samchain/econo-pairs-v1 huggingface dataset:
In March 2010, the Financial Action Task Force (or FATF) issued a report on Money Laundering Vulnerabilities of Free Trade Zones, indicating the rising threats of trade based money laundering. Apart from this report and the periodical typologies reports, the FATF has issued a number of reports relating to specific laundering methods; such as through securities, football and gaming sectors in 2009; vulnerabilities of internet payment system and commercial websites in 2008; and the real estate sector, VAT Carousel Fraud, and the misuse of corporate vehicles, such as trust and company service providers in the previous years. For Malaysia, consistent with the global trend, the financial system continues to be one of the preferred modes of channelling proceeds of crime. In recent years, it is observed that there is a combination of three common methods. The first is the increasing use of repository accounts whereby immediate withdrawals are made once deposits have been received. The other two methods consist of fast movement of money across borders and involvement of third parties in laundering activities. While this is not peculiar to Malaysia, financial institutions are advised to ensure strong controls in place to deter and detect these activities. An example of the modus operandi on the above involves the smuggling of dirty monies into Malaysia by the agents of a criminal ring. The agents will subsequently deposit cash into the accounts of various entities and individuals in the few bank branches operating at the border towns.

I also wish to register our special welcome to all participants and for the 60 international participants from 14 countries, including our special guest from CAMLMAC, i.e., the Financial Intelligence Unit of the People’s Republic of China. The presence of renowned experts amongst us today from domestic and international institutions in this Conference is testimony to the fact that the areas that we will be discussing during the next two days are not only domestic issues, but universal ones as well. These issues are indeed global issues faced by financial institutions worldwide. On this note, I wish to thank the speakers and moderators who have made their way to Kuala Lumpur, many of whom are from half-way around the world. It is indeed an honour for us to have all of you here to speak at this Conference. The theme for the conference, i.e., “Strengthening Governance to Derive Value” is significantly relevant and timely. The increasing sophistication and the broadening of the reach and network of money laundering and terrorism financing (or ML/TF) globally have elevated the ML/TF threat to the next level. This calls for greater strategic action, more intensified efforts, and better coordination among key stakeholders, both domestically and internationally, to address this concern. Strong governance among the stakeholders, however, remains the key and integral component within the national AML/CFT framework, to prevent the escalation of ML/TF risks. More importantly, strong governance in financial institutions is and will remain a critical safeguard and is pertinent in the overall prevention of ML/TF activities.
Nor Shamsiah perseverance  Mohd  Yunus:  Mastery,  adaptability  and  Remarks by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 2018 Kijang Emas Scholarship Award “Mastery, adaptability and perseverance”, Kuala Lumpur, 21 September 2018. * * * When I entered university in Australia many years ago, the Times named the Computer the ‘Man (or in this case, Machine) of the Year’. It was a significant signal in public consciousness on the importance of the computer. The byline was, “The Computer moves in”. The world then, as is now, was a world in a state of constant change. Today, we see that technology is at the forefront in transforming almost every aspect of our lives. It is doing so at an unprecedented and relentless pace. This is exciting, but also for many, it brings about the feeling of trepidation, discomfort and uncertainty. Therefore, as both of you begin your next chapter of your life, I encourage you to make the most of your years in university, to not only excel in your chosen discipline, but also to absorb lessons that will serve you well in life. Let me just mention three today: mastery, adaptability and perseverance. First, on mastery. Even in a world where knowledge decays quickly, mastering a field of knowledge is the foundation in building one’s expertise and credibility. Mastery is not mere information accumulation. It is the ability to understand the inter-linkages between complex and evolving situations.

