BNM: Money laundering, terrorism and proliferation financing risks intensifying

Bank Negara Malaysia (BNM) Deputy Governor Marzunisham Omar said on Tuesday that emerging risks presented by money laundering, terrorism financing and proliferation financing are intensifying as the shift towards digitalisation accelerates. Marzunisham said in his speech at the 23rd Asia/Pacific Group on Money Laundering Typologies Workshop that the rapid change in technology sometimes result in reactive measures in ensuring anti-money laundering, combating the financing of terrorism and countering proliferation financing. According to online reports, proliferation financing is defined as providing money to support, among others, the manufacture and delivery of nuclear, chemical or biological weapons for purposes that are against the law. Marzunisham said it is crucial to continuously adopt new approaches and tools such as data analytics and artificial intelligence to elevate the authorities' surveillance and enforcement capability in keeping up with the increasingly complex and innovative financial instruments.