levels. increased investment and recovering consumption ensured that the baltic economies recovered swiftly from the pandemic shock, with gdp growth in 2021 outperforming most of the previous forecasts. despite the pandemics, before the russian invasion into ukraine, lithuania was on the path of growth and the long - term economic transformation of digitisation and sustainability. in these unprecedented times we must stay on this path. no matter the current uncertainty, we need to ensure that investment directed towards our long - term goals continues. a consistent and speedy implementation of the rrf plans geared towards climate and digital transitions remains crucial. the war in ukraine highlighted the importance of energy independence. investing into developing renewable energy sources not only reduces geopolitical energy vulnerability ; large - scale and ambitious green investment programmes also help offset the negative effects of automation – the loss of jobs and growing regional inequalities. cheaper and more available green energy also contributes towards meeting our co2 emission targets. despite this opportunity appearing in such a tragic circumstance of war, policymakers cannot afford to miss the move - away from fossil fuels by directing public funds that are available towards expanding the renewables sector. public investment will provide a spark, but we need a financial system that is financing climate - friendly investment to keep the engine running. fostering such a sustainability - minded financial system is an increasingly important topic for central banks. one of the strategic goals of the bank of lithuania is management of climate related risks. we monitor our own institutional carbon footprint and manage our own investment portfolio according to sustainable investment principles. we also established a new centre for financial market development just before the outbreak of the war and were preparing to open a centre for green finance in hopes of increasing opportunities to attract resources for lithuanian firms considering green investments. dear colleagues, to conclude, as the well - known saying goes, “ good times don't last, and bad times don't stay forever ”. planning and investing today in preparation for those good times to come is more important than ever. it is therefore a great honour to open this investments in the baltics conference in webinar format. i look forward to the upcoming discussions and presentations. thank you.

abdulrahman a al - hamidy : compliance and anti - money laundering speech by his excellency dr abdulrahman a al - hamidy, vice governor of the saudi arabian monetary agency ( sama ), to the fifth annual gathering on “ compliance and anti - money laundering ”, saudi arabian monetary agency, institute of banking, riyadh, 26 – 27 march 2013. * * * dear audience, it gives me pleasure to welcome you all, and i would like to thank those who have participated in the preparation for this gathering. i also would like to extend my thanks to the colleagues at the institute of banking and the speakers to this gathering. dear audience, the continued holding of this gathering for the fifth year confirms the firm conviction held by all of us of the risks that the crime of money laundering poses to the global economy. it also reflects the kingdom ’ s commitment to combat money laundering, and its support of the measures taken against it, and the implementation of the best international practices in this field. the discussion of this gathering derives its importance from the increasing trend towards globalization, easing restrictions on international cross - border movement of commodities and services and the revolution of communication and information technology. dear audience, money laundering operations have witnessed a quantum leap at the global level over the last years. this was reflected in the various and diversified methods used in their implementation, expanding the volume this type of crime. developed and developing countries suffer from this crime. however, such crimes are more common in counties that have weak security, or suffer from weak economy and weak judicial and supervisory systems. among the most prominent negative effects of this phenomenon is the flight of money abroad, with production losing its most important element, namely, capital, hindering production of goods and services, raising unemployment and reducing savings. as a result, investors lose confidence in the economic system and the legislation governing it, creating an anti - investment environment. all this will be reflected on economic growth and the standard of living of society. money laundering may also result in the availability of liquidity in quantities not commensurate with the increase in production of goods and services, thus increasing inflation and decreasing the purchasing power of the currency. money laundering affects the country ’ s position and its reputation among international bodies, and may give misleading economic indicators. from the social point of view, it is significantly dangerous as it leads to non - productive classes acquiring illegal proceeds at the expense of productive classes, increasing the gap between social classes. moreover,