Thus the modern central bank is really akin to keeping peace in the nation through enhancing stability and it’s other people’s jobs to create wealth or turmoil as the case may be, the turmoil being a necessary instrument in coming to the right policies or at time the wrong ones or in an ever worse ending turmoil without apparent purpose as is so often the case in emerging markets. But it certainly is not now deemed the function of the central bank to be doing this sort of thing. So central bankers can now claim that they are basically trying to create peace and hopefully in a peaceful economy, there will be better prosperity than a wildly gyrating one. In a peaceful economy, growing stably at a high but sustainable rate, one cannot expect that there will be no criminals hidden deep down somewhere inside the society. A new instrument has therefore been added to the arsenal of monetary policy and financial supervision in the anti-money laundering legislations. The first anti-money laundering legislation was issued in 1970 by the US government. The mechanism is generally that cash deposit of more than the minimum stipulated amount would be examined. In the case of Thailand, this legislation was issued in April and became effective in August 1999. The central bank participated fully in the draft and cooperates with its implementation.
With new knowledge and new solutions, the sea will continue to be a force that carries us forward. Chart: The new banknotes More than a thousand years ago, the Vikings brought home the idea that Norway should have its own monetary system. Olav Tryggvason was to be the first Norwegian king to have his name stamped on Norwegian coins. Our methods of payment have changed since then – from coins via banknotes and plastic cards to online and mobile payments. But banknotes and coins will stay with us. Norges Bank’s responsibility is to ensure that they are safe to use – based on the most advanced modern technology. And they should be beautiful – as beautiful as the sea that surrounds us. Thank you for your attention. 4/4  BIS central bankers' speeches