debate. from this perspective, it is important to continue to actively participate in international discussions and to raise asian voices through frameworks such as the g20. as i mentioned, climate change is an area that requires asia's active contribution. addressing climate change risk requires a global effort. but, as a region that would be greatly affected by increases in natural disasters, rising sea levels, and damage to agricultural and fishery industry, this is a much more urgent issue for asia. at the same time, in step with economic growth, carbon dioxide emissions in asia have increased rapidly, and counted for more than half of total global emissions in 2017. 7 it is important to collaborate within the region and with the global community, by for example actively encouraging the introduction and sharing of environment - friendly technologies. how to take advantage of digital transformation is another area that asia could play a leading role in the global discussion. many asian countries including china, india and japan are key innovators and manufacturers of digital technology. if countries in the region can coordinate their digital supply chains, the synergies would be significant. from another perspective, most asian countries face intractable demographic dilemmas. in much of east asia, fertility has dropped below replacement rates, populations are aging, and workforces declining. laborsaving technology can help mitigate this demographic challenge and should improve the productivity of east asian countries. conclusion let me conclude. the globalization that led the development of the global economy after 6 portland, " the soft power 30, " 2019. 7 global carbon project, " global carbon budget 2018. " world war ii has slowed recently. countries have become more inward oriented, and this change has become a major headwind for cross - border financial and economic activities. on the other hand, multilateral efforts are indispensable in tackling many issues ranging from trade to climate change. asia is one of the regions that has benefited most from post - war financial and economic globalization. in this age of uncertainty, the search for a new " global order " continues. this brings both challenges and opportunities for the asian region, and expectations for the region to contribute to the global debate are high. to that end, it is important for asia to promote further intraregional collaboration based on mutual understanding and respect. strengthening the bond within asia will enable the region to contribute to solving global issues. based on my many years of working with colleagues in asia, i am confident that the asian century will certainly come. thank you for

michael held : the first line of defense and financial crime keynote address by mr michael held, executive vice president of the legal group of the federal reserve bank of new york, at the 1lod summit, new york city, 2 april 2019. * * * as prepared for delivery good morning. it ’ s an honor to join you at the 1lod summit. as always, the views i express today are my own, not necessarily those of the federal reserve bank of new york or the federal reserve system. 1 introduction i ’ m very grateful for the return invitation. i have to be honest with you, though. when paul approached me to speak again this year, i was wary. what would you all think of having to listen to me again? the phrase “ cruel and unusual punishment ” came to mind. then i was reminded of an old joke. to paraphrase w. c. fields : first prize, one held speech. second prize, two held speeches. that ’ s a much more pleasant way to think of a return engagement. so congratulations on second prize. i really do appreciate this opportunity for two reasons. first, i want to express again my support for risk managers in the first line of defense. supervisors and the industry are often on opposite sides of the table — or opposite sides of the “ v., ” as they say in my line of work. but, in many instances, our goals are shared. “ safety and soundness ” — the guiding principle of microprudential supervision — is a shared objective, even if supervisors and the industry sometimes disagree how the concept applies to particular facts. i think we can agree that your work as first - line risk managers promotes safe and sound operations within your organizations. so let me begin with my thanks for your continuing efforts. second, there are some things that i would like to get off of my chest. my topic this morning is financial crime — more specifically, crime that converts and corrupts the payment system to achieve its ends. this includes theft, fraud, money laundering, sanctions evasion, bribery, kleptocracy, cyber - terrorism, and electronic sabotage. combatting financial crime should not be an issue that finds supervisors and industry on opposite sides of the “ v. ” it is in everyone ’ s interest — supervisors and their public constituents ; the industry and its customers — to keep crime and the proceeds of crime out of the payment system. of course, no one is perfect.