. click here to return to main document ponzi schemes. this year i initiated a series of actions to deal with the issues arising from the financial scams known commonly as ponzi schemes. the recommendations of the rbi assessors ranged from the reinforcement of “ know your customer ” procedures and due diligence in banks, to the setting up of dedicated cells to gather market intelligence and enhanced coordination among regulators. these recommendations are in line with the restructuring and redefining of our mandate. they reinforce our commitment towards financial literacy, consumer education and fair treatment of consumers, on all of which we had initiated work in early 2012. among the lessons of the recent financial scam is the need for everyone – both young and old – to acquire a basic knowledge of finance and economics. such knowledge is necessary for anyone who is faced with managing a household budget, making financial investments, and preparing financially for retirement among others. click here to return to main document 58. 1 regional cooperation. another priority for me as chairman of the aacb is to enlist the support of my colleagues in the bureau in our joint efforts to improve performance on meeting the convergence criteria set out in the african monetary co - operation programme. this is all part of the overall objective of the long - term pursuit of regional and continental monetary union. despite some positive signs of global economic recovery, we still have to remain vigilant in this region to protect our economies from adverse global shocks. the bank hosted the meeting of the working committee on the detailed programme and budget of the cabs, which was established upon a decision of the association of african central banks assembly of governors taken at its 37th meeting. the meeting was held in mauritius from 20 to 22 january 2014 to develop a comprehensive plan and budget as directed by the governors. 58. 2 the bank hosted the meeting of the sadc subcommittee of banking supervisors from 5 to 7 march 2013. click here to return to main document 61. 1 corporate social responsibility. a landscape architect has been appointed for the design of the bamboo garden. a project management committee, chaired by the second deputy governor and including representatives of the bank ’ s employees, oversees the project. the garden will initially have 120 varieties of bamboo, from both local and imported sources. 50 varieties of local species have been collected and propagated at wooton, not far from the midlands site, on our behalf by the agricultural research and extension unit. additional varieties will be introduced subsequently. in addition to bamboo plants, the project

, are liable to pay corporation tax. we are seeking new opportunities to strengthen ibfs activities, with the exploration of new markets in latin america, africa, the middle east and elsewhere. we are also introducing new products and services geared to the needs of the various markets from which we draw our clients. this conference offers an opportunity to share ideas and information on how we may perfect our strategy and message. we will begin by looking into the future a bit, with a panel and discussion on the prospects of business with cuba, a country with which barbados has a long history of diplomatic and other relationships. we will also be discussing issues of the regulatory framework, and initiatives to strengthen institutional support and facilitation of the industry. our final presenter today will suggest ways forward for the wealth management industry. we live in an interconnected world in which the execution and financing of international commerce is open to competition to all nations, large and small. we can be assured of barbados ’ future as a player in this global market, so long as we strive always to offer a superior value proposition. i look forward to today ’ s discussions towards that objective. bis central bankers ’ speeches