andreas dombret : supporting the global economy – a laudation to hubert temmeyer welcoming address by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the international monetary fund ( imf ), washington dc, 30 march 2016. * * * dear mr. temmeyer, dear mr. lipton, ladies and gentlemen, the last five years have passed rather fast, and i still remember the nomination of mr hubert temmeyer as the executive director for germany in early 2011. in these five years, many remarkable and often challenging topics have been dealt with in the executive board. this includes the wide - ranging quota and governance reforms which have accompanied mr temmeyers term as executive director from the beginning. becoming executive director shortly after the decision in december 2010, the ratification process took about five years to be completed, somehow crowning mr temmeyers term in office. also, i think of the latest discussions on the international monetary system, the adequacy of the global financial safety net architecture, and the adequacy of the funds resources as highlights of mr temmeyers term. all of us attach great importance to a well - functioning and stable international monetary system. this, in my view, depends first of all on providing the proper incentives for all “ players ” to pursue sound policies, and the imf as the “ guardian of the international monetary system ” has a crucial role here. success of imf will depend on foresight, learning and self - critical attitude also in the future. the imf is at the core of the global financial safety net ( gfsn ). as the only truly global lender for countries in need. given the importance of trust in and the credibility of the gfsn, we should be careful about the fund ’ s characterization of the gfsn as “ fragmented ”. the wording suggests it to be “ broken ”, a view that we do not share. we see the gfsn as quite strong and not in need of repair or new coordination mechanism between the imf and other elements of the gfsn, including swap arrangements by central banks. we are also somewhat more cautious towards seeing the imf as an insurer or a “ fully comprehensive ” financier for countries. its monetary mandate, its unique financing structure, its preferred creditor status and its rich, but always limited resources provides it with strong “ muscles ” to fulf

. it is worth mentioning here the approval by the council of ministers of updating the aml law to fully comply with international requirements, especially with the assessment team ’ s recommendations stated in the assessment report on the kingdom. this is a clear sign of the government of the custodian of the two holy mosques ’ attention paid to compliance with combating money laundering and terrorism financing in line with international standards in this regards. dear audience, the international, regional and national combined efforts to combat money laundering and terrorism financing are stringent evidence of combating those crimes and the consequent bis central bankers ’ speeches economic, social and security risks they may cause. accordingly, the kingdom has supported efforts aimed at developing international frameworks capable of monitoring the global financial system to detect such offenses. the kingdom is one of the countries that participated in and called for the creation of the middle east and north africa financial action task force. it is still supporting all the efforts of the fatf and menafatf, whether through its permanent participation in work teams and supporting activities that enhance the work of the two entities or through its commitment to raise the level of its government organs, financial and non - financial institutions and making sure that its related laws are in line with the international requirements. in addition, it supports the imf ’ s technical assistance fund. ladies and gentlemen, to achieve our objective, we should work together to promote awareness of the gravity of such crimes and protect all segments of the society, its government organizations, and financial and non - financial institutions. in this aspect, i would like to refer to the recent fatf ’ s recommendations issued to strengthen the international efforts in the fight against this global scourge and make necessary adjustments to the systems and techniques of their detection and combating. on this occasion, i would like make reference to the results achieved by fatf, after reviewing and revising the recommendations. there is no doubt that the updated recommendations will enhance the level and methods of protection of the economic system against such type of crimes threatening it. in conclusion, i would like to express my thanks and gratitude for your respected group for its achievements accomplished during its short life, wishing you continued success. i thank the organizers for their efforts. i also welcome you again in the kingdom of saudi arabia and i hope that your meetings in this session will be a success. bis central bankers ’ speeches