tukiya kankasa - mabula : technological developments in zambia and the surrounding region official opening speech by dr tukiya kankasa - mabula, deputy governor – administration, bank of zambia, at the sadc central banks it forum 2008 annual conference, livingstone, 3 - 7 march 2008. * * * protocol • the chairman of the sadc ict forum, mr paulo maculuve • the ict directors from the sadc central banks • mrs. esselina macome ( dr ), general manager and board member, banco de mocambique • the ict members of staff from sadc central banks represented here • other members of staff from sadc central bank represented here • representatives of hardware and software suppliers • members of the press • distinguished ladies and gentlemen on behalf of the bank of zambia governor, i would like to extend a very warm welcome to you all to the “ sadc central banks it forum 2008 annual conference ”. to our colleagues from outside zambia, i wish to extend a special welcome to you to zambia, and in particular to livingstone, our tourist capital especially at this time of the year. like the rest of zambia, livingstone is a city of tranquility with an easy - going african charm. apart from the famous victoria falls, other tourist spots include the mukuni cultural village a well stocked curio market, among the many other attractions. i therefore urge you to find time or indeed stay an extra day or more to sample this special menu that livingstone can offer. mr chairman, it is pleasing to note that the sadc information and communications technology ( ict ) forum will this year be hosting its 13th annual conference in livingstone, zambia. bank of zambia, is therefore pleased to join other sister central banks who have previously hosted this annual conference. distinguished delegates, as you are all aware, information and communications technology ( ict ) plays a strategic role in the day to day operations in all our central banks. the rapid evolution of ict, which is generally called the “ ict revolution ”, has been exerting a profound impact on the world ’ s economies. as we all can acknowledge, technological innovation has brought about the speedy processing and transmission of information, resulting in substantial reduction in costs, wider networking, and globalization on an unprecedented scale and scope. distinguished delegates, the central banks within the sadc region have registered significant developments and advances in the areas of payment systems, website development, and banking supervision application, just to mention a few projects em

sector. our expectation is that this should extend to other economic sectors as well. lessons can thus be drawn from the work that the bank of zambia has done and can be applied to the other sectors. mr. chairman, the prevalence of fraud in institutions all over the world has culminated with regulatory authorities in several jurisdictions instituting jail terms and fines against the scourge. the famous sarbanes - oxley is one such response. our own corporate governance guidelines have a strong linkage to the banking and financial services act which when not adhered to may result, upon conviction, to a fine or to imprisonment for a term not exceeding two years or to both. mr. chairman, the international work that is being done in respect of money laundering and corruption payments or terrorist financing is such that trade and service companies, like banks, are now being held accountable for what they deal in and whom they trade with – as suppliers as well as buyers. the implications of anti - money laundering ( aml ) are such that they extend to all forms of finance, industry and business. it is thus critical that the principles of integrity and professionalisms are applied in all spheres of institutional activities. mr chairman ladies and gentlemen i thank you for your attention.