In response, the international community has strengthened considerably the frameworks for anti-money laundering (AML) and counter financing of terrorism (CFT) and exchange of information on tax-related crimes. These developments will have implications for the wealth management industry globally. MAS is fully committed to safeguarding the integrity and reputation of Singapore as a clean financial centre:   One, we have a strong legal and regulatory framework on AML and CFT, in line with international standards.   Two, we have a rigorous regime of supervision to monitor compliance by financial institutions.   Three, we will strengthen cross-border co-operation to fight trans-national financial crime.   Four, we will step up vigilance against suspicious flows of funds arising from external developments. Let me give you an update on what MAS has done and will do in each of these areas. A robust legal and regulatory framework Singapore has a robust regulatory framework on AML/CFT. The key legislation is the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, or CDSA. The CDSA makes it a crime to engage in the money laundering of benefits from a total of 417 so-called predicate offences, ranging from criminal breach of trust, to dealing with property of terrorist and market manipulation. The CDSA makes the reporting of suspicious transactions mandatory for all persons who become aware of such transactions in the course of their work. MAS gives force to the CDSA by requiring all financial institutions in Singapore to have in place an effective AML/CFT framework.

Ladies and Gentlemen, arising from our core responsibility for financial system stability, Bank of Zambia is deeply concerned about the proper functioning of the local bond market, in terms of its security, liquidity, transparency and ability to withstand contagious disruptions emanating from other jurisdictions. In this regard, Bank of Zambia has two broad responsibilities. The first is that of enhancing the price discovery process by promoting transparency in our own policy actions. The second is that of ensuring that the banks, as providers of liquidity, perform their proper role in supporting the trading process by making sound credit decisions. We therefore applaud this initiative from the Development Bank of Zambia and encourage the board and management not to rest on its laurels. The eyes of the outside world – local and international investors and other key stakeholders are paying close attention, and expect Development Bank of Zambia to deliver, and inescapably so, in terms of adherence to world class corporate governance standards and ensuring safe and sound operations. On these two responsibilities, I wish to remind Development Bank of Zambia board and management that the business world and stakeholders out there today do not hold two different sets  BIS Review 35/2007  1  of standards for effective corporate performance, a set for private sector businesses and another for state owned enterprises. Ladies and Gentlemen, we similarly welcome the role of financial advisors and intermediaries such as Standard Chartered played in bringing to market of this initiative.