Malaysia will be one of the first countries to be evaluated for the new anti-money laundering and anti-financing of terrorism (AML/CFT) regime at the end of next year, said Asia/Pacific Group on money laundering (APG) executive officer Dietmar Kahles.
He said the evaluation would be based on the 40 new recommendations issued in February that form the basis of the Financial Action Task Force’s (FATF) mutual evaluation of AML/CFT regime.
“We are looking at closely working with Malaysia and preparing the jurisdiction for that evaluation process. Malaysia is an important member of the APG and it is a very active contributor of the organisation. We regard the country as a very important partner, to drive the process and the standard,” he told reporters on the sidelines of the fourth International Conference on Financial Crime and Terrorism Financing (IFCTF) in Kuala Lumpur yesterday.
Kahles said the new standard would enable countries to prioritise measures to improve their regime.
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