3/7  BIS central bankers' speeches  Ladies and Gentlemen, While technical compliance is essential, it is equally important to note that only achieving technical compliance with the FATF Recommendations is not the sole determining criteria of the FATF. The effectiveness of the legislative and regulatory frameworks is crucial.
As stated by Mr Liu, the former FATF President, “T he challenge many countries face today is not the absence of comprehensive global standards, but the effective implementation of those standards.” Compliance is a continuous process. We have chosen to embark on this journey and we are highly dedicated to it.