customer experience for opening a remote account in france, compared to other european countries, wasn ’ t sufficiently fluid. the players that we have met often mentioned as a potential impediment the french transposition of the 4th european antimoney laundering directive, which would not make it possible to fully capitalise on the advantages of technology. we have taken note of the problem and set up a working group, led by the acpr fintech – innovation unit within the framework of the acpr - amf fintech forum, bringing together technology providers, financial institutions and public authorities. the aim was to co - construct proposals based on an objective assessment of regulations and technological state of the art, while ensuring the efficiency of aml / cft frameworks. the result is that these proposals have almost all been adopted for the transposition of the 5th directive. we know how to think outside the box when necessary. however, to maintain a smooth risk management for projects that are likely to exploit huge network effects, and thus likely to create significant risks to financial and monetary stability, it would be prudent to ensure that regulation frameworks are perfectly tailored to the risks posed before rolling out these projects in the market. in order to help complete the adjustment of the regulatory and supervisory framework to these profound changes, central banks and supervisors first have the advantage of their legitimacy, which is primarily due to their institutional mandates : prudential supervision, financial stability, and conduct of monetary policy. their legitimacy is also rooted in their experience of crises and their contributions to solving them. however, to live up to this legitimacy, it is up to the public authorities to identify the new risks, both in terms of their nature and magnitude, and to provide clear, strong and relevant responses. ( ii ) an open mind is necessary to achieve this objective : it must lead us to propose frameworks that are tailored to the new challenges and associated risks. the specificities of the changes brought about by the digital revolution and in particular the multinational scope of the resulting network effects also require us to advocate for a reinforcement of international cooperation between authorities in order to ensure a better coherence of the national regulatory frameworks and to propose changes that affect global governance. to illustrate this point, i will choose an example outside the financial sector : that of the general regulation on the protection of personal data ( rgpd ). by setting up a common framework for the protection and circulation of personal data, the european union has not only harmonised

and co - chaired by myself and the director - general of the independent commission against corruption to develop and coordinate the strategies, policies and actions to ensure the implementation of the recommended actions in the 2018 mutual evaluation report. the core group now has the mandate to ensure the sustainability and continuity of the aml / cft reforms and to take appropriate actions for any emerging aml / cft risks. i must here express my deep - felt gratitude to the eu global facility which has been instrumental in the process for mauritius to exit the fatf list. continuous support and assistance have been provided by the eu global facility since september 2019 when they came to mauritius to carry out a scoping mission for delivery of technical assistance, the objective of which was to help mauritius implement relevant actions with respect to aml / cft. in this respect, i would like to enumerate some of the specific fields where support was provided to mauritius : i. technical assistance to the gambling regulatory authority to implement the risk - based supervision framework, capacity building for staff and provision of outreach to the gambling sector ; ii. assisting mauritius in conducting the npo terrorist financing risk assessment, training of the npo regulators, the law enforcement agents, including the mauritius revenue authority ; iii. training on the requirements of beneficial ownership for the financial sector and banking sector and dnfbp supervisors. this includes the formulation of a specific guidance and supervisory manual on beneficial ownership for bank of mauritius ’ licensees and staff. these two documents provide more granular guidance for alignment with international standards on bo information ; and iv. coaching the mauritian authorities for reporting to fatf on the icrg action plan. this is indeed to mention just a few of the projects where we have collaborated. many others are in the pipeline also. ladies and gentlemen, given the exit of mauritius from the fatf list of countries under increased monitoring ahead of its timeline, the country is now being looked upon to provide assistance and sharing experience with other countries in the icrg process. in this regard, jordan and panama are among the first countries to have benefited from the experience of mauritius. this will not have been possible without the support of the eu global facility team. i am equally pleased to share that at the level of the bank of mauritius, we are in discussion with a number of other central banks across the african continent on the topic of aml / cft and will soon be starting sharing expertise and experience in this field. ladies and gentlemen, the exit from the