In this particular case, there are tremendous competitive advantages to be reaped from the global experience and expertise of the Tokio-Marine Group, combined with an intimate knowledge of the Malaysian market derived from Asia Life’s long-standing presence in the domestic market. With Tokio Marine’s presence in all three life, general and takaful sectors, the Tokio Marine-Asia Group alliance in Malaysia is also well-positioned to take full advantage of cross-sector synergies to effectively implement strategies that are responsive to the changing market conditions and consumer demands. Let me, therefore, congratulate all of you who are part of this exciting transformation. Ladies and gentlemen, The life insurance industry in Malaysia continues to face exciting opportunities as well as challenges. As some of you may be aware, an important long-term economic issue which we are now grappling with concerns pension reforms which are aimed at ensuring adequate financial provisions for the ageing population during their retirement years. Malaysians today live longer and have fewer children. By the year 2020, the percentage of the population above the age of 60 years is estimated to more than double to 16% of the population, from only 7% in 2000. The demographic changes also have significant implications for healthcare financing. With the ageing population and medical inflation, total expenditure on healthcare has continued on an increasing trend. A large proportion of that is borne directly “out-of-pocket” by individuals, or by employers as part of employment benefits for staff.
In the bank’s drive for excellence and customer satisfaction, the Bank of Sierra Leone has continued and will continue to create the enabling environment for safe and sound banking. For instance, in collaboration with other stakeholders, the Bank of Sierra Leone is putting in place measures to implement all provisions of the Anti-Money Laundering Act so as to prevent money launderers using our financial system for their criminal activities. A recently concluded workshop organised by UNODC/GIABA//Bank of Sierra Leone succeeded in drafting a National Anti-Money Laundering Strategy with the aim of providing a framework for an Anti-Money Laundering regime that will ensure effective crime prevention and detection, and at the same time avoid creating excessive burden on the financial system and its users. The workshop attracted various stakeholders, including the Association of Commercial Bankers in Sierra Leone to which GTB is an active member. The Bank of Sierra Leone shall continue to maintain the open door policy and encourage dialogue in the process of ensuring a sound and stable financial system. BIS Review 79/2006  1  Mr Chairman, Distinguished Ladies and Gentlemen, allow me to close this brief remarks by once again congratulating the Board, Management and staff of the Guaranty Trust Bank (SL) Limited for another step taken to enhance the public image of the bank. I thank you for your attention. 2  BIS Review 79/2006