Direct accessibility to the Audit Committee is key in this respect. Concluding remarks As the world becomes more interconnected, an effective organisation will see its business managers and control functions partnering with the auditors, leveraging on their skills to build more effective operations, and strengthen business prospects. Audit as a partner of change  BIS central bankers’ speeches  3  lies on the ability of the organisation to adapt and collaborate with the auditors towards securing the organisation’s long term success. 4  BIS central bankers’ speeches
| Andréa M. Maechler and Thomas Moser | © Swiss National Bank  SARON adjusted quickly to positive value of SNB policy rate and it has remained close to, while slightly below, 0.5% since then  11  17.11.2022 Return to positive interest rates: Why reserve tiering? | Andréa M. Maechler and Thomas Moser | © Swiss National Bank  Rapid growth of SNB OMOs has absorbed a large amount of reserves  12  17.11.2022 Return to positive interest rates: Why reserve tiering? | Andréa M. Maechler and Thomas Moser | © Swiss National Bank  Most SNB Bills issued to date have shortest term  13  17.11.2022 Return to positive interest rates: Why reserve tiering? | Andréa M. Maechler and Thomas Moser | © Swiss National Bank  Interbank activity has remained solid since the rate hike  14  17.11.2022 Return to positive interest rates: Why reserve tiering? | Andréa M. Maechler and Thomas Moser | © Swiss National Bank  Pass-through of policy rate move to other money market rates mostly complete, with implied rates from FX swaps lagging behind  15  17.11.2022 Return to positive interest rates: Why reserve tiering? | Andréa M. Maechler and Thomas Moser | © Swiss National Bank  Thank you for your attention! © Swiss National Bank

There was a net increase of about 6,900 jobs in financial services and FinTech in 2018, driven mainly by the banking and insurance industries.2 Over the last three years (2016–18), we saw an average of 4,900 financial services and FinTech jobs created on a net basis per year. This is above our ITM target of 4,000 net jobs growth in financial services and FinTech. 9 / 11  BIS central bankers' speeches  Hiring in the financial sector remains healthy so far this year and job growth is on track to meet the ITM target of 4,000. Sustaining this rate of job growth will not be easy in the face of technological change unless efforts are continually stepped up to upskill the workforce. As digitalisation and automation become more pervasive in the financial industry, jobs will be transformed. Some will inevitably be displaced. MAS, the financial industry, and our tripartite partners are taking this very seriously and undertaking a variety of measures to help prepare the financial sector workforce for a digital future. Last year, more than 20,000 individuals – or about one out of eight workers in the industry – went through MAS/IBF-supported upskilling programmes. Nineteen financial institutions have stepped forward and committed to re-skill close to 4,000 finance professionals and redeploy them in new or expanded roles over the next two years. Some 1,700 of them have already started this journey, and 800 have successfully transited into new roles. CONCLUSION Let me wrap up.
Achieving the appropriate balance between these objectives can often be challenging, and different countries have approached this in different ways, with varying degrees of success. Intervention needs to be consistent with competitiveness, stability and sustainability of the financial system. The third role for policymakers is to provide the enabling infrastructure that includes the mechanisms, systems, technology and institutional arrangements that will enhance the access to financial services. While technological advances have transformed the banking industry from a traditional “bricks-and-mortar” infrastructure to a system supplemented by electronic channels, the potential for greater use of technology to promote wider access to financial services still remains largely untapped. While mobile phone banking has been successful in enhancing outreach, the further use of IT can substantially reduce the costs of extending the outreach of financial services. The other infrastructure that is important to support financial inclusion is having in place a sound payment and credit information system. The fourth is to evolve a comprehensive approach to consumer protection as an important complementary role to prudential regulation in mitigating risks. This includes putting in place a conducive regulatory environment in terms of the laws and regulations that protect consumers and undertaking surveillance and supervision to ensure the responsible behaviour by financial institutions. The international community is giving greater attention to consumer protection issues given the potential for high charges for such financial services and for borrowers to become over-indebted.

Yves Mersch: Translating a shared vision into a winning story Closing remarks by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at the T2S Launch Celebration, Milan, 2 July 2015. *  *  *  We chose to call this T2S launch celebration “Translating a shared vision into a winning story”. Listening to the speakers for the past two hours I believe the name was just right. We have heard how the T2S Community transformed the shared vision of an integrated securities settlement landscape into a winning story, culminating in the launch of T2S on 22 June. Stimulating views have been shared tonight and I would like to thank the speakers for presenting their perspectives on the capital markets union. It is evident that T2S, post-trade harmonisation and the CSD Regulation are among the elements that will be pushing this agenda forward. Looking around the room I am happy to see so many familiar faces. Faces of people who have been part of the project since the idea of T2S was born in 2006. The journey over the past nine years has been an inspiring one. There have been some bumps in the road, some twists and turns, but with the launch of T2S we have achieved a monumental milestone. We made the vision of a single securities settlement platform for Europe a reality.
This somewhat contradictory, in historical terms, price picture is probably partly due to developments in China, where on the one hand the vigorous industrial expansion has led to a marked increase in the demand for commodities, while on the other hand the plentiful supply of low-wage labour has meant  2  BIS Review 21/2004  that production of cheap goods for the world market is accelerating rapidly. This clearly illustrates one of the conditions of globalisation, namely the increasing specialisation and increased utilisation of comparative advantages. These factors, among others, provide better resource allocation, increased productivity and greater efficiency, which in turn have a subduing effect on prices. The increasing strong international economic activity and the upturn in commodity prices indicate that international price pressure will increase gradually in the future. However, the globalisation process may mean that price increases remain moderate over the coming years, despite the economic upturn. China and India together have more than 2 billion inhabitants, which corresponds to one third of the total world population. So far, only around 10 per cent of the Chinese population is estimated to be affected by the modern economy. This means that there is a very large unutilised labour reserve that could contribute to keeping down price increases for a long period of time.

