will continue to adhere to the country’s data protection legal framework in combating financial crimes.
“I believe such a noble effort needs to be strengthened and expanded further to allow more parties, especially the public at large, to exercise their responsibility in fighting corruption and financial crime,” he said.
Dr Mahathir stressed that Malaysia needs to continuously work in building the critical elements of trust and transparency, through open dialogue and collaboration among relevant players, accelerate reforms, and strengthen institutions, policies and legal frameworks.
He added that this would ultimately enable Malaysia to play its role in the global fight against financial crime and terrorism financing. – Bernama