standardization of the regulation across countries and facilitate cross - border regulation of digital assets. obviously, cross border regulation implies cooperation and collaboration between regulators. it is common practice for financial services regulators to sign memorandum of understanding ( mou ) with their counterparts for cooperation and exchange of information in the field of conventional financial services. these mou may now have to be extended to collaboration in fintech and financial innovation. it may be foreseen that such collaboration will improve the cross - border regulation of fintech and digital assets through : a. harmonised / equivalent fintech regulatory frameworks across jurisdictions which is an effective tool against regulatory arbitrage and will enable licensed fintech business to have access to other markets ; b. bridging the expertise gap between jurisdictions for efficient framework development ; and c. capacity building and knowledge sharing in the field of fintech supervision for financial services regulators. concluding remarks 4 / 5 bis central bankers'speeches the launch, in january 2019, of the global financial innovation network1 aims at acting as a network of regulators to promote information and knowledge sharing on emerging innovation trends as well as promoting joint policy work and regulatory trials by enhancing collaboration between regulators on key policy questions with the view to support the work of standard setting bodies, amongst others. all of us in this room who have a keen interest in promoting financial innovation should collaborate and support this initiative in the hope that a standardized and agreed sets of principles and practices for fintech and digital assets may unfold soon for the benefit of the market participants and regulators alike. summits, similar to this one, acts as incubators for sharing our thoughts and vision for this innovative sector. i am confident that this summit will foster cooperation and collaboration between regulators, investors and international organisations. i wish us all success in this area. gfin has been established by an international group of financial regulators and related organizations is an indication of the willingness of the global community to promote financial innovation in an efficient and orderly manner 5 / 5 bis central bankers'speeches

welcome change in banks so long as they are able to demonstrate that the risks are being appropriately and adequately managed. moreover, as all prudent central banks, the bank of mauritius will also pay special attention to the recommendations of the basel committee and require banks operating in mauritius to ensure strict compliance thereto. 2 / 5 bis central bankers'speeches addressing the concerns regarding money laundering and terrorist financing risks concerns have been expressed to the effect that digital assets offer some form of anonymity to its holders if not properly regulated and controlled and may be subject to heightened money laundering and terrorism financing ( ml / tf ) risks. in an era where ml / tf risks are assuming increasing significance and may even result in international sanctions and loss of correspondent banking facilities, regulators need to be extremely vigilant. international standard setting bodies have also identified the potential ml / tf risks that could rise from digital assets and they have been prompt in providing necessary guidance. as far back as 2015, the fatf identified certain key risks associated with crypto assets, including ml / tf, cross border nature of operating systems and non - face to face client relationships which facilitates anonymity. in october 2018, the fatf, recognising the need to adequately mitigate the money laundering and terrorism financing ( ml / tf ) risks associated with virtual asset activities, adopted, changes to the fatf recommendations to clarify how the recommendations apply in the case of financial activities involving virtual assets. the fatf recommended countries to ensure that virtual asset service providers are regulated for aml / cft purposes, and licensed or registered and subject to effective systems for monitoring and ensuring compliance with the relevant measures called for in the fatf recommendations. more recently, in february 2019, the fatf announced that it is setting out more detailed implementation requirements for effective regulation and supervision / monitoring of virtual asset services providers which are expected to be adopted at the june 2019 plenary of the fatf. as the fatf recommendations are globally accepted standards, it is very likely that, when establishing the regulatory framework for digital assets, countries will adhere to these standards. 5. the experience of mauritius in regulating digital assets – development of regulatory frameworks in line with international standards allow me to share the experience of mauritius in regulating digital assets. last year, the government of mauritius took the initiative of setting up a regulatory committee on fintech and innovation - driven financial services chaired by lord desai and comprising amongst others loretta joseph, rajesh ramlo