will be very cumbersome and expansive. remittances will decline. we will also send the wrong single to potential investors that fiji ’ s financial system may not be robust enough. this will scare away investors. they will go to other jurisdictions that have a stronger standards than we do. we need investment to promote growth and we need remittances to support our foreign reserves. so the ramifications of not keeping up with world standards can be extremely serious. we should therefore continue to do what we can to comply with international standards. incidentally, some of our pacific neighbours were threatened to be blacklisted some years ago because they did not comply with these standards. i can still recall high level delegations from these islands scurrying off to new york to try to get them off the list. almost all succeeded except perhaps one. you see, these islands had established offshore financial centers before these anti money laundering standards were introduced. some 20 years ago fiji seriously contemplated setting up similar offshore financial centers. i remember writing papers on this and actually visiting the caribbean to study this issue. fortunately, the rbf was able to convince government that this was not a prudent thing to do and this advice remains as of today. results what are the results so far? the fiu received 479 suspicious transactions in 2008. it was able to analyze 372 strs which resulted in the dissemination of 202 case reports to relevant law enforcement agencies such as the fiji police force, firca and the transnational crime unit. the fiu also received over 100, 000 cash and international electronic fund transfer transactions last year. integrated effort we must ask ourselves, have we done enough today to protect ourselves from money laundering activities? i think that we still have some away to go. combating money laundering starts at the detection stage and as i have said we have done a lot in this area. but that is not enough. we need to successfully investigate and prosecute those that launder money in fiji. that means that our law enforcement agencies, prosecution offices and the courts musty be adequately geared - up to make sure that crime does not pay. in my assessment we have some way to go in this area. have we really looked at various products and services provided by our banking sector under the anti - money laundering microscope? we should continue to deepen our understanding and our assessment of these products. the use of technology in banking is a wonderful idea but they do bring with them higher risks

the question of liquidity management. in addition, due to the new regulations and due to the general interest in reducing exposures markets will need more collateral in the future. that is why the eurosystem will roll out solutions which help the market cope with the liquidity 1 / 4 bis central bankers'speeches challenges. our thoughts are not confined to the eurosystem, of course. multi - currency capability is an enduring system feature which might prove worthwhile in the integration of european markets, for example. the issue of target2 and t2s consolidation was another area in which we discussed the outcome of the consultation. ladies and gentlemen, your numerous contributions today were insightful and thought - provoking. the eurosystem is currently liaising with the potential users of our services to formulate a set of user requirements. we cannot, of course, make every wish come true, nor would it be right for us to do so, because at the end of the day, we are a provider that needs to cover its costs, and those wishes will have to be paid for. the trick will mainly be to use consolidation as a way of driving down costs. investment in consolidation will push costs higher initially, but over the medium - term horizon, it will yield significant savings in the running of t2 and t2s. all our projects can ’ t go live overnight, of course, and building rome in one day is something we can ’ t be expected to achieve, either. 2. technical innovation another topic we spoke about today was innovation and transformation. there are a great many technological innovations which could potentially unleash change in the market. blockchain, distributed ledger technology, cloud computing, big data analytics and artificial intelligence are already firmly established in the way we think and, in some cases, how we act, too. plato once said that “ necessity is the mother of invention ". but in the case of blockchain, it is the exact opposite we are seeing. the invention, ie blockchain, has already been born. now people in many quarters are looking for the necessity – that is, for specific areas where it can be put into practice. the initial sense of euphoria over the potential which blockchain and distributed ledger technology offer has now given way to disillusionment over the problems surrounding their practical implementation. central banks, too, are testing a variety of ways in which the potential offered by blockchain can be harnessed.