The reality is that as the advanced countries tighten their anti-money laundering regimes, criminals could be expected to target small countries like ours, which have less-robust defenses. To our credit, we have embarked on a comprehensive program to upgrade our financial infrastructure in general and our anti-money laundering regime in particular.
In this regard, the experience of past crises teaches us another lesson: more often than not, structural deficiencies are wrongly interpreted as a lack in aggregate demand, leading to an overstimulation of the economy that may well lay the basis for the next crisis.