Monday, September 24, 2012

IFCTF 2012

Day One

The opening ceremony of the International Conference on Financial Crime and Terrorism Financing 2012 (IFCTF 2012) was officially graced this morning by the Deputy Inspector of Police, Tan Sri Khalid Abu Bakar.  In his speech, Tan Sri Khalid emphasized on the need for enforcement agencies such as the Royal Malaysia Police (PDRM) to continuously update itself with new technology and the police must also  keep pace with latest financial crime tactics.

Various plenary sessions that were held after the opening ceremony further showcased several international experts from the Asia Pacific Group on Anti Money Laundering  (APG), AUSTRAC, Financial Action Task Force (FATF), World Bank, UK Her Royal Majesty Custom and other regional Financial Intelligence units (FIUs).  The focus of the conference this year has gone beyond compliance.  Most discussions have centred around "risk-based assessment" and "effectiveness of compliance".  In view of the forthcoming mutual evaluation in 2013, many speakers have elaborated on FATF's "40 New Recommendations" and "Assessment Framework".

In the afternoon, there were six concurrent sessions where speakers were grouped into different sub-topics such as Insurance Fraud; AML/CFT Competency & Training; Cash Movement; Capital Market Typologies; Current Trends in Cyber Crime and Capital Market Fraud & Investigation.

The two-day conference saw a record number of 600 participants.  The Accounting Research Institute is indeed very honoured to be invited to co-organize the prestigous event. IFCTF 2012 is organized by the Compliance Officer Networking Group (CONG), AIF and supported by Bank Negara Malaysia.