comply with the new international standards on antimoney laundering issued by the financial action task force ( the fatf ). this pressure will be filtered down to individual financial institutions, businesses, and government agencies to implement measures to meet the revised international standards. next year will be critical for fiji in this area. the reserve bank, the fiu together with the national anti - money laundering council will look at how we can adopt the revised requirements of the international standards. we will be relying on the private sector to assist us. the private sector ’ s contribution in conducting a national risk assessment will be critical. bis central bankers ’ speeches international scrutiny 2015 ladies and gentlemen, with international obligations, comes international scrutiny. an assessment of fiji ’ s anti - money laundering framework is scheduled for 2015. a review team of various experts will be visiting us, and to assess how effective we are with our efforts to comply with the international standards on anti - money laundering. this will be quite a comprehensive review. each of us, the private sector, regulatory authorities, law enforcement authorities, and many other departments and agencies of the fijian government will need to show that fiji remains a committed global partner in the fight against money laundering. we need to send a clear message that fiji ’ s financial system remains safe and we are taking all necessary measures to make life difficult for criminals to launder their proceeds of crime. last year in 2012, we had five successful money laundering cases. capacity building and training for our law enforcement officials remains a priority. fiji ’ s national coordinating body, the national anti - money laundering council, has embarked on a review of our existing aml measures that is expected to identify gaps in all the key areas, such as, customer due diligence and suspicious transaction reporting requirements, investigation and prosecution of money laundering offences, tracing proceeds of crime and gaps in networking and information exchange. a strong compliance by fiji would mean that our financial system is well regulated and is safe and sound. this will lead to more investor confidence and strengthen the reputation of fiji ’ s financial system. it will also mean that we are ready to investigate sophisticated financial crimes, such as, fraud and corruption. forfeiture of criminal and unexplained wealth would take us closer to a crime - free and corruption - free fiji. therefore, compliance with the international anti - money laundering standards is not optional. it is vital for the economic welfare of fiji. collaboration this conference also discussed the need for collaboration and networking and how it

has contributed towards building an effective anti - money laundering environment in fiji. collaboration with our international and domestic partners is vital in combating money laundering. it is through collaboration we can find many opportunities for sharing knowledge and expertise. collaboration between the private sector and law enforcement authorities is vital for the purpose of investigating money laundering. inter - government agency collaboration is also needed to prevent overlapping and contradicting regulatory requirements. collaboration with foreign counterparts and partners enables synergy in roles and functions. conclusion in concluding, let me say that the reserve bank of fiji is pleased to have been able to support and sponsor the national anti - money laundering conference in the last 4 years. together, we will continue to fight money laundering, fraud, corruption and other crimes in fiji. i take this opportunity to express our sincere appreciation to our chief guest, the director of public prosecutions, and mr christopher pryde. our gratitude also goes to madam nazhat shameem for her support and contribution to this conference and past conferences. bis central bankers ’ speeches also, to our other distinguished speakers and panellists for sharing their insights and knowledge on this very important topic of “ detecting money - laundering ”. i thank fiu director buksh and his team for putting together this event. finally, i thank each and every one of you for making this conference a success through your attendance, valuable contribution and active participation. i now have the pleasure of declaring the 2013 national anti - money laundering conference officially closed. vinaka vakalevu bis central bankers ’ speeches