so. another challenge is also a traditional strength of canada's economy, and that is its openness. this openness has helped us to become one of the world's great trading nations, and a model of multiculturalism. canada is seen as an attractive place for people to live, to invest, to do business, and to trade with. but, as i've said, this open economy makes us a target for international economic criminals. that's why we need more effective public and private sector governance and sound regulatory and enforcement practices to nurture strong businesses and sound financial systems. a third challenge is the need to ensure that our laws are current and that the judiciary is well - informed. the mere detection of crime - not to speak of its prosecution - is now a very sophisticated activity. it requires accountants, actuaries, commercial lawyers, financial specialists, and computer experts. most importantly, it needs skilled investigators who are able to collect, analyze, and assemble complex evidence. and it requires informed prosecutors who are able to effectively marshal this evidence in the courtroom. to meet these three challenges, we need to continue to work efficiently together - across specialties and institutions. no single institution can gather and manage all the experts who have to cooperate in this new environment. police know their role in fighting economic crime. but manufacturers, issuers of high - value instruments ( such as currency, securities, and passports ), and financial institutions also have key roles to play. we must make our products and services as secure as possible. and we must do this while remaining profitable or, in the case of public sector institutions, cost effective. now more than ever, this entails considerable expenditure to create and deploy highly sophisticated, reliable, and easy - to - use products and services. our new canadian journey series of bank notes is a good example of the effort that we are making in this regard. as organizations make these investments, they must put even greater emphasis on security, quality, and service. they must be audited and supervised to the highest standards. regulators, overseers, users, boards of directors, the legal community, and the general public all have a stake in the outcome. tracking down the bad guys and collecting the evidence is the responsibility of the rcmp and other law enforcement agencies. bringing a strong case to court for the crown rests with the prosecutors. by working together, we can hope for sentencing that reflects the importance of the crime. but achieving that goal requires active collaboration

you developed the national counterfeit enforcement strategy. as a result of this initiative, it appears that we may soon have specialized integrated counterfeit enforcement teams ( icets ) in place, to fight the serious threat posed by currency counterfeiting. be assured that my colleagues and i applaud and strongly support these vital efforts. however, i know how difficult it is to generate support and funding for these new initiatives. i understand how frustrating it must be to investigate these complicated crimes without adequate and skilled resources or support. and i understand the frustration of police who spend time and resources investigating these offences, only to see the criminals walk away with little punishment because the social costs of their crimes aren't always fully recognized. that's why the bank is working with the law enforcement community on training materials and legal tools to help prosecutors present their cases more effectively. further progress will require a coordinated effort and a multidisciplinary approach. vocal championship by leaders from the public and private sectors is needed if canadians and their governments are to appreciate and support investment in specialized enforcement teams and more effective prosecutions and sentencing. as governor of canada's central bank, it is my responsibility and my intention to do all that i can to increase awareness of the importance of protecting economic integrity. that is why the bank has been, and continues to be, committed to partnering with lawenforcement authorities and other participants in the legal system. challenges in protecting economic integrity you and the bank of canada share a compelling objective : making canada a safe place to earn a living, to do business, and to invest. so, what challenges do we face in this regard? canada has a strong financial system, low and stable inflation, and a healthy economy. our regulatory and governance structures are sound, and they are evolving to meet the challenges of new technology. so are canada's bank notes - they now contain some of the best security features in the world but there is evidence that canada is at risk of becoming a safe haven for opportunistic criminals who deal in white collar crime. this may be because we have lacked an adequately resourced enforcement regime and strong sentencing precedents. it may also be because there is a perception that our markets may not be as safe as they should be, and a perception that our enforcement is not as tough as it ought to be. so we're battling on two fronts : we need to thwart these opportunistic criminals, and we must be seen to be doing