A major benefit of participating in EMU, especially for countries such as Greece, Italy, Portugal, and Spain that have had recent histories of relatively-high inflation rates, has been the credibility gain derived from eliminating the inflationary bias of discretionary monetary policy.
•  Provided additional clarity on reporting obligations under POCAMLA including the issuance of guidelines on large transactions in January 2016, intended to provide a clear trail of large cash transactions conducted over the counter in banks. •  Enhanced AML/CFT on-site inspections. CBK is currently developing a risk based AML/CFT supervisory framework with assistance from the International Monetary Fund (IMF).