attracted great interest within the domestic and international communities on the aml / cft / cpf regime. this has led to higher expectations for authorities to take prompt action against activities involving cross - border flow of illicit funds as well as the broader ml / tf / pf threats. while efforts by the financial action task force ( fatf ) to enhance and provide greater clarity on related standards, including on transparency of beneficial ownership is underway, authorities and gatekeepers are also expected to ensure that blind spots are effectively addressed. more often than not, the information regarding these illicit activities resides with multiple parties across the public and private sectors. hence, any suspicion will only surface if we are able to link and integrate that information. in this pursuit, greater collaboration among the law enforcement agencies ( leas ) as well as between leas and the private sector is essential for us to efficiently and effectively connect and assess all relevant information, which will no doubt further strengthen our efforts to fight ml / tf / pf threats. in this respect, it is observed that the public - private partnership ( ppp ) is gaining momentum and is fast becoming known as a key success factor for effective information sharing in the 1 the joint money laundering intelligence aml / cft / cpf ecosystem. to quote some examples, taskforce ( jmlit ) established by the united kingdom in 2016 has prompted a key shift in 1 / 3 bis central bankers'speeches addressing ml / tf threats. as of june 2020, jmlit has completed over 750 cases and detected more than 5, 000 suspected accounts linked to financial crimes. similar achievement was also experienced by the fintel alliance in australia where within the span of one year between 2018 to 2019, over 300 cases were successfully completed through the partnership. other countries within the region have also followed suit – hong kong ’ s fraud and money laundering intelligence taskforce ( fmlit ) and singapore ’ s anti - money laundering and countering the financing of terrorism industry partnership ( acip ). in malaysia, the ppp is undertaken through the financial intelligence network ( myfinet ), which involves collaboration and information sharing between leas such as the central bank, royal malaysia police and malaysian anti - corruption commission, and private sectors such as financial institutions. given the significant potential of ppp, we have identified it as one of the apg co - chairs ’ priorities and we have also successfully conducted the first part of the ppp technical seminar in july this year. for the

sector. in times of economic crisis, continued access to finance for small businesses is essential. they are at the heart of the economy. development finance must operate counter cyclically, which means fighting the credit crunch around the globe, in particular in emerging europe including southeast europe, and that is exactly what efse does. but apart from this financial dimension, efse is still taking on other roles in contributing to financial sector development in southeast europe : we appreciate efse ’ s role as a responsible investor. as such, efse promotes responsible lending practices in the region, refraining from promoting consumer lending or speculative activities. why is this crucial for financial sector development? the financial crisis was in part caused by irresponsible lending practices, in particular by credit technologies employed in the subprime market, the very origin of the current crisis. against this background, there is indeed the valuable lesson to be learnt that responsible finance is a must to ensure a sound financial system. last but not least, i am proud to say that i, as well as my other colleagues from the central banks of the efse partner countries, are all members of the efse advisory group. as such, we are involved in efse ’ s work. but it is more than a sole advisory board, serving efse as an information source to stay abreast of financial sector developments in the region from a policy maker ’ s perspective. it provides a platform for regional exchange on financial sector issues. thus, it is a crucial vehicle to strengthen integration and cooperation in southeast europe, which in these current times of turmoil has never been so important. no southeast european country has the resources or the means to make it out for the current crisis alone. thank you for your attention.