We believe that we have achieved a fair measure of compliance already, be it in terms of levels of reporting of suspicious transactions by banks, and in our successful conviction of persons for money laundering offences. However, we would be the first to recognise that there is always more to do here.
While we should endeavour to promote the digitalisation of payments, we must also focus on enhancing consumer protection frameworks and regulations to ensure that financial and technology companies adhere to safe and fair practices. Ladies and Gentlemen, Over the past decade significant progress has been made around the world to strengthen financial consumer protection regulatory frameworks.