muhammad bin ibrahim : readying the financial sector amid the evolving war on terrorism financing welcoming remarks by mr muhammad bin ibrahim, governor of the central bank of malaysia ( bank negara malaysia ), at the third counter - terrorism financing summit 2017 " powering regional solutions through strengthened alliances and innovations ", kuala lumpur, 22 november 2017. * * * “ readying the financial sector amid the evolving war on terrorism financing ” welcome to sasana kijang, bank negara malaysia. we are pleased to host the 3rd joint regional counter - terrorism financing summit 2017 with our partners, the australian transaction reports and analysis centre ( austrac ) and pusat pelaporan dan analisis transaksi keuangan ( ppatk ) indonesia. the summit, which was first held in 2015 in sydney, has now become a hallmark event for many across the region ; policy makers, law enforcement personnel, the financial intelligence community and financial industry players. the summit is a cumulation of the year ’ s work in producing impactful outcomes for counter terrorism financing. with over 400 participants from over 30 countries and international organisations, this summit is a testament to our commitment and determination to strengthen our cooperation in combating undesirable financial activities across the globe. the nature of terror and terrorism financing is much more complex, say, compared to ten years ago. numerous new methods to raise, move and store funds, were conducted through smallscaled transfers via banks or money services businesses. and in some cases, via physical transportation of cash. recent advancements in financial technology provide new opportunities for anonymity. we should envisage that terrorist financiers will attempt to benefit from anonymous transactions made possible by innovations of new payment products and services such as internet - based payment systems, prepaid cards and virtual currencies. likewise, fundraising through social media and other online platforms such as “ crowdfunding ” have increased in prominence, in addition to other more traditional sources of funds such as proceeds of criminal activities, conventional donations, and funding from legitimate purposes. as change is a constant, collation of data points that this environment will continue to persist. global internet users have increased from 397 million in the year 2000 to nearly 3. 9 billion as of june 2017, an impressive growth of almost 1000 %. similarly, global investment activities in the fintech industry have increased from usd9 billion in 2010 to usd25 billion in 2016. if this trend is anything to go by, the

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