At the  BIS central bankers’ speeches  7  same time, we will continue to contribute to Chile’s development and welfare with what is our duty, namely the stability of our currency and the normal functioning of internal and external payments. Thank you. Figure 1 Inflation and expectations (annual change, percent) 6  6 5  4  4 3  2  2 1 0  0 13  Jul. Headline  14  Jul. Expectations at December 2014 (EES) (*)  (*) November and December calculations based on expected monthly variation as reflected in the EES. Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 2 Domestic demand components (annual change, percent) 30  60  20  40  10  20  0  0  -10  -20  -20  -40 09  10  11  Private consumption Gross fixed capital formation  12  13  14  Durables consumption GFCF machinery & equipment  Source: Central Bank of Chile. 8  BIS central bankers’ speeches  Figure 3 Current account (*) (percent of GDP) 28  9  26  6  24  3  22  0  20  -3  18  -6  16  -9 05  06  07  08  Saving  09  10  Investment  11  12  13  14  Current account  (*) Accumulated in one moving year. Source: Central Bank of Chile.
•  Limited capacity of trained personnel, logistics and finance to combat Money Laundering, among others. The Anti-Money Laundering Act was passed in June 2005 and this appoints the Governor as the Anti-Money Laundering Authority. This Act was passed mainly as a preventive measure against Money Laundering and to provide for a sound financial system. To discharge the responsibilities of the Authority, the Bank of Sierra Leone must establish a FIU to analyse and process reports relating to suspicious transactions from Financial Institutions. A committee of stakeholders in the  BIS Review 79/2006  1  implementation of the Act was established and is chaired by the Governor of the Central Bank. This committee comprises, the Ministry of Finance, Attorney General and Minister of Justice, Ministry of Foreign Affairs and International Co-operation, Ministry of Mineral Resources, the Ombudsman, National Revenue Authority (NRA), Inspector General of Police (IGP), Criminal Intelligence and Security Unit (CISU), National Drug and Control Agency NDCA), Anti-Corruption Commission, and The Association of Commercial Banks. Since the establishment of this committee several positive measures have been taken in the implementation of the Act: currency declaration forms for passengers travelling to and from Sierra Leone will now be administered by the National Revenue Authority (NRA). Financial Institutions are also implementing Customer Due Diligence and Know Your Customer principles. Technical assistance was sought from the UNODC by the Bank of Sierra Leone for the establishment of the FIU.