caroline abel : beneficial ownership guidance and training workshop for banks and other financial institutions welcoming remarks by ms caroline abel, governor of central bank of seychelles, at the beneficial ownership guidance and training workshop for banks and other financial institutions, beau vallon, 11 july 2024. * * * representatives of the regulatory authorities, facilitators from the eu global facility on aml / cft, participants, good morning. it gives me great pleasure to welcome you all to the fourth day of the week - long training workshop on enhancing beneficial ownership transparency - a topic of growing importance globally. as you know, a beneficial ownership law was one of two key pieces of legislation that came into force in august 2020. the enactment of the bo act and the aml / cft act was part of efforts to align the country's legal framework to international standards and protect the integrity of our financial system. while enacting these two laws marked a significant milestone, the commitment and collaborative approach of the relevant authorities and reporting entities to ensure their enforcement and effectiveness is even more critical. much has been done to date, but we must acknowledge that there are still areas for improvement. the beneficial ownership guidance and training workshop for targeted stakeholders demonstrates the ongoing commitment to implement the necessary measures and build capacity. at this juncture, i would like to commend the collaborative efforts of the respective teams from the financial intelligence unit, the financial services authority and the central bank - the three institutions mandated to ensure sectoral aml / cft supervision - for spearheading this week's training programme, with the invaluable technical assistance of expert facilitators from the european union's global facility on aml / cft. ladies and gentlemen many legal entities worldwide are trying to operate in secrecy, using complex and opaque ownership structures to facilitate illicit activities such as tax evasion, corruption, money laundering, and terrorism financing, highlighting the critical importance of beneficial ownership transparency. although geographically isolated, seychelles is as vulnerable to such risks as any jurisdiction, hence the need to build resilience and maintain the integrity of our financial system. effective customer due diligence to identify who ultimately owns, benefits from, or controls a legal entity or arrangement is vital to improving the assessment of potential risks and employing risk - based supervisory approaches. these efforts assist in 1 / 2 bis - central bankers'speeches detecting unusual or suspicious transactions, thus preventing our financial system from being used as a vehicle for illicit financial activities. beneficial ownership

the chair country. the president of the world bank and the managing director of the imf attend the g 20 meetings, thereby ensuring that the activities of the g 20 are integrated into the agenda of the bretton woods institutions where necessary. there are also other invitees to the g 20 meetings such as the oecd, undp and the regional development banks. why is the g 20 important? the g 20 can be seen as a watermark in international economic diplomacy in at least two ways. first, it is a major step forward from the old divisive style of global governance of the bretton woods system characterized by little communication and much acrimony between major developed ( g 8 ) who were largely seen as donors, and developing ( g 77 ) countries that were seen as the recipients of bilateral and multilateral aid. differences in perception remain, but there is now a paradigm shift in the donor - recipient equation, a better appreciation of each other ’ s viewpoint, and an emerging consensus on what increasingly appears to be an incipient new international order through g 20 reports and declarations to which both sets of countries are committed. this new style of international governance had been in the making for some time. the bigger emes, particularly the brics, 2 were growing at a much faster pace than oecd countries for a long time, and were becoming increasingly systemically important. it became clear that for any multilateral economic consultative process managing globalization to be effective, their inclusion in the process was imperative. even prior to the global crisis, the g 8 found it expedient to invite the big emerging economies – the g 5 ( brazil, india, china, mexico and south africa ) – to their summits as special invitees, but only to select sessions in what was termed the heligandamm process. the global financial crisis has simply underscored the need to associate major emerging economies in global economic governance. from being the sources of constant instability in the global economy, some of the larger emerging economies are now increasingly seen as nodes of stability and growth. the second factor that makes the g 20 unique is its attempt to coordinate the macroeconomic policies of systemically important economies to make them more effective in a world where national macroeconomic policy instruments are being blunted via rapid global integration through trade and financial markets. following its concerted and coordinated policy response to the crisis, the g 20 set about the task of addressing reform of the global economic and financial architecture, and