We have set up for some years now a Joint Coordination Committee between the Bank and the FSC. Under that Joint Coordination Committee, there is a working Group on AML/CFT to interalia promote standardisation and harmonisation of our Guidance Notes on AML/CFT and encourage information and knowledge sharing on AML/CFT issues.
These advances, in turn, have dramatically decreased business operational uncertainties and risk premiums and, thereby, have engendered major cost reductions and productivity advances. There seems little question that further major advances lie ahead. What is uncertain is the future pace of the application of these innovations, because it is this pace that governs the rate of change in productivity and economic potential.