##s, and real interest rates. from the chart, we can see that inflation expectations in terms of the bei rate started to rise following the introduction of qqe. this will reduce real interest rates, leading to a rise in asset prices, a decrease in the yen ’ s exchange rate, and an expansion in employment and production through an increase in business fixed investment and consumption of durable goods, and consequently economic recovery. iv. my views on criticisms against qqe as i have explained, qqe has somehow managed to support economic recovery. there is a theoretical basis for this, but even so, criticism against this policy has not subsided. let me first introduce a general criticism. many people do not feel that the economy is recovering. indeed, only about 10 percent of respondents answered that economic conditions have improved in the bank ’ s survey. chart 10 shows the trend in responses to the question : “ how do you think economic conditions have changed compared with one year ago? ” here, 10 percent is by no means low. even at its peak before the lehman shock, the ratio was only at around 20 percent. considering the effects of the consumption tax hike in fiscal 2014, it will take time before people begin to feel more strongly that economic conditions are improving. criticisms against monetary policy are as follows. exports have not grown even after the introduction of qqe. it is true that exports had been sluggish at the time of the introduction. however, this was due to the shift of japanese firms ’ production sites to overseas that was brought about by the fact that no measures were taken to deal with the appreciation of the yen after the lehman shock. even though the yen has depreciated, it takes time to shift production sites back to japan. if a monetary easing policy like the one that is now in place had been adopted immediately following the lehman shock, i think that this situation could have been avoided. meanwhile, revenue from inbound tourism, which is part of service exports, has grown by a considerable degree. such revenue, which was 1. 2 trillion yen in 2012, rose to 1. 5 trillion yen in 2013 and nearly 2. 0 trillion yen in 2014, and already has exceeded 2. 0 trillion yen in the january - august period of 2015. it takes time to shift production sites back to japan, but tourism is apparently an industry that can respond quickly. however, it is necessary to make additional investment, such as in hotels, in order to continue attracting

been an increase in the number of operators of dubious financial background who move from country to country taking advantage of gullible governments and private individuals and entities. their intention is to defraud governments and people by convincing them to accept and / or invest in get - rich - quick projects that are later proven to be just pure scams. i should mention that we have come across a wide range of scams in the past, some of which have been repeated in several countries by different or most probably, the same operators. in the event, sharing of information about such experiences would benefit us all in our efforts to protect our financial system, not to mention our people, from such abuses. the features of scams touted around the pacific are mostly similar, except a few cosmetic variations in some cases. usually, substantial benefits are promised by the get - rich - quick operators in return for payments made by the victims or some contingent liabilities accepted by governments and private individuals up front. let me state some examples for your reference : i. letters of guarantee ii. a loan for indigenous development iii. a loan to a private company iv. sale of passports v. the nigerian scam vi. lottery winnings ( the last two on the list have come up quite often through the internet and email messages. ) capacity building let me end with a word on capacity building. we can have the best laws to combat money laundering, the best system to prosecute the offenders but if we lack the human capacity to implement them, then our efforts will be in vain. hence, building local capacity must therefore be at the forefront of our efforts. the same concern applies to npos. that is, building capacities within the structures of our npos to be able to identify suspicious transactions and reporting them to the money laundering prevention authority ( mlpa ) is an important feature of samoa ’ s anti - money laundering and countering terrorist financing activities regime. i understand that the mcil may need to incorporate in its existing legislation some requirements for npos to comply with anti - money laundering measures and requirements. some key requirements would include proper customer identification. that is, the npos must have a good understanding of who their customers are and their sources of funds as well as the purpose of conducting financial transactions through or with them. another important requirement relate to the proper keeping of books and records that would assist any investigation that may involve information or records of npos. conclusion in concluding, i should reiterate that it is