, and for their contribution in preparing and organizing joint conferences, seminars and training programs. one of the essential outcomes resulting form this liaison is the participation of ( soca ) officials in the third annual conference of your esteemed committee in al - aqah, fujairah on 27th & 28th december 2005, which addressed : " the transfer of currencies thorough land, sea, and air borders of the uae. ( soca ) officials have also attended the joint seminar between the uae and the uk regarding : " encountering money laundering " which was held on 16th & 18th march 2006 at the central bank in abu dhabi, during which a memorandum of understanding has been signed between the anti - money laundering & suspicious cases unit at the central bank and the serious organized crimes agency ( soca ). your excellencies, ladies & gentlemen, the uae attaches great importance to the issue of international and regional cooperation. one of our priorities is to familiarize officials at the competent authorities in the uae with the experiences and techniques applied by friendly countries in the area of combating money laundering and terrorist financing. my fellow members of the national anti - money laundering committee are doing a remarkable and important job in this respect. ladies & gentlemen, during today's joint seminar, which is attended by the executive director of the serious organized crimes agency ( soca ) and the accompanying delegation, members of the committee shall present working papers focusing on the regulations and measures for combating money laundering, terrorist financing and financial crimes in general, covering all sectors of financial, economic and security activities in the uae. these working papers will underscore uae efforts, highlight the legal frameworks and practical applications by the competent authorities in the uae, and illustrate the achievements made so far by the uae in this respect. officials from the serious organized crimes agency ( soca ) shall also present a working paper on the new measures applied in the uk for combating money laundering and terrorist financing. ladies & gentlemen, the topics which would be addressed during today's seminar reflect the determination of both the uae and the uk to enhance and consolidate cooperation & coordination between the two countries and with the international community, contribute to the international efforts aimed at combating money laundering and terrorist financing, and assume an effective role in this domain. in conclusion, i would like to wish success to all participants. thank you for your attention.

choongsoo kim : time for a new central banking paradigm speech by mr choongsoo kim, governor of the bank of korea, at the 2010 annual bank of korea international conference, seoul, 31 may 2010. * * * honorable fellow governors, excellencies, distinguished guests, ladies and gentlemen, it is a great pleasure for me to welcome you to the 2010 bank of korea international conference, which is also being held in celebration of our bank ’ s 60th anniversary. i wish to express my profound appreciation to all of you for attending. let me also take this opportunity to express particular gratitude to our esteemed speakers, presenters and discussants, and to our conference orgaruzers. the theme that we have selected for this year ’ s conference is the changing role of central banks. this is one of the most critical issues that the recent global financial crisis has led us to consider. the global financial crisis and changing beliefs the recent global crisis has shaken many of our beliefs about economics and economic policy. prior to the crisis, many of us talked about the so - called “ great moderation, ” believing that macroeconomic volatility had declined substantially in most advanced economies over the past two decades. the declines in volatility of output and inflation were regarded as a remarkable economic achievement, which we attributed to improvements in macroeconomic, including monetary, policy. many of us also assumed that risk management at financial institutions had improved greatly. but now we feel differently. occurring as it did in such an optimistic environment, the sudden outbreak of the crisis has very seriously challenged our confidence in macroeconomic management and financial regulation. it has motivated us to carefully evaluate what went wrong, and what we must do to avoid any future recurrence of such a destructive calamity. the crisis has also directed attention to a number of particularly salient issues for central banks, among them new challenges for monetary policy, the central bank ’ s role in financial stability, and management of volatile capital flows. i would like to discuss these issues a bit more now. challenges for monetary policy first of all, bitter controversy over several key components of monetary policy has arisen, out of central banks ’ dealing with the crisis. central banks ’ monetary policies have of course evolved over the years. in the mid - 1970s, a large number of advanced economies adopted monetary targeting, to address the high inflation at that time. as the relationship between the monetary aggregates and inflation subsequently grew less stable, however, monetary targeting