closing remarks by dr. chiranjibi nepal, governor, nepal rastra bank, at the 21st apg plenary meeting 27th july 2018, kathmandu distinguished apg co ‐ chairs, executive secretary and officials of apg fatf senior officials, distinguished delegates, ncc members and secretaries nepalese officials media representatives, ladies and gentlemen, very good afternoon! 1. i am privileged to speak at conclusion of this 21st apg plenary meetings running for a week. i am indeed honored to be with you at this august gathering with a brief closing remarks. 2. it is an immense pleasure for nepal to host this meeting and plenary. i am very much delighted with the apg and its members, fatf, the observers, and international institutions for the opportunity extended to us to host this occasion in kathmandu. 3. i have been informed that the meetings discussed mutual evaluation reports of indonesia, myanmar, palau, and cook islands. number of follow up reports and status reports were also considered in the course of meetings. intense discussions were made on mutual evaluation procedures, governance issues, technical as well as other seminars under international cooperation review group have been eyesight for members and observers. 4. the ta & t forum was another great opportunity for members and dap groups to sit together and find solutions for development of sound aml / cft systems and make effective global implementation. 5. managing de ‐ risking, identification of beneficial ownership and recovery of assets are the common threats facing by countries globally. i hope the conclusion from the seminar and discussion on these topics will certainly guide us to reorient our aml / cft related strategy toward addressing such problems. ladies and gentleman, 6. financial crime can inflict on the smooth functioning of the financial markets, payment systems and ultimately the financial sector stability goal of central banks. fin ‐ tech and virtual currencies are also posturing challenges to the central banks in dealing with aml issues. 7. the shift of fatf standards toward risk ‐ based approach, will support our financial system in the direction of inclusive growth and access to better financial services by discouraging the de ‐ risking. 8. the basel 2017 aml index report shows, during the period from 2012 – 2017, the index did not reflected significant change, indicating slow progress, high rates of perceived corruption, lack of judicial strength, lack of resources, and deficiency of financial transparency in the developing world. in addition to this, a large ‐ scale of tax evasion

roger w ferguson, jr : economic progress and small business speech by mr roger w ferguson, jr, vice - chairman of the board of governors of the federal reserve system, before the african american chamber of commerce of western pennsylvania, pittsburgh, pennsylvania, 12 november 2002. * * * i am pleased to join you today. i would like to focus first on the economic status of minority americans, including some information from the federal reserve's most recent survey of consumer finances. i will then turn to the role of small businesses in our economy, drawing on our research on small business finances and our efforts to promote small business access to capital and credit. labor market developments during the 1990s, we were fortunate to have experienced the longest uninterrupted economic expansion in u. s. history. by late 2000, the unemployment rate was the lowest it had been in more than thirty years. the expansion benefited all segments of the population, including minority groups. in fact, the unemployment rate for blacks dropped to less than 7 - 1 / 2 percent in late 2000 ; it had not been lower than 9 percent since statistics on the minority labor force were first collected in 1972. but despite the improvement, blacks still lagged, with an unemployment rate that was nearly twice the national average. over the past year and a half, as all of you know, we have experienced a business cycle downturn that has been followed, more recently, by a very slow recovery in the labor market. as a result, we have retraced some of the gains recorded during the 1990s. the overall unemployment rate has moved back up to 5 - 3 / 4 percent in recent months, and the jobless rate for blacks has hovered just below 10 percent. the fact that the business cycle has had broad effects on the labor market outcomes - - both on the upside and on the downside - - highlights the limited scope for monetary policy to be calibrated to target or to exempt a particular segment of our economy from cyclical changes in economic activity. over the course of the business cycle, in both good times and bad, minority unemployment rates tend to run significantly higher than the national average. economists have determined that a variety of factors contribute to that persistent disparity, including educational levels, work experience, and proximity to available jobs. nonetheless, the particularly troubling longer - run trend of declining labor force activity of black men remains subject to considerable debate. monetary policy alone cannot address the underlying structural causes of differences in economic