On the 20th of September, BAE Systems Applied Intelligence with the assistance of the BMCC and the British High Commission Kuala Lumpur successfully hosted an exclusive half day forum on financial crime at Grand Hyatt KL, bringing together an ensemble of speakers and experts in the field.
Deputy Minister of Finance, YB Dato’ Lee Chee Leong was present to deliver the VIP keynote, where he stressed the emergence of cybercrime as a serious economic threat. Quoting figures from PEMANDU, Malaysians lost RM179.3 million last year to cybercrime activities, while the Commercial Crime Investigations Department (CCID) reported 26,548 financial crime cases last year, a significant increase from 2015.
“Although Malaysia is not a regional centre for money laundering, its formal and informal financial sectors are vulnerable to abuse by narcotic traffickers, financiers of terrorism and criminal elements,” said Lee. He said the Government had allocated significant resources to address money laundering in the country.
Robert Mazur, one of the world’s leading experts on underworld financial escapades provided a special talk on “Identifying and Managing Compliance Fraud Risk.” With a combination of insights gained from years of operating as a former U.S. Federal Undercover Agent, he shared with the audience practical knowledge on how costly mistakes can be eliminated before companies and individual carers are destroyed.
An ensuing panel discussion made up of speakers from CIMB Bank, Maybank, ISM Insurance Services Malaysia, the Inland Revenue Board of Malaysia and the Royal Malaysia Police was moderated by John Dalton of BAE Systems Applied Intelligence as they discussed how collaborative efforts from the private, banking and governmental arms can come together in the fight against fraudulent financial crimes.
The day’s event concluded with a lunch and networking session, preluded by a few remarks from Paul Rennie OBE, Deputy High Commissioner to Malaysia and Aurelia Silva, BMCC Executive Director to the crowd of over 70 in attendance.