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Opening address - International conference on financial crime and terrorism financing

· Abdul Rasheed Ghaffour, Governor of the Bank Negara Malaysia (Malaysia)

Summary written by Dark Majestic in its own words · topics: inflation and price stability, payments, digital money and crypto-assets, trade, fragmentation and geopolitics, technology, ai and cyber risk

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· Abdul Rasheed Ghaffour · Bank Negara Malaysia WikiOpening address - International conference on financial crime and terrorism financing

ContextOpening address by Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the International Conference on Financial Crime and Terrorism Financing (IFCTF) 2023, Kuala Lumpur, 3 October 2023.

Why it mattersThe governor calls for cooperation and technology against illicit financial flows.

Problems raised
  1. Financial crime and terrorism financing threaten the financial system.
  2. The economic environment is difficult: high rates, inflation, slower trade.
  3. Geoeconomic fragmentation adds to risks.
Solutions proposed
  1. Strengthen anti-money laundering and counter-terrorism financing controls.
  2. Improve cooperation between banks, regulators and law enforcement.
  3. Use technology to detect illicit flows.
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