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Joint National AML/CFT Conference 2019

Ref No : 08/19/13 29 Aug 2019 Embargo : For immediate release    

Bank Negara Malaysia and the Malaysian Bar today organised the Joint National AML/CFT Conference 2019 at Sasana Kijang, Kuala Lumpur. Themed “Building Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Compliance Effectiveness: Risks and Challenges”, the conference aims to raise the understanding of vulnerabilities to money laundering and terrorism financing (ML/TF) risks of Designated Non-Financial Businesses and Professions (DNFBP) sectors including the legal sector. The joint conference was also intended to strengthen the compliance culture on AML/CFT requirements among these reporting institutions through discussions on various perspectives of regulatory, supervisory, law enforcement as well as industry.
 
In his Opening Remarks, Dato’ Abdul Fareed Abdul Gafoor, the Malaysian Bar President highlighted the role of legal professionals in combating ML/TF, noting the existence of vulnerabilities or high risk areas which lawyers are exposed to, as well as the interplay between a lawyer’s obligations under the AML/CFT regime and their professional duties. Dato’ Abdul Fareed also emphasized, “Lawyers therefore play critical role as watchdogs in highlighting and raising the alarm in relation to potential ML/TF schemes. It is our duty to cultivate a culture of awareness, vigilance and caution in order to effectively assess situations which may give rise to such concerns…”
 
Encik Adnan Zaylani Mohamad Zahid, Assistant Governor of Bank Negara Malaysia, in his Keynote Address, stressed that the resultant impact of a lawyer’s inappropriate conduct when dealing with a client, if left unchecked, may pose reputational risk and loss of confidence, not only to the affected individual lawyer or the associated firm but the legal fraternity as a whole. Encik Adnan further urged the lawyers and DNFBPs to take effective AML/CFT control to protect themselves from being abused by the criminals for ML/TF activities. He also cautioned DNFBP reporting institutions that Bank Negara Malaysia will pursue more deterrent actions, including taking appropriate enforcement actions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) for any non-compliance beginning 2020.  
 
The conference brought together over 450 participants from the legal fraternity and DNFBP sectors and their governing licensing authorities, self-regulatory bodies and associations. Featuring four panel discussions involving 14 eminent panellists, the conference shared insights and experience in implementing the AML/CFT compliance programme and reporting obligations as well as enforcing the AMLA. Participants were able to deepen their understanding on risk-based approach for effective implementation of AML/CFT requirements and best practices from experts and financial institutions’ representatives. Participants also benefited from the law enforcement agencies’ sharing on  cases involving abuse of legal and other DNFBP sectors in facilitating ML/TF crimes, indicators and emerging trends.
 
“Comply to Protect”
 

Bank Negara Malaysia
29 Aug 2019

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