reducing the industry's dependency on conventional reinsurance support. more importantly, the licensing of new retakaful operators in malaysia will also ensure that the technical knowledge is made more readily available and enhanced in the market, particularly in takaful and retakaful underwriting, as well as in promoting product development and innovation. under this initiative, qualified applicants will be allowed to conduct in both the malaysia ringgit and international currencies retakaful business under the takaful act 1984. flexibility is accorded to the retakaful operators to conduct its retakaful business in malaysia by way of an incorporated entity or a branch. foreign applicant is also welcome d to conduct retakaful business in malaysia through a joint - venture with malaysian companies, subject to the merits of each case. it is anticipated that this measure would serve as a catalyst in our efforts for malaysia to become the centre for takaful and retakaful business through the establishment of a significant number of strong and reputable retakaful operators. ladies and gentlemen, let me conclude by saying that the future prospects of the takaful industry will be very much depend on the combined efforts of all the relevant parties ; the regulators, market participants and the international community at large, to chart the strategic direction for the industry. collective effort is crucial in order to maximize the potential for the industry. sharing common vision and goal will be an important first step. i believe that our sincere efforts in realizing this noble objective would insyaallah, god almighty will shower us with his blessings, guidance and assistance. on that note, i wish you a successful and productive convention. wabillahi taufik walhidayah. assalamualaikum warah matullah hi wabarakatuh.

financial institutions. this was extended to include non - financial institutions between 2003 and 2010, to more effectively address money laundering risks that fall outside of the financial sector. the malaysian aml / cft regime is characterised by four pillars : a comprehensive legal framework, implementation of preventive measures, effective enforcement of laws and regulations and close cooperation between agencies, both domestically and internationally. in 2015, the third report on malaysia ’ s aml / cft framework was published by the financial action task force ( or the fatf ), arising from an independent assessment of malaysia ’ s compliance with the international standards on combating money laundering and the financing of terrorism and proliferation. the report acknowledged malaysia ’ s ‘ high degree ’ of technical compliance and a ‘ substantial to moderate ’ level of effectiveness in the implementation of international standards. as a result, malaysia was accorded full fatf membership status in 2016, which not only demonstrates a strong commitment to combat money laundering and financing of terrorism, but also reflects a safe business environment in malaysia. 1 / 3 bis central bankers'speeches importantly, this recognition enables malaysia to better participate in the international financial system without qualifications and sanctions, enabling our business and economy to transact and exchange freely with the rest of the world. such a recognition is priceless for an open and trading economy like ours. maintaining the integrity of the financial system and safeguarding legitimate business activities is thus paramount in ensuring that this recognition is preserved and that we have a thriving and conducive business environment. preventing and combating financial crime is a shared responsibility of all stakeholders. hence, it is imperative that all dnfbp sectors including legal professionals play an important complementary role to financial institutions in safeguarding this by preventing the proceeds from unlawful activities and funding of terrorism from penetrating into our financial system, while facilitating investigations and prosecution of these financial crimes. the legal fraternity also plays a crucial role in the public sphere as an instrumental component in the administration of justice as well as in upholding the rule of law. in many financial transactions or exchanges, the legal fraternity also acts as a gatekeeper, or intermediary arising from their position of trust. in doing so, the legal professionals are thus well positioned to detect or identify and prevent the conduct of illegal activities, which involve such financial transactions that the profession is mediating. the resultant impact of a lawyer ’ s inappropriate conduct when dealing with a client, if left unchecked, may pose reputational risks and loss of confidence, not only to