industry has taken active steps to promote robust controls to strengthen its resilience and prepare for increased transparency on beneficial ownership information and enhanced tax transparency. the private banking industry in singapore introduced a set of industry sound practices last year to provide guidance to private banks on the development and implementation of robust controls to detect and deter the proceeds of tax crimes. as most of you would know, the singapore trustees association has also issued similar guidelines for trust companies. we commend such industry initiatives and look forward to continue working in meaningful partnership with the industry. 26. competency building is also imperative in raising aml / cft standards amongst industry professionals. an effective aml / cft system cannot be solely the responsibility of compliance professionals or experts, but must be an integral part of the firm ’ s culture. besides the institute of banking and finance ( “ ibf ” ), certification providers like the international compliance training academy and the association of certified anti - money laundering specialists ( “ acams ” ) offer a suite of aml / cft courses and training programmes. such courses, where they are accredited by the ibf, are available for funding from the mas ’ financial sector development fund. so i would strongly encourage industry professionals to tap on the many resources and training avenues in order to increase knowledge and awareness of risks. bis central bankers ’ speeches conclusion 27. returning to the history of the origins of trusts. such arrangements could well have been phased out at that time if the law did not recognise them. when the crusaders returned, they often faced refusal for the return of their estate. such disputes had to be brought before the lord chancellor, who found in favour of the returning crusaders, and recognised such claims. 28. fortunately, trusts today are built on stronger foundations than the changeable favours of lord chancellors. the trust industry is based on and built on reliability and professionalism. mas partners with the industry, and will continue to do so, to further strengthen its reliability and resilience, by building a robust regime that is well - regulated, stable and trusted. this will continue to instil confidence in clients, and in our financial system. and this will keep us on the path of sustainable growth. 29. on this note, i wish all of you an engaging session and fruitful conference. thank you. bis central bankers ’ speeches

manuel sanchez : the european union ten years after the euro zone crisis remarks by mr manuel sanchez, deputy governor of the bank of mexico, at the national bank of poland conference on “ the future of the european economy ”, warsaw, 18 october 2012. * * * i am pleased to be with you today in the culturally vibrant city of warsaw, and to be a participant in this conference on the timely and important topic of the future of the european economy. i would like to thank president marek belka and the national bank of poland for the invitation to share my thoughts with you. the process of integration in europe has been long and quite remarkable, reflecting strong leadership and social consensus in favor of unity and cooperation. the process can also be considered an economic success on the basis of the expansion of trade, investment, and growth resulting from the reduction of barriers to international transactions. furthermore, the current stage of economic and monetary union in the eu shows additional economic benefits accruing to its members as a result of the elimination of transaction costs related to currency exchange in the area, the efforts by member countries to comply with the convergence criteria, and the price stability attained. notwithstanding this progress, the ongoing crisis has revealed crucial deficiencies in the design and operation of the emu, engendering prolonged financial instability and casting doubts on its viability. the identified weaknesses have called for policy measures whose effectiveness will, to a large extent, determine the future of the monetary union. given the importance of the emu to the eu, in what follows, i will focus my comments on what i believe are the key policy issues in the euro zone, the opportunities for the central and eastern european countries, and the impact on the world economy. as always, my comments are my own responsibility and do not necessarily reflect the views of the bank of mexico or its governing board. policy challenges and the future of the emu one of the most urgent policy tasks in the emu is the end of the negative feedback loop between unsustainable public - debt paths and the weak conditions in the banking system prevailing in many countries. to this end, fragile banks must be recapitalized by the private sector which, exceptionally, may imply supplementary backing by corresponding national governments. such a step requires an assessment of the “ true value ” of public - sector debt on the banks ’ balance sheets. efforts towards fiscal consolidation demand, in many instances, substantial corrections of primary deficits that have resulted from previous stimulus measures, automatic stabilization