it increases the opportunities of spreading corruption and bribery. dear audience, i would like to commend the fruitful coordination and cooperation between the appropriate entities of ministries, security and judicial authorities, and financial and non - financial institutions for combating money laundering. i would like to present a briefing on accomplishments achieved during the last year, the most important of which were : the kingdom achieved tangible progress in its aml procedures, in the framework of the follow - up process that followed the mutual assessment process. the kingdom submitted the first follow - up report to the menafatf in february 2012. the report includes the new and updated legislations issued and the actions taken to cope with the implementation of all international standards and practices issued recently. bis central bankers ’ speeches the kingdom amended the anti - money laundering law issued by royal decree no. ( m / 31 ) dated 11 / 5 / 1433h to cover many domestic and international requirements and developments. its implementing regulation was updated as well. here, i would like to highlight that the national aml legislation was finalized in line with international developments and standards. the kingdom hosted a number of conferences, symposiums and training courses on combating money laundering. the most important of which was the fifteenth mena - fatf general meeting held in april 2012 in jeddah. in september 2012, the investigation and public prosecution authority, in cooperation with mena - fatf, also hosted a symposium on “ the role and responsibility of public prosecution agencies and judicial organs in combating money laundering and terrorism financing ”. in september 2012, sama, in collaboration with the secretariat general of the cooperation council for the arab states of the gulf, organized a workshop on updating fatf recommendations to combat money laundering, terrorism financing and weapons proliferation. all supervisory authorities in the kingdom, including sama, continued their efforts in performing periodical inspections in the area of anti - money laundering over entities under their supervision in accordance with the concept of the risk ratio standard to increase efficiency of control and supervision operations and benefit from the capabilities available in various fields to ensure the application of instructions and regulations. dear audience, bearing in mind the risks posed to our economy by money laundering and emphasizing its supervisory and control role, sama issues continuous instructions and updates regulations and guidelines to cope with domestic, regional and international developments. we stress here the necessity of compliance with regulations, standards and instructions related to anti - money laundering ; the implementation of policies to monitor operations ; and reporting money laundering activities to th

ben s bernanke : junior achievement finance park brief remarks by mr ben s bernanke, chairman of the board of governors of the federal reserve system, at the grand opening of the junior achievement finance park, fairfax, virginia, 19 october 2010. * * * financial education helps young people cultivate a sense of financial responsibility. it is essential for their personal well - being, and for the effective functioning of our economy. junior achievement was founded in 1919 and continues to be one of the world ’ s largest and fastest - growing organizations dedicated to educating youth in financial literacy, work readiness, and entrepreneurship. it is committed to relevant, hands - on learning for students from kindergarten through high school. it serves 10 million students each year in 121 countries – about 50, 000 of them here in the washington, d. c., area. i applaud junior achievement ’ s mission, which is to inspire and prepare young people to succeed in a global economy and cultivate their understanding of the principles of market - based economics and entrepreneurship. we are here today to discover junior achievement ’ s finance park in fairfax county. it is the 15th such facility in the united states and will serve 14, 000 students annually. the program offers an intensive six - week classroom curriculum, followed by a capstone day at the finance park where students participate in a practical personal budgeting simulation. this experiential facility helps students build financial skills that are essential to a successful financial future. students immerse themselves in reality - based decision making. they practice essential household skills by developing a budget that includes housing, transportation, food, utilities, health care, investments, philanthropy, and banking. the opportunity will enable them to better navigate real - life decisions. i applaud the ongoing partnership among junior achievement, schools, and businesses in the greater washington area. as states and school districts around the country continue to integrate personal finance instruction into their curricula, organizations like junior achievement can provide important services to both students and teachers. thank you for inviting me to participate in today ’ s event.