It is probably also to the euro’s existence that we owe the Swiss franc’s reduced volatility and its rather controlled weakening, whereas the dollar experienced difficulties. This is a reaction to which we were not accustomed; moreover, it is good news for our economy. While it may be justified by the United States’ huge external deficit, the slide of the greenback has nevertheless exerted an asymmetrical impact: it has hit European exporters hard, but has not affected Asian currencies that have been kept artificially low by massive intervention. The Swiss franc's fall against the single currency has sheltered us somewhat from these upheavals. Guarded optimism for 2004 Our economic forecasts for the current year are marked by cautious optimism. The recovery that began in the third quarter of 2003 is set to continue. The production gap, which measures the difference between actual production and its potential level, is expected first to stabilise and then to gradually narrow. However, this will take time. As usual, the first signs of an economic recovery appeared in the industries geared to exports. Next, capital goods investment began to pick up, driven by the high rate of depreciation in new technologies; there is therefore significant pent-up demand. To a large extent, these investments feed on imports, so  BIS Review 25/2004  1  that the immediate impact on our economy is limited. Moreover, as investment is also gaining steam among our neighbours, our own capital goods industry, with its strong export bias, has improved.
In any event, if a strategy were deployed to correct the structural deficit by 0.5 pp of GDP per annum (in line with the Stability and Growth Pact requirement), under plausible macroeconomic scenarios, the public debt ratio would move onto a declining path that would place it towards 2040 at slightly below pre-crisis levels. The reduction would be greater if this strategy were supplemented by a structural reforms programme that increased the economy’s potential growth. One tool that may be enormously useful to this end is the NGEU programme. In terms both of its volume and, above all, the projects it is intended to finance, the programme has, a priori, the ability to substantially raise the economy’s productive capacity. But it can be no substitute for the necessary structural reforms. Spain needs an increase in its potential growth. It needed it before the pandemic and needs it even more now. 6  The Spanish economy’s low potential growth over the past two decades has been essentially due to poor productivity dynamics. Such dynamics have been constrained by several structural problems, including most notably the small average size of our firms, regulatory shortcomings in certain sectors and in the framework that determines business dynamism, and major human capital and technological shortfalls. We must urgently correct the causes behind these shortcomings. Evident, too, are the flaws of the Spanish labour market. A telling fact here is that the unemployment rate has been above that of other developed countries in recent decades.

Recently, a raft of measures has been approved to help the business sector and the selfemployed, which may prove a useful tool precisely for reducing this risk. In this connection, its swift and consistent implementation is crucial. And the distribution mechanisms must selectively target the assistance on firms that are viable but have solvency problems. Flexibility is also needed in the volume and use of committed funds, so as to adapt to the course the pandemic takes and to the potential materialisation of risks. 5  In parallel, we must promptly identify the structural transformations caused by the pandemic. There may be firms that have ceased to be viable and it would be counterproductive for them to be sustained indefinitely by budgetary policy. For these firms, it would be desirable to make insolvency procedures more flexible. The proper functioning of the flexibility mechanisms available to firms must also be ensured. Their role is crucial for allowing potential structural adjustments derived from the crisis. And, of course, there should be an emphasis on active employment and training policies to smooth the reallocation of workers to sectors with a future. All these actions would help, jointly and complementarily, to prevent the crisis from taking on an additional financial component. The banking sector could thus continue to be part of the solution to the crisis by granting credit to households and firms, and contributing to the recovery of the economy.
One reason behind the problems in the labour market is that we have not really been able to keep up with the structural change process that follows in the wake of globalisation or, expressed in another way, that we have not been quick enough in adapting to the increased pressure for change when, for instance, the manufacturing industry is challenged by low-cost countries in eastern Europe and Asia. To summarise: our look back in time leads to the conclusion that the change in monetary policy regime was a success, despite the fact that the period since the mid-1990s was a fairly turbulent time for conducting monetary policy. There have been, for instance, periods of considerable financial  4/7  unease and extraordinary events of various types. A few of the many examples are: the Asian crisis, the Russian crisis, the IT bubble and the acts of terrorism on 11 September 2001. In addition, food prices and various energy prices, in particular oil prices, have periodically varied substantially for varying reasons, such as war, natural disasters and dry summers. I would now like to give you a brief summary of the current economic situation and then conclude with a few thoughts on future challenges for monetary policy. The current economic situation As you have probably noted, we Executive Board members chose to hold the repo rate unchanged at our most recent monetary policy meeting in late October. This decision was also in line with market expectations. The outlook for the Swedish economy is bright.

