fatos ibrahimi : business development opportunities in albania speech by mr fatos ibrahimi, first deputy governor of the bank of albania, at the forum on business activity, with governors and managing board of the black sea trade and development bank, tirana, 20 june 2011. * * * distinguished participants, it is a great pleasure for me to take the floor at this forum organized by the black sea trade and development bank, which this time has on focus the promotion of development opportunities in albania. allow me say that the time of holding this forum coincides with the need to ensure the economy ’ s revival at home, after weathering the direct impacts of the global economic and financial crisis. the economy ’ s revival needs to become more sustainable, promoting the development of sectors that provide a competitive advantage by developing specific public policies and taking the public - private investment partnership to a new level. allow me to dwell in more details on the contribution that the financial system and the banking sector can provide to support valuable business projects. the development and good financial position of the financial system in general and the banking sector in particular is a prerequisite for carrying out a successful financial intermediation activity. in fact, over the last decade, the banking sector has experienced a rapid development. well - known european banking groups have entered the market, bringing about knowledge and best technologies, as well as enhancing competition in the interbank market. also, the banks with albanian capital have expanded their network and have properly utilized the advantages of better recognition of the domestic market. as a result of active business development policies, the banking sector has experienced a steady growth of deposits and credit expansion. it suffices to say that at end - 2004, total loan accounted for only 7 % of gdp, while today it accounts for approximately 40 %. about two - thirds of loans are extended to the private sector, while the rest to households and individuals. in business sector, loans are extended to the most important and fast - growing sectors, such as trade, other services, transport and construction. almost all business loans are extended to private sector, though recently an increase in loans for public sector ’ s projects / investments is registered. on the other hand, the expanded banking network and better use of new technologies have enabled the pursuit of more competitive policies, attracting a high number of depositors and providing valuable services to citizens. deposits continue to represent the main source of banking sector financing, an element that highlights its stability. interest rates on loans and deposits

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