KUALA LUMPUR: The Asia/Pacific Group on Money Laundering (APG) has concluded its hybrid annual meeting with over 370 international delegates from around the Asia-Pacific region and worldwide, aimed at strengthening efforts in combating global financial crimes.

Bank Negara Malaysia (BNM) said the APG has achieved a number of important outcomes, including adoption of mutual evaluation follow-up reports and typologies reports, as well as important governance and organisational decisions on the future of the APG.

"It will also review the Financial Action Task Force (FATF) strategic direction for the next round of country evaluations and how that impacts the business of the APG, and conduct meetings between providers of technical assistance and many APG members to improve their legal and financial regulatory anti-money laundering systems," it said in a statement today.

The central bank said the outcomes achieved this week will better position the APG and its member countries and jurisdictions to fight financial crime and defeat efforts by criminals and terrorists to subvert the integrity of the international financial system.

"The APG also welcomed Canada as the new APG Co-Chair (rotating), succeeding Malaysia," it said.

BNM said Malaysia is very pleased to have chaired the APG over the last two years and in particular during its 25th anniversary celebrations.

"The APG Annual Meeting this week marked the end of Malaysia's tenure as the APG Co-Chair.

"During the co-chairmanship of APG, Malaysia concluded a set of priorities to support capacity building in the areas of data analytics, public-private partnership, and supervision of the Designated Non-Financial Businesses and Professions," it said.

The meeting which was held from July 24-28, 2022 here was officiated by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, co-chaired by BNM deputy governor Marzunisham Omar and Australian Federal Police deputy commissioner Ian McCartney.

The meeting was also attended by FATF president Raja Kumar of the Singapore Ministry of Home Affairs, whose recent appointment last month as the FATF president will further ensure a strong regional voice in global efforts to combat money laundering and terrorist financing.

The APG is an intergovernmental organisation consisting of 41 member countries and jurisdictions in the Asia-Pacific region. It was formed in 1997 in Bangkok, Thailand.

Its members, including Malaysia, are firmly committed to implementing the international standards against serious financial crime that impact financial systems.

Over the past 25 years, the APG has grown from strength to strength, from its 13 founding members to now the largest FATF-Style Regional Body in the global anti-money laundering and countering financing of terrorism (AML/CFT) network.

-- BERNAMA