Banking sector needs to be more aware of financial crimes

KUALA LUMPUR: The banking sector needs to be more alert to financial crimes, as banks are the first level in identifying crimes that occur in the financial institutions, said Al-Rajhi Bank chief compliance officer V Maslamani.

He said if the banks failed to detect the crime, enforcement agencies would not be able to take any action against the perpetrators.

“(The) 1Malaysia Development Bhd (1MDB) (scandal) could have been avoided if everyone involved raised their voices on compliance to greater governance and transparency,” he said after announcing the upcoming International Financial Crime and Terrorism Financing Conference (IFCTF) 2018 yesterday.

In 2016, the Royal Malaysia Police recorded 99 money laundering cases under the Anti-Money Laundering, Anti Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

From the cases, assets worth RM88 million were frozen, properties worth RM63 million were confiscated and the rights to properties worth RM2.3 million were taken away in accordance with the provisions under the act.

Meanwhile, Maslamani, who is also the organising chairman of IFCTF 2018, said the event set for Oct 30-31 is expected to attract more than 1,000 delegates, with 40 experts sharing their insights and pragmatic steps in countering financial crimes.

“The main purpose of the conference is to create a broader acceptance of the compliance role in other functions within each financial institutions, aside from reaffirming and showcasing Malaysia’s commitment in fighting financial crimes and terrorism financing,” he said.

Themed “The Rising Voice of Compliance – Towards Greater Governance and Transparency”, the keynote address for the event will be delivered by Bank Negara Malaysia (BNM) Governor Datuk Nor Shamsiah Mohd Yunus.

The IFCTF will be jointly hosted by the Asian Institute of Finance and the Compliance Officers Networking Group, supported by BNM and the Securities Commission Malaysia.

Speakers from BNM, Royal Malaysia Police, CyberSecurity Malaysia, the US Federal Bureau of Investigation, the US Department of Justice, and Malaysian Anti-Corruption Commission will also be participating in the conference. — Bernama

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