and continuously monitors aml / cft compliance by its member countries through peer reviews and assessments. accordingly, the anti money laundering council submitted for consideration of the congressional oversight committee – which representative jaime lopez co - chairs – proposed amendments to the amla in line with the revised fatf 40 recommendations and 9 special recommendations on terrorist financing. these amendments, intended to give more teeth to the anti money laundering legislation, are as follows : • the addition of more predicate crimes such as trafficking in persons, bribery, counterfeiting, frauds and other illegal exactions, malversation, forgery, environmental crimes and terrorism and its financing ; • the inclusion of an appropriate regime for designated non - financial businesses and professionals, such as casinos, real estate agents, dealers in precious metals and stones, lawyers, and accountants ; • provision for a system of incentives and rewards ; and • retention by the amlc of a percentage of civilly forfeited funds. i am pleased to report that our house of representatives is similarly proactive in terms of strengthening our fight against money laundering. there are now two pending bills on proposed amla amendments : • house bill 3053 sponsored by representative rufus rodriguez ; and • house bill 4784 sponsored by speaker prospero nograles and representative jaime lopez, who is the chairman of the committee on banks and financial intermediaries and the co - chairman of the congressional oversight committee on anti - money laundering. ladies and gentlemen. another important event in our fight against money laundering is going to take place in a few days. from september 22 to october 6, 2008, the philippines ’ aml / cft regime will be assessed by the world bank and the asia pacific group on money laundering ( apg ). when the assessment is finalized, we will know how we rate in terms of implementing our aml / cft regime. in preparation for this, the amlc has been conducting meetings and consultations with relevant government agencies and financial institutions to ensure that the assessment team is provided with necessary information for its on - site mission. the completion of our program on “ training the trainors ” therefore comes at a most opportune time. implemented with technical assistance provided by the european commission, this program underscores the trust and confidence of our european allies in our country as a capable, reliable, and enduring partner in the increasingly challenging war against crimes and its financing. of course, declaring war against money laundering and terrorist financing is only the beginning. to

deepak mohanty : economic and financial developments in goa speech by mr deepak mohanty, executive director of the reserve bank of india, at the goa chamber of commerce and industry, goa, 31 october 2011. * * * the assistance provided by dr. p. k. nayak and shri suraj. s is acknowledged. i thank the goa chamber of commerce and industry and shri mangarish pai raikar for inviting me to address this distinguished gathering. as currently goa is celebrating the golden jubilee year of its liberation, i thought that the occasion is appropriate to highlight the recent economic achievements of the state. the scenic state of goa is the 25th state in the union of states of india. it covers 0. 11 per cent of the total geographical area of the country and accounts for a similar share of 0. 12 per cent of national population. however, it has a much larger share of 0. 4 per cent of all - india net domestic product ( ndp ). this explains why goa is the richest state in india with a per capita income of almost three times that of the average for the country as a whole. it was ranked the best state by the eleventh finance commission for its infrastructure. it also ranked at the top for the best quality of life in india by the national commission on population. the india human development report 2011 ranked goa as fourth in terms of overall human development in the country. the lushness of its landscape, geographical and ecological diversity and cultural richness make goa a travelers ’ paradise. notwithstanding these achievements, goa faces several developmental challenges, including in the areas of banking and finance. it is important to have a well - functioning financial system for sustainable economic development. while the reserve bank has been actively engaged in the development of the financial sector, it has stepped up its efforts in recent years to enhance the penetration of the formal financial sector and promote financial inclusion with a view to improving the well - being of our society. in this regards, the reserve bank has been undertaking special initiatives for extending the outreach of banking facilities in the state. against this background, i propose to briefly outline the economic and financial structure of the state as well as highlight various financial inclusion initiatives taken by the reserve bank. in conclusion, i shall present some thoughts on policy challenges ahead. macroeconomic structure i propose to capture the macroeconomic trends in the decade of 2000s as the information on the net state domestic product ( nsdp ) is available up to 2009 – 10. the last decade was characterised by