BAE Systems Business Defense Forum: The Financial Crime Front Line
Last Wednesday, 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.
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.