like to make is that combating financial crime is a shared responsibility. it is not the sole responsibility of central bank supervisors, financial intelligent units, banks or even the compliance function within financial institutions. just as individuals, all of us have a collective responsibility to contribute to nation building, it is the responsibility of each player in the financial system, law enforcement agencies, prosecution agencies and the judiciary to look out for potential abuses, stamp out financial crimes and not let the perpetrators get away. for financial crimes do not occur in isolation. they are a conduit for other forms of serious crimes. almost all forms of serious crimes, such as human trafficking, drug trade and organised syndicates fund their activities through some form of financial crime. as such, financial crimes are inherently complex, and often will involve multiple enforcement agencies, sometimes even across borders. this reinforces the call for greater shared responsibility to shine a light on these 1 / 5 bis central bankers'speeches dark areas of the financial system. one of the key ways to exercise this responsibility is through the sharing of information. more effectively, this means putting in place an effective and mutually reinforcing ecosystem or platform where the relevant parties are able to partner together to report and investigate financial crime. in malaysia, this is a burgeoning area that we are looking to deepen. we are encouraged by the early results that explores adapting the public - private partnership model of other countries such as the united kingdom and australia. so far, partnerships between the royal malaysian police, selected financial institutions and money services businesses have resulted in 9 successful cases being prosecuted in the area of terrorism and terrorism financing. the idea behind these partnerships is to make intelligence sharing more meaningful and create an ecosystem where various pieces of the ‘ jigsaw puzzle ’ can be put together. different parties will have different access to information and different comparative advantages. fusing and complementing them will add to the number of cases that can be detected and prosecuted. this will also act as a deterrent as it signals the commitment and extent to which the relevant authorities and the industry will go to stamp out crime. hence, we are looking forward to expand this partnership for different types of crimes. organisations such as the compliance officers networking group of malaysia ( cong ) and the industry associations can also play a role in enhancing the professionalism and capacity building of compliance officers in malaysia. the development of human capital is essential in our efforts to combat financial crime. it is our biggest asset, more than any technology.

several global sovereign sukuks have been issued in the international market that has attracted wide interest, both by muslim and non - muslim investors. the next phase in this development is the raising of funds from this market by multinational corporations and multilateral institutions. as the volume increases, it would strengthen the inter - linkages and integration amongst the islamic financial centres. in addition to structuring a variety of attractive off - the - shelf instruments, efforts need to be intensified to create a benchmark curve for future issues. with a well - developed system, the trading of instruments would encourage the free flow of capital movements and would in turn facilitate greater islamic fund management activities. as a platform to promote greater cooperation among muslim countries and further promote iifm, a proposal that can be explored is the creation of an islamic universal bond, structured similar to the universally - accepted asset - backed ijarah sukuk. under this proposal, interested countries and selected organisations could be invited, where each country sells its assets to an spv, which in turn would lease back the assets to the country. proceeds could then be transferred to the participating country for the general purpose of socio - economic development. this could be an avenue for countries that have not secured stronger ratings to get more competitive funding. indeed regional and multilateral entities would be well positioned to explore the viability of this proposal. the role of shariah is one of the key elements that can spur the innovation process and enhance the global integration of the islamic financial system. to effectively enhance shariah governance, the understanding of the mechanics of finance by the shariah experts is imperative to assist in the deliberation process in deriving a sound shariah decision. the shariah decision should then be made transparent. with such disclosure, the ability for others to appreciate the juristic reasoning based on contemporary analysis and logical inference of process could lead to wider acceptance of a shariah decision, especially if it has implications on cross - border transactions. with better understanding, the likelihood of a shariah convergence is higher and this will enable the creation and trading of islamic financial instruments at the international arena to be more universally accepted, as interpretations will be uniform and consistent. harmonisation of the differing views among the scholars from different schools of thought is necessary to enhance the global development of islamic banking and finance. i believe, at this juncture, the right approach is to advocate mutual respect in any shariah discourse where there are differences in opinions