fraud activities and corruption. proactive disclosures made to the leas had also recorded positive feedbacks. based on the feedback that we received from the leas, the strs submitted have provided leads to their investigation and have resulted in the number of joint initiatives. more than 70 % of the strs disclosed to the enforcement agencies have resulted in the opening - up of enquiry papers or investigation papers. the remaining of the information disclosed will be is used as part of the database for future investigation. understanding of money laundering and terrorist financing risks is the foundation to which our legal framework, preventive measures, financial intelligence and enforcement, and cooperation will be based on. since 2012, the national coordination committee to counter bis central bankers ’ speeches money laundering ( ncc ) has given the mandate to its 16 members to carry out a comprehensive assessment of our money laundering and terrorist financing risks. background on national risk assessment ( nra ) the national risk assessment, which is conducted under the ambit of the ncc, seeks to enhance the country ’ s collective understanding of the money laundering and terrorist financing risks facing the country and draws upon principles set out under the fatf ’ s international standards on combating money laundering and the financing of terrorism & proliferation. the fatf standards requires, amongst others, that countries and financial institutions identify and assess their money laundering and terrorist financing risks and apply aml / cft measures that commensurate with the identified risks. therefore, the two main purposes of the nra are : • firstly : to identify, assess, and understand key money laundering / terrorist financing threats and vulnerabilities facing the country ; and • secondly : to apply appropriate control measures to mitigate the risks. the identification of money laundering and terrorist financing risks would enhance our understanding of the specific money laundering and terrorist financing threats in malaysia, in particular the scale, sources and methods of money laundering and terrorist financing, and identify vulnerabilities and risks across the various sectors. this, in turn, will provide guidance to the authorities and reporting institutions in allocating and prioritizing aml / cft resources efficiently and towards areas that present the highest risks and impact. results of the nra will also serve as input in applying the appropriate national aml / cft strategy and policy response proportionate to the identified risks, such as, the aml / cft strategic plan, amendments to the law, revision of guidelines / policies, guidance to reporting institutions, manpower review and budget

a programmable ledger that could unlock significant efficiencies and benefits for the wider economy. 3 / 5 bis - central bankers'speeches in the area of retail payments, we have no immediate plans to issue retail cbdc given the highly efficient domestic retail payment systems operating today. central banks in this region have however, deepened our cooperation significantly in recent years to enhance cross - border payment connections given the strong trade and economic ties between our countries. notably, cross - border interoperability of fast payment systems has become a priority. it is projected that 84 % of southeast asian consumers will use e - wallets by 2025. 1 this has motivated the establishment of numerous bilateral payment linkages across the region, with more than 10 bilateral payment linkages already up and running. commitment to this goal was further cemented by the regional payment connectivity ( rpc ) memorandum of understanding signed by five asean central banks, including malaysia, in november 2022, which has now been expanded to eight2 asean central banks. in parallel, asean member states are collaboratively developing a multilateral network to scale these linkages in a more efficient manner. working with the bis innovation hub, several asean member states including malaysia are advancing a first - of - its - kind multilateral network connecting multiple domestic instant payment systems through the implementation of project nexus. nexus will expand access for individuals and businesses to low - cost, convenient, safe and fast payments across borders by building on the familiarity of users with domestic payment systems. this is expected to reap substantial benefits for cross - border p2p transfers, while also expanding opportunities for micro and small businesses to serve many more customers from different countries. the recent conclusion of phase 3 of the project brings us another step closer to realising its potential to scale globally. conclusion looking ahead, the pace of developments in the world of payments shows no signs of slowing down. central banks are faced with a choice of helping to shape such developments or react to them. i think we must be prepared to do both. this could mean embarking on bolder strategies to test and learn, while remaining sharply focused on our ability to carefully manage risks – both in terms of risks to the stability and integrity of payment systems, as well as risks to our core mandates. this challenge must be met head - on to deliver sustainable and beneficial outcomes for society and the economy. clearly, this is not a journey that central banks can undertake alone. but it will require some degree of clarity to emerge on the specific