digital transformation of mauritius. it is likely that such a transformation will increase the scope for criminals to exploit vulnerabilities of such systems and commit cyber - attacks and frauds. appropriate safeguards, controls and risk mitigating measures must therefore be implemented to identify, mitigate and manage the associated risks. earlier this year, in the height of the pandemic, the fatf encouraged financial institutions to make appropriate use of financial technology such as digital or contactless payments and digital onboarding to facilitate the delivery of banking and financial services in response to the pandemic while mitigating money - laundering and terrorist financing risks. the fatf further proposed a range of measures to enable financial institutions to use a riskbased approach to their customer due diligence, including rolling out responsible digital identity and other innovative solutions for identifying customers at onboarding and while conducting transactions. to this end, i ’ m pleased to inform you the bank has been very proactive and has already embarked on the process of developing a centralized e - kyc platform. this project will facilitate the verification of the identity and will help enhancing kyc control across various segments of activities in the country. the platform will equally have access the national infohighway for the validation of the kyc information. ladies and gentlemen, in light with emerging technology and new practices, reporting institutions must accelerate efforts to further expand and develop their aml / cft toolkit to deal with new and emerging risks i therefore take this opportunity to stress that your role as mlros is to continuously be kept abreast of the digital risks and developments. you can only expect your duties and 6 / 7 bis central bankers'speeches responsibilities to grow. this is why attending such workshops is fundamental. this workshop is part of a series of training and outreach programmes aimed at enhancing the skills of our licensees. targeted outreach programmes such as this one will promote clear understanding of money laundering and terrorism financing risk. our aim is to promote strong aml / cft measures which are imperative in protecting mauritius as a leading international financial centre, recognised for its socio - economic stability, good governance and strong institutions. the responsibility vested on us is a huge one, and first and foremost a collective one. the fight against money laundering and the terrorism financing must be a concern to us all. this fight may only be won if all relevant stakeholders work together in addressing the common cause. proper coordination and exchange of information among domestic and international authorities remains a critical point for

these companies maintained secondary listings on the jse securities exchange south africa ( jse ), and their market capitalisation on the jse actually increased from r126 billion in 1997 to r471 billion in 2003. over this same period foreign financial institutions were encouraged to conduct business in south africa by the creation of a level playing field between local and foreign service providers. the regulatory authorities also actively encouraged the development of appropriate clearing, settlement, ownership - transfer and market information systems and insisted on proper intra - market and crossmarket risk management systems, including capital adequacy requirements for market participants. the operations of the financial markets in south africa were improved considerably to bring them in line with international standards. in 1996 bond trading was shifted from the jse to the bond exchange of south africa. this led to a substantial rise in the turnover in the secondary bond market from r2 trillion in 1995 to nearly r12 trillion in 2003. improvements to the jse included the electronic clearing and rolling contractual settlement, the dematerialisation of equity scrip and the implementation of an electronic trading system. the value of shares traded on the jse increased from r62 billion in 1994 to r752 billion in 2003. an important further development since 1994 has been the importance attached to the provision of access to finance and banking activities to small, medium and micro enterprises and underbanked communities. this challenge has been accepted with due recognition of the regulatory objective of achieving a high degree of economic efficiency and consumer protection in the economy. this requires an approach that introduces changes to achieve greater participation in banking while financial stability is maintained at the same time. developments in the regulatory framework of south africa ’ s financial markets during the past years have been aimed at addressing empowerment issues. for this purpose, the financial sector has developed a financial sector black economic empowerment charter to promote increased black ownership of and access to financial institutions. this charter, which was made public on 17 october 2003, sets out targets that will be pursued up to december 2014 regarding, among other things, investment in human resource development ; a procurement policy that favours accredited black economic empowerment companies ; improved delivery of and access to financial services to a greater segment of the low - income population ; the mobilisation of resources for empowerment financing ; increased direct black ownership at the holding company level ; the encouragement of shareholder activism in promoting the objectives of the charter ; and directing a percentage of after - tax operating profits to corporate social investment aimed at education, training and job