While improving understanding is crucial, it also needs to be complemented with concrete actions that would improve the effectiveness of preventive and enforcement actions. For example, this could be done by incorporating and overlaying these insights into the transaction monitoring process and customer profiling. The implementation of the Financial Action Task Force (FATF) recommendations will allow more effective actions to be undertaken. Both aspects of compliance, that is, technical and effectiveness, are equally important. The philosophy behind the intended outcomes is the integrated manner in which countries should combat financial crimes. This would require cooperation from all parties involved and encompass the whole eco-system of combating financial crime: investigation, prosecution, conviction and confiscation. No stone should be left unturned. FATF in its 2015 evaluation, recognised Malaysia as having high technical compliance but called on Malaysia to ensure greater effectiveness in producing the desired outcomes of our system especially in the area of investigation, prosecution, and forfeiture of laundered properties. Understanding of new and emerging risks and having a comprehensive toolkit  2/5  BIS central bankers' speeches  My second point is the need to have a deep understanding of new and emerging risks and a comprehensive toolkit to effectively execute our shared responsibility to eradicate financial crime. All of you may have heard this many times, but it is worth restating that the rapid advancement in technology is a major running story for our age. While this presents wonderful opportunities for economic development, it also creates attendant risks and fresh set of challenges.

William C Dudley: Beyond the macroeconomy Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Economic Press Briefing, Federal Reserve Bank of New York, New York City, 4 November 2015. *  *  *  Aysegul Sahin and Joseph Tracy assisted in preparing these remarks. Good afternoon and welcome once again to the Federal Reserve Bank of New York’s Economic Press Briefing. I am pleased to have this opportunity to speak with you. Today I want to focus on how economic outcomes often differ substantially across different segments of the population. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee (FOMC) or the Federal Reserve System. The Federal Reserve has a dual mandate of maximum employment and price stability. While these mandates are expressed at an aggregate national level, it is important for policymakers to understand how they impact different groups of individuals across the country. Consequently, in addition to monitoring macroeconomic conditions closely on a day-to-day basis, economists at the New York Fed have been doing a substantial amount of work to understand how economic experiences differ across individuals and regions. As highlighted by the Nobel Prize Committee’s recent recognition of Professor Angus Deaton’s work, analyzing individual outcomes is vital to fully understanding the workings of the macroeconomy. With that in mind, I want to talk about two important areas that impact household well-being: labor income and housing opportunities.