law. law enforcement agencies are overwhelmed by the sheer size and sophistication that criminals are now employing to perpetrate their illegal deeds. the efforts on crime prevention are now compounded by globalization that has created what one may say is a global economy in which organized crime groups and individuals can and do generate huge sums of money. money laundering is therefore a global problem which requires a concerted global response. in order to protect our respective financial systems from the destabilizing effects of crime and money laundering, it is imperative that we act and respond to this scourge with unmatched resolve and commitment to combating it. everybody has, therefore, a responsibility to combat money laundering, because its negative impact has a unique way of creating far ranging negative consequences. the financial sector, in particular the banking sector, more than any sectors, needs to operate in a crime and money laundering free environments. we all know that banks deal with other people ’ s money and therefore rely heavily on reputation for integrity. without the public confidence from the law abiding citizenry it would be difficult for financial institutions to conduct business in the form they do now. it is also conceivable that money laundering, if perpetrated on a high scale, would complicate the ability of financial institutions to manage their operations and risks. another consequence of money laundering on a grand scale is that it may erode the effectiveness and management of monetary policy, because of its potential of changing the demand for cash in the economy. money laundering is also bad for the economy and development in that it undermines legitimate business, competition and reduces the tax revenue to national authorities as launderers would be operating underground outside the tax net. the combating of money laundering presupposes the existence of capacity and resources at national level. in many of developing countries, this is a real challenge in that there are competing demands with regards to the utilization of scarce resources. the scarcity of resources is more critical in the law enforcement spheres, since most national jurisdictions have less than efficient law enforcement agencies which are in most cases overwhelmed by the demands to enforce other national laws. in conclusion, i would like to urge members of the public to look out for information on combating money laundering, starting next week. i look forward to everyone ’ s participation in effectively combating money laundering. i thank you for your attention.

amongst others. but it was the financial crisis that began in 2007 and its tremendous consequences that brought the theme of corporate governance to the forefront of public policy, including in regulatory terms, in the most affected countries and the european union. without analysing the causes of the crisis – which are numerous – it can be argued that it is widely accepted that one of the factors that caused and exacerbated it was the abject failure of the financial institutions ’ internal governance models. the crisis occurring made clear everything that had been suggested by the theory : banking activity is so particular in comparison to non - financial corporations that it is essential to give it specific rules of governance. 1 / 4 bis central bankers'speeches the security of funds entrusted to the banks demands that they are managed in a sound and prudent way in order to preserve the confidence of depositors, customers and investors, thus maintaining financial stability. this is why the manner in which these institutions manage their business is crucial to guaranteeing a model of sustainable economic growth. banks ’ management problems – and the isolated case of a single bank is enough – harbour high risks to financial stability that, should they materialise, can infect other banks and, in the last instance, seriously affect the financing of the economy, as the financial crisis well demonstrated. this therefore makes the theme of banks ’ internal governance very relevant. 3. internal governance is the system of organising the duties, responsibilities, reporting and control lines in the financial institutions that support the management and business model. the management and supervisory boards take on particular importance in the internal governance of financial institutions, as do the holders of essential roles that, inter alia, correspond to those responsible for the areas of risk management, compliance and internal audit. this includes the following : 1. the decision - making process that allows the definition, at any time, of the way in which the interests of the banks ’ various stakeholders, internal and external, should be combined ; 2. the definition of a strategy to promote the pursuit of these interests that do not always coincide ; and 3. the concrete operationalisation of the strategy concerned. the existence of a plurality of interests – of depositors, bond holders, customers, employees, shareholders and even managers themselves – inevitably mean there are conflicts. a good system of corporate governance naturally means that the issues mentioned are resolved suitably : management of conflicts of interest and mitigation of information asymmetries. allowing us to realise the importance of corporate governance :