Malaysia will sign a pact with China's central bank this year to share information to fight money laundering, terror financing and other crimes, the south-east Asian nation's central bank said on Wednesday.
"Currently Bank Negara Malaysia is at various stages of negotiations with other foreign counterparts to execute similar memorandums of understanding," the central bank said in an annual report. Malaysia has also signed similar pacts with financial intelligence authorities in Australia, Indonesia, the Philippines and Thailand, it added.
The central bank said it had launched a review of domestic non-profit organisations to identify flaws that might allow them to be exploited as channels for money laundering. "The review would enable risk-based measures to be formulated and established to deter and detect any exploitation of the non-profit organisations as conduits for illegal activities," Bank Negara said in the report.
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