and effectiveness of our response to ml / tf will be our clearest commitment to ensure that crimes do not pay. this is a shared responsibility. on that note, i wish all of you insightful and productive exchanges in the rest of today's sessions. thank you once again. assalamu'alaikum. 1 https : / / www. unodc. org / unodc / en / money - laundering / overview. html 2 targeted update on implementation of the fatf standards on virtual assets and virtual asset service providers : https : / / www. fatf - gafi. org / en / publications / fatfrecommendations / targeted - update - virtual - assets - vasps - 2023. html 3 companies commission of malaysia training academy 4 including trusts 6 / 6 bis - central bankers'speeches

a gradual ramping up of compliance expectations to adapt and accommodate the varying natures and business profiles of dnfbp. as a reflection of the important role of dnfbps in preventing ml / tf, and to further strengthen the overall compliance culture, beginning of this year, dnfbps that fail to comply with the aml / cft and targeted financial sanctions requirements are subject to enforcement actions. these actions can be in the form of a directive order, monetary penalties ( or compound ), or prosecution. malaysia's mutual evaluation review by the fatf as all present here are aware, the upcoming mutual evaluation of malaysia, as conducted by the international watchdog for ml / tf – the financial action task force ( fatf ), will be commencing in 2024. we should take this opportunity to showcase malaysia's commitment to fighting financial crimes, and the strides we have made in implementing effective aml / cft measures. the importance of a positive evaluation for malaysia cannot be overstated. if we perform well, this will boost our credibility as having a reliable, trusted, and clean financial system, opening doors for stronger levels of foreign investments and ultimately, bolster economic growth. conversely, low ratings will have severe consequences for the country. being grey or black - listed by the fatf can result in increased business and compliance costs, disruption of capital flows, and the de - risking of malaysian individuals and businesses by international financial institutions. conclusion in conclusion, i want to once again commend the efforts of all the professions here – civil servants, enforcement authorities, ceos, company secretaries, accountants and lawyers. it is thanks to the commitment and diligence from all of you that we have come so far with our aml / cft efforts in unmasking financial crimes. as we forge ahead, it is important for each and every one of us to rise to the challenge posed by a complex and evolving crime landscape. given that we are only as good as our weakest link, i urge us all to adopt a whole - of - nation approach. it is critical that regulators, law enforcement authorities and reporting institutions work closely and strategically together on all fronts. be it detection, analysis, enforcement, knowledgesharing or capacity building. we are in this together. 5 / 6 bis - central bankers'speeches in protecting our businesses and financial system from being misused for criminal activities, we are doing our part for a safer malaysia. the agility