what we have seen in other economies. after reaching its peak in the second half of 2022, core inflation has continued to ease to 2. 5 % in august this year. this is in line with the lower 1 / 5 bis - central bankers'speeches global commodity prices and improving supply and demand conditions. we expect inflation to continue to trend lower in line with slowing momentum of price increases. we will continue to monitor potential risks to its outlook, arising mainly from changes to domestic policy on fuel subsidies. as the malaysian economy emerged from the pandemic, the bank's monetary policy committee ( mpc ) has been gradually adjusting monetary policy since may 2022, taking into consideration the outlook on domestic inflation and growth. today, the overnight policy rate is at its pre - pandemic level of 3 %, and monetary policy remains supportive of the economy. the mpc remains vigilant to the evolving conditions and their impact on domestic inflation and also growth prospects. beyond the immediate term, we should aim towards sustaining our long - term growth, while improving the quality of life for all malaysians. structural reforms play a critical role in achieving this and the government has recently set this in motion, with the release of the madani economy framework, the new industrial master plan 2030, and the national energy transition roadmap. in addition to articulating the nation's economic objectives in the madani economy framework, it also emphasises governance as a key element in steering the necessary reforms – encompassing integrity, transparency, and also accountability. scams in the financial crime landscape, and what we are doing to tackle the challenge ladies and gentlemen, as our economy continues to grow, we must remain vigilant against evolving threats. the five high risk crimes – corruption ; fraud ; drug trafficking ; smuggling ; and organised crimes – identified in the national risk assessment ( nra ) 2020 continue to be our focus. but given the evolving landscape, we have also commenced a renewed risk assessment and will share our findings in the first half of 2024. one crime that has dominated the headlines, both in malaysia as well as globally, are financial scams. the challenges we face stem from several factors. no doubt, criminals are becoming increasingly sophisticated, riding the wave of technology. while the world comes to grips with tools such as chatgpt, cybercriminals have created their own tools such as fraudgpt. criminal activities are also becoming increasingly complex, as criminals exploit vuln

long way in restoring trust. first is about integrity. it goes without saying that dealing with financial crimes demands integrity – the key to preserving public confidence and trust in the financial system. whether our role is in prevention, supervision or enforcement, all of us – reporting institutions, regulators, supervisors, and law enforcement agencies alike – must discharge our mandate with full integrity. next, transparency. given the bank's mandate to preserve the integrity of the financial sector, greater focus is placed towards transparency in enforcement actions. this will be illustrated in the bank's " enforcement approach ", which is expected to be published at the end of this year. this document will offer insights on the bank's governance and articulates the decision - making process, ensuring consistent and proportionate enforcement actions. this will build upon the bank's publication since 2019 of enforcement actions taken against financial institutions and other entities for noncompliances with laws and regulations. moving forward, the bank will publish more details on non - compliances and corrective expectations. heightened transparency will help deter misconduct, enhance understanding and ultimately, create a culture of compliance. lastly, a note on accountability. the principle of transparency is inherently connected to accountability. transparency enables scrutiny and serves as a deterrent against misconduct. from the bank's perspective, this means being answerable to the people we serve, which is the rakyat. in this regard, i wish to commend the financial industry's commitment to fostering a culture of shared accountability. it is encouraging to witness initiatives such as the compliance officers'networking group for banks and e - money, and more recently, for the insurance and takaful industry. it would be remiss also not to mention the private sector's work in coordinating industry - wide anti - scam strategies through its industry taskforce. such industry - led initiatives are testament to the private sector's high level of commitment. closing ladies and gentlemen, before i end, allow me to return to the theme of this conference " trust reinvented : building a sustainable culture of integrity, transparency and 4 / 5 bis - central bankers'speeches accountability ". let us applaud and take pride in the dedicated efforts of all present here today, from frontliners to compliance officers. your efforts serve a singular purpose : to nurture and fortify the bedrock of trust. to quote the economist joseph stiglitz, " it is trust, more than money, that makes the