information " are entirely at odds with the realities of criminal operations, which are not bound by – and indeed actively exploit – international borders to evade civil and criminal sanctions. this undermines law enforcement's ability to build a picture quickly and comprehensively. it also undermines financial institutions'ability to fully understand their exposure to financial crime risk at a global level ". not only do criminals operate without regard to borders, they also routinely use multiple institutions to launder their ill - gotten gains. consequently, it is increasingly difficult for a single private sector operator to identify suspicious activity in the absence of all the pieces of the " jigsaw ". information sharing among private sector operators therefore has the potential to improve the quality and accuracy of suspicious activity reporting. this can ultimately reduce the operational burden in processing and analysing large amounts of low quality data that historically has resulted in large volumes of false positives. some countries - the uk, the us and singapore - have taken the lead in enabling information sharing between private sector operators. america's patriot 2001 act is often described as the gold standard on information sharing. singapore's digital 2 / 5 bis - central bankers'speeches platform – called cosmic - enables six major commercial banks to securely share with each other information on customers who exhibit multiple " red flags " that may indicate potential financial crime concerns. 3 article 75 of the new aml regulation, while not as broad as the information sharing provisions in the usa and singapore, enables for the first time the sharing of certain confidential information between private sector operators under the auspices of what are known as " partnerships for information sharing ". as one would expect, article 75 contains a number of caveats and establishes a number of important guardrails designed to strike the balance between effectively combatting money laundering and terrorist financing and protecting the privacy and the data of all eu citizens. one such guardrail is the requirement that information can only be shared within a partnership provided the information relates to customers deemed to be higher risk and the information sharing is strictly necessary for the purposes of meeting aml / cft obligations. another safeguard is the requirement that partnerships for information sharing must be verified in advance of their establishment by the aml / cft supervisory authorities in collaboration with data protection authorities. successfully navigating the complex set of safeguards and fully realising the full potential intrinsic in partnerships for information sharing will require a coalition of actors working in unison and with ambition. so what specifically will be required of this coalition of actors? let

. based on long - term projections of demographic trends and assuming that current labor participation rates by gender and by age group will not change, the rate of decline in the number of workers will increase further to 0. 6 percent in the 2010s, 0. 7 percent in the 2020s and 1. 3 percent in the 2030s. the impact of such population decline is serious, especially in regional economies ( chart 8 ). as for the other component, labor productivity, the average growth rate over the past 20 years has been around 1. 0 percent. excluding the 1990s, during which the economy was significantly affected by the legacy of the bursting of the bubble, and choosing a period characterized by relatively favorable economic conditions, the labor productivity growth rate was 1. 5 percent from 2000 to 2008. given that there are no significant differences in productivity growth rates among advanced economies, we may be able to assume that the average productivity growth rate in japan will stay between 1. 0 percent and 1. 5 percent. assuming this and that the rate of decline in the number of workers will be as just described, the annual rate of economic growth in the 2010s will remain somewhere between 0. 5 percent and 1. 0 percent and become around zero percent in the 2030s. medium - to long - term growth rates will have a significant impact on the fiscal bis central bankers ’ speeches situation. the sovereign debt crisis in europe provides us with an important lesson – that fiscal credibility can change in a discontinuous manner ( chart 9 ). we must work seriously with strong determination to strengthen our growth potential. need to work and create value added how can we strengthen our growth potential? i have just explained that the rate of growth in the number of workers and the rate of growth in labor productivity together constitute the economic growth rate. as for the number of workers, it is difficult to expect a dramatic improvement unless demographic trends change. however, it is still possible to slow the pace of the decline in the number of workers by making it easier for elderly people and women to participate in the workforce. as for the second variable, raising labor productivity growth means increasing the value added per worker. the key, therefore, is to continuously capture potential needs and to provide more goods and services that people will find worth purchasing. more specifically, there are three important aspects to be considered. first, it is important to make the best use of the major trend towards globalization. it goes without saying that it is important to aggressively capture demand overseas, especially