Under ABF2, the eleven regional central banks will invest a fraction of their reserves in the local currency denominated bonds issued by sovereign and quasi-sovereign entities in eight EMEAP markets, namely, China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand. The passively managed style of ABF2 will help attract the interests of both domestic and international investors in the Asian bond markets, as it would provide an attractive alternative for investors who seek innovative, low-cost and efficient bond products in the Asian financial markets. Furthermore, the ABF2 Initiative would also help expedite market development and regulatory reforms at both domestic and regional levels, which would benefit both potential issuers and investors in the region. But most importantly, ABF2 would make available a new set of transparent, replicable and credible Asian bond indices which will be an important bond market infrastructure for the region. 2  BIS Review 29/2005  Conclusion To conclude, a lot of activities can be expected this year in our domestic bond market. The opportunities will come from continued momentum of investment finance, as well as from the authorities' efforts to push through a number of initiatives to develop the bond market. As for our own monetary operations, the Bank of Thailand also plans to issue more bonds, with more varieties, to support our day-to-day management of domestic liquidity. The Bank of Thailand now sees the local bond market as entering an important period of growth and market development.
Part III: The side effects of improved incentives Will higher capital restrict bank lending? Let me now turn to the examination of some of the potential side-effects of the measures described in the preceding section. A legitimate first question is whether improving incentives in the way we have described could have undesired indirect effects such as modifying the banks’ lending behaviour. An argument often heard is that higher equity requirements would force banks to set aside, or hold in reserve, funds that could otherwise be used for lending. Here the main observation is that extremely risky gambles should now be avoided as a result of improved incentives. There has been excessive risk-taking in the past; there should be less of it under the new incentives. Beyond this intended effect, which concerns only the most risky activities, the form of financing used by an institution – in itself – should have no impact on the profit-maximising business model. That is, as far as activities and revenues are concerned, imposing extra capital does not change the perspective of the decision-maker beyond restoring the incentives for balanced risk-taking. The exception is the case of marginally profitable activities, and here only to the extent that the cost of financing is increased (more on this later). Provided that activities are profitable, and bearing in mind that in banking the targeted return on equity is not only highly positive but incomparably higher than in other sectors of the economy, the cost of financing should not be the main determinant of activity.

4  BIS central bankers’ speeches  take this cost into account when assessing the risk profile of the institution they lend to.7 To sum up, the combination of deposit insurance, limited liability of shareholders, short-term contracts of managers and the TBTF implicit state guarantee provide strong support for the hypothesis that an excessive willingness to take risks may also have been a possible factor in the recent financial crisis. In the case of systemically relevant financial institutions, it is not clear that any of the major stakeholders had the incentive to perform a balanced risk calculus. As mentioned before, competence and knowledge may have been at stake. They can be improved through further investment in teaching and research in finance. This will be to no avail, however, if the incentive structure in systemically relevant financial institutions is not simultaneously corrected. Part II: Too big to fail TBTF: A problem of externalities I will now build on the previous analysis of risk and risk-taking and focus on the possibility of restoring incentives in the case of a TBTF institution. By definition, TBTF starts with an externality: an institution’s failure cannot be accepted because its implications for other financial institutions and for the real economy would be too severe. In a TBTF situation, various stakeholders face misaligned incentives. The moral hazard issue already mentioned obviously means that the bondholders face the wrong incentives. This externality has additional implications for the social dimension of the risk decisions of managers and shareholders.