anselmo l s teng : anti - money laundering in financial supervision opening speech by mr anselmo l s teng, chairman of the monetary authority of macao, at the financial sector aml / cft seminar, macao, 19 july 2007. * * * dear delegates, ladies and gentlemen, today, we are holding a macao financial sector aml / cft seminar which carries the main theme “ aml in financial supervision ”. on behalf of the monetary authority of macao, i wish to extend my heartfelt welcome to all guest speakers, particularly, acting assistant commissioner of insurance ms. carol hui, superintendent mr. ma ping - yiu of hong kong police, nacrotics bureau, senior manager of securities and futures commission of hong kong, ms linda yiu. at the same time, i sincerely welcome our honoured guests, particularly mr. ip who represents the president of macao association of banks, mr. si chairman of macao insurers ’ association, mr. lam the vice - chairman of macao money changers association, mr. tou chairman of macau insurance agents and brokers association, mr. ip chairman of federation of macau professional insurance intermediaries, mr. ng chairman of association of macau financial employees, and representatives from financial sector and colleagues from related agencies of the sar government! in tandem with global economic and social development and the increasing openness and communication between countries and territories, money laundering has become an important channel for income reaped by perpetrators of crimes involving drug trafficking, smuggling, graft and fraud. on the other hand, the burgeoning terrorism is posing serious threat to peace, security and social order. at the moment, money laundering and financing terrorism activities have become a pandemic which threatens the integrity of the civilized world. how efficiently and effectively can we proceed with our aml / cft work? it has become a deciding factor universally when comes to securing the steady development of our community and global economy. as we are all aware, macao is a highly open economic system in asia - pacific. the rapid growth in overall economy and financial industry has accelerated its linkage with other economic and financial systems in a more extensive and intimate manner. such stimulation prompted further local economic growth but at the same time increase our exposure to more risks arising from new money laundering and financing of terrorism activities. in the face of the threats, the sar government relentlessly adopts preventive and punitive measures to

enterprises ( all industries ). source : bank of japan. chart 10 iii. financial conditions surrounding firms and the bank's conduct of monetary policy financial conditions firms'financial positions ( tankan ) lending attitudes of financial institutions as perceived by firms ( tankan ) di ( " easy " - " tight " ), % points - 10 - 20 large enterprises in all industries small enterprises in all industries - 30 - 40 cy 08 small enterprises in face - to - face services industry di ( " accommodative " - " severe " ), % points - 10 large enterprises in all industries small enterprises in all industries - 20 - 30 cy 08 small enterprises in face - to - face services industry note : figures for small enterprises in the face - to - face services industry are the weighted averages of the di for retailing, transport & postal activities, services for individuals, and accommodations, eating & drinking services. source : bank of japan. chart 11 iii. financial conditions surrounding firms and the bank's conduct of monetary policy the bank's cpi forecasts y / y % chg. fy 2022 + 0. 9 % fy 2023 + 1. 0 % fy 2021 + 0. 0 % - 1 - 2 cy15 note : figures are the cpi ( all items less fresh food ) excluding the direct effects of the consumption tax hike in april 2014. percentage figures indicate the medians of the policy board members'forecasts ( point estimates ) presented in the october 2021 outlook report. sources : ministry of internal affairs and communications ; bank of japan. 11■