##ters via an amendment to the central bank act. in other countries, money remitters have been a major source of money laundering. an effective licensing and supervisory regime for money remitters is being developed and is expected to be implemented by june 2010. moreover, ( as indicated by the minister of national security ), parliament approved three key money - laundering legislations in october 2009. prior to this legislation, the centre - piece of our money - laundering framework for financial institutions was the bank ’ s aml / cft guidelines, which were based on the fatf 40 + 9 recommendations, but, which did not have the force of law and carried no sanctions. the central bank, however, conducted assessments of compliance with these guidelines, as part of our onsite examinations among banks and insurance companies. in general, the report card coming out of these assessments have been mixed. among the banking system, for example, the foreign banks are seen to have fairly sophisticated aml systems since they need to meet their head - office standards. in general, the local banking institutions have less robust aml systems, though it is fair to say, that they have been working hard to strengthen these arrangements. unfortunately, the insurance sector, as a whole, has not seen money laundering as a major challenge, largely because, some argue, they receive payment mostly by cheques, which are drawn on banks, and which themselves are subject to money laundering procedures. the fact is however, that many insurance intermediaries deal in cash ( for example, in collecting insurance premiums ) and herein lies one potential source of money laundering. the passage of the three key pieces of anti - money laundering legislation in october 2009 – the proceeds of crime amendment act, the financial intelligence unit of trinidad and tobago act and the financial obligations regulations – is intended to serve as a catalyst for a major upgrade of the country ’ s aml systems. this legislative package has brought trinidad and tobago more in line with fatf ’ s 40 + 9 recommendations for anti - money laundering and the combating of the financing of terrorism ( aml / cft ). one of the key provisions of the new legislation is the establishment of the financial intelligence unit. this unit will be responsible for the collection of financial intelligence and information and for the analysis and distribution of such information to our local law enforcement agencies, financial institutions and businesses in trinidad and tobago. the fourth and final piece of the legislative package, the anti - terrorist amendment bill is expected

caleb m fundanga : the role of professionals in economic development remarks by mr caleb m fundanga, governor of the bank of zambia, at the annual national development conference of the zambia institute for policy analysis and research, lusaka, 28 november 2009. * * * hon minister of finance and national planning, dr situmbeko musokotwane the permanent secretary budget and economic affairs, mr emmanuel ngulube zipar executive director a€ “ mwilola imakando distinguished guests, members of the press ladies and gentlemen, it is indeed a pleasure for me to be invited to this very important gathering to give a scope of the conference. the central theme of my address today is the role that professionals are expected to play in economic development in general and in the provision of public goods and services in particular. you will agree with me that the levels of professionalism in our country has somewhat declined in the recent past. nowadays, it is not rare to hear of corrupt practices and unethical conduct in the both the public and private sectors. this has no doubt compromised professionalism. ladies and gentlemen, as you are aware, professionalism entails possessing specialist knowledge and following a standard of conduct based on ethics that govern the use of this knowledge when providing a service to the public. professionals provide essential and valuable services to any society. it is for this reason that the public depend on them more and more as economies advance. therefore, professional status is an implied social contract to provide a service over and above normal duties. in this regard, a professional is viewed as one who carries additional moral responsibility and is honest, objective, impartial and with high integrity. mr chairman, the importance of a professional civil service in zambia cannot be overemphasised. if we are to succeed economically as well as socially, we need to demonstrate appropriate levels of professionalism. a professional is open to views of others and are objective and their decisions are made in the best interest of the country. as professional in zambia we need to evaluate our performance and aim to constantly improve. we need to see ourselves as part of the solution rather than the problem. further, it is important to realise that civil service is a key component of government as it supports the formulation and implementation of government policies and service delivery to the public. a professional civil service also ensures that government objectives and goals are achieved in an effective and efficient manner thus assuring confidence to the public. in order to carry out their duties, professionals need