this complex phenomenon within the esaamlg region, is among topics to be discussed at length. given its threat to financial stability and financial inclusion, discussing on possible solutions to overcome this risk is critical, especially for those of us who are very dependent on the international payment system to effect trade. seychelles has not been spared, as some of our banks have experienced this phenomenon and one of them will be sharing its experience on the issue tomorrow. despite this reality, we have been proactive. in line with its mandate to ensure financial soundness and financial stability, the bank has been engaging in several initiatives, as part of efforts to mitigate the threat and impact on the economy. one of the initiatives was a roadshow conducted during the last quarter of 2017, when a team from the central bank and financial services authority visited several financial centres in europe and the united states - particularly in london, frankfurt, zurich, madrid, paris and new york. while the main aim was to better understand the de - risking issue, and inform the international community about efforts being undertaken to strengthen the effectiveness of the aml / cft regimes in the jurisdiction, the visits also provided the opportunity for us to better appreciate the concerns that correspondent banks and regulators have regarding the jurisdiction. as we uncovered the challenges, ranging from issues specific to the offshore sector, as well as jurisdictional issues, it became clearer that the country has to overcome several issues to reduce the risk of losing correspondent banking relationships. since then, we have embarked on an action plan to step up efforts to address a series of recommendations, some of which had already been identified. this includes the enhancement of our aml / cft legal framework, reforming the offshore sector, closer engagement with correspondent banks showing greater interest in dealing with the jurisdiction, and the need to embark on a comprehensive, co - ordinated and sustained communications campaign to restore the reputation of the jurisdiction. while we continue to highlight the issue of de - risking as a threat, we are conscious that we have to play our part to beef up our aml / cft regime, and ensure that we are in compliance, as non - compliance is not an option. it is for this very reason that seychelles sought the assistance of the world bank to conduct its first national risk assessment. the mutual evaluation came in timely such that all recommendations can be consolidated and acted upon. work is already underway as we endeavour to close the gaps that have been identified, with the aim of strengthening seychelles ’ reputation and

adherence to international best practices. with this dialogue, we look forward to enhancing our repertoire of sustainable solutions. ladies and gentlemen, thinking of the continent, we cannot run away from the fact that illegal wildlife trade is one of today ’ s most lucrative forms of organised crime that has not spared the esaamlg region. and similar to many countries in the region, seychelles, which boasts a unique biodiversity ranging from the legendary coco - de - mer, the giant aldabra tortoise, the sea turtles, a variety of insects, bird and fish species, among others, has also been witnessing an increase in poaching and crimes related to the illegal trade of endemic flora and fauna, including some of the endangered species. the seychelles ’ ministry of environment, energy and climate change notes that as recently as 2017 and earlier this year, several reports of people smuggling giant land tortoises and even reptiles out of the country, have been recorded. this includes the seychelles'giant bronze gecko, as rightly mentioned by the minister in his opening address, which is believed to be sold for thousands of usd on the international market. it is evident that if left unchecked, such practices pose the risk of establishing very perverse activities locally just to feed such markets. and although complex we need to combat illegal wildlife trade because besides generating significant losses in assets and revenues, illegal wildlife trade is also a threat to the livelihood of our communities, our ecosystems, and even food security. as we speak the value of illegal funds being derived from illegal trade in wildlife in seychelles is not specifically known, although we are well aware of existence of such trade. nevertheless, the fact that this phenomenon has emerged and is affecting our jurisdiction and wider region, is reason enough for us to try and find mechanisms that will allow us to better understand the financial aspect of this illicit activity, and have a concrete understanding of the money flows linked to this lucrative trade. i cannot end, without addressing what is a well - known fact - that we are experiencing a constantly evolving financial sector, among which is the growing use of innovative financial products and services that have undoubtedly changed our financial landscape. however, while the use of financial technology has helped to enhance efficiency, allowing access to finance for the broader community, this has also brought about its fair share of risks and challenges. aside of the wellknown cyber - security risks, we also have challenges relating to the implementation of aml / cft requirements, relating to new technological