. it is worth mentioning here the approval by the council of ministers of updating the aml law to fully comply with international requirements, especially with the assessment team ’ s recommendations stated in the assessment report on the kingdom. this is a clear sign of the government of the custodian of the two holy mosques ’ attention paid to compliance with combating money laundering and terrorism financing in line with international standards in this regards. dear audience, the international, regional and national combined efforts to combat money laundering and terrorism financing are stringent evidence of combating those crimes and the consequent bis central bankers ’ speeches economic, social and security risks they may cause. accordingly, the kingdom has supported efforts aimed at developing international frameworks capable of monitoring the global financial system to detect such offenses. the kingdom is one of the countries that participated in and called for the creation of the middle east and north africa financial action task force. it is still supporting all the efforts of the fatf and menafatf, whether through its permanent participation in work teams and supporting activities that enhance the work of the two entities or through its commitment to raise the level of its government organs, financial and non - financial institutions and making sure that its related laws are in line with the international requirements. in addition, it supports the imf ’ s technical assistance fund. ladies and gentlemen, to achieve our objective, we should work together to promote awareness of the gravity of such crimes and protect all segments of the society, its government organizations, and financial and non - financial institutions. in this aspect, i would like to refer to the recent fatf ’ s recommendations issued to strengthen the international efforts in the fight against this global scourge and make necessary adjustments to the systems and techniques of their detection and combating. on this occasion, i would like make reference to the results achieved by fatf, after reviewing and revising the recommendations. there is no doubt that the updated recommendations will enhance the level and methods of protection of the economic system against such type of crimes threatening it. in conclusion, i would like to express my thanks and gratitude for your respected group for its achievements accomplished during its short life, wishing you continued success. i thank the organizers for their efforts. i also welcome you again in the kingdom of saudi arabia and i hope that your meetings in this session will be a success. bis central bankers ’ speeches

equity in australia. the majority of this decline reflects valuation effects, rather than a marked decline or compositional change in net inflows of equity capital. notably, australian non - financial firms have continued to receive equity inflows, while australian superannuation funds have continued to accumulate ( large ) holdings of foreign equities. the change in the composition of the stock of foreign liabilities has had a noticeable impact on the net income deficit, which is the part of the current account deficit that measures the net cost of servicing these liabilities. the net income deficit has recently declined to around its lowest share of gdp in a number of decades. in part, this reflects the lower yields on government debt than on debt issued by the banking sector as well as the historically low level of interest rates both locally and globally at the moment. 8 debelle g ( 2014 ), “ the australian bond market ”, speech to the economic society of australia, canberra, 15 april. these developments are discussed in ma s ( forthcoming ), “ why has the net income deficit narrowed? ”, rba bulletin, june. bis central bankers ’ speeches the outlook for capital flows given that changes in gross inflows to the banking, resources and government sectors have had a significant influence on changes in the composition of australian capital inflows over recent years, it is worth considering what factors might affect these flows in the future. in terms of the banking sector, it seems unlikely that the pattern of capital flows will change materially any time soon. the banks are likely to continue with little net debt issuance in the period ahead ; that is, only issuing enough debt to replace that maturing. to the extent that investment in the non - resources sector is more likely to be intermediated by the banking sector than resources sector investment, the rba ’ s forecast pick - up in investment in the non - resources sector might see some pick - up in business credit from its current low rate of growth. even so, this would not require much of an increase in wholesale debt issuance given that deposit growth continues to outstrip lending growth by a few percentage points. turning to the resources sector, the investment phase of the resource boom has peaked, and a number of resource projects are moving into the production phase. as foreign investors have played a large part in the financing of this investment, a move to the production phase should result in reduced capital inflows. at the same time, the increase in resource export volumes