Since then, the Chilean economy has been able to cushion external shocks pretty successfully, with wide fluctuations in the ER. FX interventions have not been ruled out but done only four times in 18 years. During the Global Financial Crisis, financial institutions faced liquidity constraints, especially from local subsidiaries of international banks, which were resolved by extraordinary liquidity injections by the Central Bank and a major fiscal impulse. The end of the commodity bonanza translated into currency devaluation, but the economy only slowed down rather than entering a recession and growth is now recovering very rapidly. Above all, macro policy has been successful in cushioning external shocks, so now they have a milder impact compared to past episodes. In perspective, Chilean MP today is among the most expansionary of a group of comparable countries (Figure 3). This persistent expansionary monetary impulse is also observed in consumer, 5  commercial, and mortgage interest rates, which are all at or very near their all-time lows. Moreover, different qualitative measures produced by the Central Bank of Chile coincide in their favorable evaluation of the cost of credit, considering its low interest rate. In addition, in recent years it has maintained a remarkable degree of independence from the US MP, especially after the Great Financial Crisis (see Figure 4).

It is encouraging to note that similar efforts are being observed with other licensing authorities, selfregulatory bodies and industry associations governing respective DNFBP sectors. We are also privileged to have with us today, a representative from the Law Society of Singapore who will be sharing Singapore’s perspective and experience on the implementation of AML/CFT requirements. Recognising the growing money laundering and terrorism financing threats, many countries including Malaysia have intensified efforts to develop and maintain an AML/CFT regime that is robust and can effectively respond to the constantly evolving threats and vulnerabilities. These efforts are aimed at protecting the integrity of the financial system and the economy and preventing the abuse for criminal and terrorism purposes. In Malaysia, the AML/CFT regime was first introduced in 2001, initially scoping in financial institutions. This was extended to include non-financial institutions between 2003 and 2010, to more effectively address money laundering risks that fall outside of the financial sector. The Malaysian AML/CFT regime is characterised by four pillars: a comprehensive legal framework, implementation of preventive measures, effective enforcement of laws and regulations and close cooperation between agencies, both domestically and internationally. In 2015, the third report on Malaysia’s AML/CFT framework was published by the Financial Action Task Force (or the FATF), arising from an independent assessment of Malaysia’s compliance with the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation. The report acknowledged Malaysia’s ‘high degree’ of technical compliance and a ‘substantial to moderate’ level of effectiveness in the implementation of international standards.