customer due diligence procedures issued by the basel committee on banking supervision. the financial services commission, which has responsibility for non - deposit - taking financial institutions such as insurance companies, securities dealers, unit trusts and mutual funds, has also recently issued similar guidelines. the bank of jamaica actively participates in national efforts to ensure that jamaican financial intermediaries are not being used as conduits for the funding of terrorist groups. the central bank chairs a financial crimes task force that has been charged with the responsibility of making proposals for relevant amendments and / or enactment of legislation covering all facets of financial crime, inclusive of money laundering, terrorism financing, and related issues. these efforts have culminated in the legislative amendments that were referred to earlier. in closing, let me stress the importance of the collaborative efforts of the relevant authorities within jurisdictions, regionally and internationally, in ensuring the effectiveness and success of the aml / cft measures. the effectiveness and success of these measures depend critically on this collaboration. i therefore trust that the combined efforts of all our caribbean colleagues will restrict those who seek to exploit our financial systems and corrupt our economies and societies for their own selfish gains. i believe that over the next five days the sessions will serve to strengthen the capacity of our examiners and facilitate the application of the new 2004 imf / world bank assessment methodology as the basis for future anti - money laundering / combating of financing terrorism ( aml / cft ) assessment exercises. in the meantime, i wish to thank the caribbean financial action task force, the international monetary fund and the world bank, for the timely scheduling of this workshop. i hope that you will all have a very productive week, as you learn how to implement the imf 2004 assessment methodology and draw on the wealth of knowledge of the presenters and the experience of your fellow participants. to all our overseas visitors, i hope that you will find some time to make it jamaica again in the near future, when you can relax and explore our beautiful island. thank you.

authorities may take actions to reduce the risk of local financial imbalances. in such a case, macro - prudential measures may exert cross - country spillovers that matter for monetary policy. for example, raising capital requirements in one jurisdiction may dampen lending in the whole euro area, while a tightening of loan - to - value ratios may simply shift lending between respective jurisdictions, leaving the euro area aggregate unchanged. a monetary authority may therefore have a legitimate interest in which macro - prudential measure is used. many of these questions are yet to be fully explored and we have to acknowledge that the macro - prudential policy framework is still in its infancy. we are in a learning process. the objectives, transmission mechanisms and effects are still being established, and this is an area where the esrb ’ s systemic macro - prudential oversight is playing an integral role. conferences such as today ’ s can provide crucial input here. bis central bankers ’ speeches overall, i am optimistic that macro - prudential policies, if properly coordinated at the european level, will strengthen our defences against future financial instability in the euro area, while also addressing some of the side effects that come from a single monetary policy. conclusion let me conclude. with the three challenges of : ( i ) ensuring price stability in the face of a prolonged period of low inflation, ( ii ) setting up the ssm and rebooting the banking system to support credit and growth, and ( iii ) establishing an effective macro - prudential policy framework to increase resilience in the face of future financial turbulence, the ecb will have its hands full in the coming year. we are committed to doing our job, but do not expect us to do the job of others. it is more important than ever that, in parallel, governments continue to pursue their structural reform agenda. the return of confidence in the euro area is evidence that the reform efforts will eventually pay off. this is visible from the return of market confidence. but, more importantly, it is visible from the return of political confidence – as expressed, for example, in prime minister helle thorning - schmidt ’ s assessment that joining the euro would be in denmark ’ s best interest. ultimately, the common theme in all our efforts is to further the aims of the european union. these are to promote peace, its values and the well - being of its peoples. as the recent events in ukraine demonstrate, these aims remain as attractive and compelling as