understanding of sustainability issues, thus allowing for better coordination of efforts to address sustainability risks throughout the value chain. in conclusion, it is our fervent hope that with sustainability, an innovative and collaborative mindset, we can come to develop value - driven solutions and discover new avenues for synergistic collaboration. i believe that the line - up of expert contributors for this programme will 2 / 3 bis central bankers'speeches be able to provide delegates with insightful perspectives on best practices to lead the transition to sustainability. the network built today among delegates can continue and be built upon for future collaborative initiatives, either through a local platform by ibfim or internationally, through cisl. to end my remarks, i would like to share this quote by winston churchill, “ i never worry about action, but only inaction. ” with that, i wish all of you a productive programme. thank you. 1 industries most and least impacted by covid - 19 from a probability of default perspective – september 2020 update 2 covid - 19 to add as many as 150 million extreme poor by 2021 3 / 3 bis central bankers'speeches

stability facilitates their integration into the global financial system. they will also contribute to more transparent governance and effective fiscal administration. at the international level, there is renewed interest to review policies relating to banking secrecy and transparency, which are two of the factors identified to have contributed to the current financial meltdown. in this regard, the financial action task force ( fatf ) has initiated a study to assess the effectiveness of its policy tools in response to the current financial and economic crisis. the fatf is now identifying policy tools which may need further strengthening and evaluating whether new policy tools or responses may be needed to meet any new challenges. this is an opportunity for us to provide feedback to the fatf on its 40 + 9 recommendations, including implementation challenges. against this backdrop, the theme of this conference, “ strengthening vigilance during turbulent times ”, aptly describe what i believe should be considered by every institution during this challenging times. this is further supported by the key content of the sessions covering the critical issues to be deliberated by the stakeholders involved in aml / cft. ii. emerging trends and risks of money laundering and terrorism financing it is a permanent battle to put in place a robust aml / cft regime that could effectively deter and detect serious offence by removing the economic incentives attached to the crime. there will be continuous and sustained attempts to out - maneuver the aml / cft system. for this, let me share some thoughts with you on the second theme of this speech, which is on the emerging trends of money laundering and terrorism financing in this region. today, while the purpose and criminal intent remains unchanged, i. e., to disguise illegal proceeds as legitimate assets, the launderers are now using more complex structures and sophisticated methods to launder money and circumvent the preventive measures that has been put in place. allow me to share four examples as follows : 1. it is observed that instead of the simple structuring of transactions ( or smurfing ), recent cases have highlighted the increasing use of third parties to layer the proceeds of crime to distance them from its origins. the setting up of front shops and complex trust accounts using nominees are some of the common tools increasingly being used by the perpetrators ; 2. as reflected in the fatf strategic surveillance survey 2008, there is also an increasing trend of criminals leveraging on technology advancements to further their activities. for this, the use of internet banking, e - money, remittance