of experts had the option of interacting amongst themselves on matters of overlapping or common concerns to evolve a consensus approach. the advisory groups also had the option to include officials from regulatory and government organisations as special invitees to discuss and understand the prevailing position in the relevant standards and codes, for bringing improvements in the existing practices. they also had the benefit of deliberations with market participants, members from professional bodies as well academics. the arrangement afforded the advisory groups an independent or impartial status and prompted a critical evaluation of the relevance and compliance with each of the aforesaid standards and codes. the work of the advisory groups in some cases happened to continue alongside similar subjects addressed by groups constituted by the government or other regulatory bodies. in any case, the work of the advisory groups was considered unprejudiced and non - intrusive to any such official or non - official initiatives taken by others. the advisory groups were requested to take cognisance of these parallel efforts and to provide inputs, wherever necessary. all ten advisory groups have already submitted their reports to the standing committee. the standing committee has made efforts to disseminate these reports as widely as possible including their expeditious posting to the reserve bank website. the committee has also requested the advisory groups to organise seminars for creating awareness and concretising views on recommendations. the committee would also take up regular annual review of the status and progress regarding compliance with, and implementation of standards and codes and submit it to the ministry of finance. changes in legal and policy framework the implementation of the recommendations of advisory groups in relevant sectors would require a co - ordinated approach based on elements of consensus, incentives, technical support, resources and encouragement to concerned institutions and regulatory bodies. broadly speaking, the recommendations of advisory groups can be categorised into three levels, viz., requiring ( a ) constitutional, ( b ) legislative and ( c ) procedural and policy changes. quite a number of recommendations require new legislative enactments or amendments to existing laws, while several others could be implemented by making appropriate changes in the existing policy and procedures under the powers vested to relevant bodies under the law. a few recommendations could also require changes in the constitution of india. some of the issues pertaining to the financial system are also being addressed by the national commission to review the constitution. of these changes, amendments to the legal framework of the country assume utmost importance as they institutionalise changes as formal laws with parliamentary endorsement and, therefore, provide clear

laundering will help both expeditious processing and relative clarity of concepts as well as definitions. this approach is of particular significance due to the predominant cross - border nature of money laundering operations. similarly, there can be a special chapter in bankruptcy law only in so far as cross - border insolvency issues are involved. such an approach could be considered, keeping in view the uncitral model law. for example, the report of the advisory group on bankruptcy laws enunciates the scope of the special chapter on cross - border insolvency. the chapter applies where assistance is sought in india by a foreign court or a foreign representative in connection with foreign proceedings ; or assistance is sought in a foreign state in connection with proceedings under the laws of india relating to insolvency ; or foreign proceedings and proceedings under the laws of india relating to insolvency in respect of the same debtor are taking place concurrently ; or creditors or other interested persons in a foreign state have an interest in requesting the commencement of, or participating in, proceedings under the laws of india relating to insolvency. finally, the recent experience of enron and arthur andersen gives a new dimension to the institutional dynamics in financial structures and transactions revolving around'conflicts of interests'among the participants and political or diplomatic forces operating at transnational level on matters which should strictly be commercial. conclusion to conclude, the complexities relating to the global financial system in the context of strong national interests continuing to dominate public policy viewed in the light of indian experience warrant, more than a legal basis, emphasis on three aspects, namely ( i ) the standards may be set domestically with a recognition that they have some international dimension also ; ( ii ) the processes of setting, prioritising, incentivising, monitoring and reorienting should be consultative and participative in both domestic and international dimensions ; and ( iii ) effective implementation is a complex and varied process with domestic legal framework being one enabling factor at this juncture.