for equivalence assessment – for financial market infrastructure ( fmi ). market functioning, and therefore financial stability, is dependent on the continuity and orderly operation of services provided by these infrastructures. the multilateral nature of fmis also mean that their services are often cross - border and accessed by a wide range of market participants. since the development of the pfmi by iosco and the bis committee for payments and market infrastructures ( cpmi ), these standards have been used by many regulators including singapore as a key basis for comparability assessments. cpmi - iosco has also been conducting level 2 assessments of jurisdictions ’ implementation of the pfmi. assessments of the eu, japan, us and australia are complete, and assessments of singapore and hong kong are under way. such peer assessments against international standards will help to promote greater understanding and alignment amongst various jurisdictions ’ frameworks. peer assessments have also helped to identify and close gaps at the entity level. for instance, the recent level 3 assessment by cpmi - iosco on the implementation of the pfmi5 by ten ccps ( including sgx - dc ) helped to identify gaps and shortcomings which cpmi - iosco expects to be addressed by the ccps and their respective regulators by the end of the year. as outstanding issues are addressed and the progress tracked, regulators should also have greater confidence in undertaking their equivalence assessments of ccps that their domestic market participants can access. this can then provide greater certainty to global market participants. 2 / 4 bis central bankers'speeches improving market access for ccps singapore, as with other jurisdictions, will be commencing our clearing mandate next year thereby enhancing the role of ccps as a risk mitigating tool. however, a clearing mandate cannot be effectively implemented if access to ccp remains an issue for counterparties, particularly smaller players. we share similar concerns to those that have been expressed by esma. in this regard, it is noteworthy that esma has looked into possible ways to improve ccp access and has, for example, proposed indirect clearing arrangements which strikes a balance between having an appropriate level of indirect client protection and counterparty risk. i hope today ’ s forum will allow mas and other regulators to learn from esma ’ s insights. to enable a wider range of market participants – including those based outside singapore - to have direct access to ccps in singapore, mas will allow our ccps to introduce self - clearing and remote clearing memberships. this benefits not only

closing remarks by ms caroline abel governor of the central bank of seychelles official launching of 4th esaamlg aml / cft public - private sector dialogue friday 7 september 2018 venue : savoy resort and spa vice president vincent meriton, minister for finance, trade, investment & economic planning, mr. maurice loustau - lalanne, visiting ministers and members of the esaamlg council of ministers, permanent secretaries, chairman & members of the task force of senior officials, executive secretary of the esaamlg, private sector participants, invited guests, ladies and gentlemen, good afternoon firstly, i would like to reiterate the warm welcome already extended by the minister for finance, trade, investment & economic planning, to all delegates and guests, from the region and beyond, who have crossed the ocean to be here in the seychelles islands. the central bank of seychelles is indeed honoured to have been given this opportunity, to organise the 4th esaamlg public - private sector dialogue, on anti - money laundering and combating the financing of terrorism. i would like to thank all of you present, for accepting the invitation to take part in this gathering, which is expected to lead to meaningful and productive deliberations, on a range of issues that are critical to developing aml / cft regimes in our region. our four keynote speakers this afternoon, have done an excellent job at setting the stage for tomorrow ’ s deliberations on the three chosen topics. their in - depth presentations have surely given us a broad overview of the challenges that exist, not only in their respective countries, but which is shared by each and every single one of our member countries – although to different extent. now that the groundwork has been done, it is up to us as government officials, policy makers and private sector representatives gathered here today, to come together to address our specific situations, learn from each other ’ s experiences, exchange ideas on best practices, and propose possible solutions, as we seek to develop more robust and effective aml / cft regimes in our individual countries, and as a region. seychelles, though small in size, will continue to do its part with greater vigour in that endeavour. ladies and gentlemen, i cannot overemphasize the importance of the chosen topics for this public - private sector dialogue. when we talk about de - risking, which is having adverse effects on many of our member countries, it is only fitting that the existence, causes and impact of