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In its role as the Financial Intelligence Unit (FIU) under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, Bank Negara Malaysia discloses all information received from foreign FIUs to the relevant domestic law enforcement agencies.
As a member of Egmont Group1 of Financial Intelligence Units, Bank Negara Malaysia is bound by The Egmont Group Principles for Information Exchange between the FIUs to protect the confidentiality of information in accordance to international standards and protocols.
BNM has in place mechanisms to protect the operational independence of the FIU, which are in full compliance with the Financial Action Task Force (FATF)2 international standards. These mechanisms ensure that there is no restriction on the flow of information to the enforcement agencies.
1 The Egmont Group is a united body of 166 Financial Intelligence Units (FIUs). The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing (ML/TF). This is especially relevant as FIUs are uniquely positioned to cooperate and support national and international efforts to counter terrorist financing and are the trusted gateway for sharing financial information domestically and internationally in accordance with global Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) standards. https://egmontgroup.org/en/content/about
2 The FATF Recommendation 29 sets out that countries should establish a financial intelligence unit (FIU) that serves as a national centre for the receipt and analysis of: (a) suspicious transaction reports; and (b) other information relevant to money laundering, associated predicate offences and financing of terrorism, and for the dissemination of the results of that analysis. The FIU should be able to obtain additional information from reporting entities, and should have access on a timely basis to the financial, administrative and law enforcement information that it requires to undertake its functions properly. The FATF Interpretive Note to Recommendation 29 determines that countries should ensure that the FIU has regard to the Egmont Group statement of purpose and its Principles for Information Exchange Between Financial Intelligence Units for Money Laundering and Financing of Terrorism Cases (these documents set out important guidance concerning the role and functions of FIUs, and the mechanisms for exchanging information between FIUs). The FIU should be operationally independent and autonomous, meaning that the FIU should have the authority and capacity to carry out its functions freely, including the autonomous decision to analyse, request and/or disseminate specific information. In all cases, this means that the FIU has the independent right to forward or disseminate information to competent authorities.
Bank Negara Malaysia
03 Mar 2021
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