Here’s something else I found on the topic:
Further confirmation is found in the words Jesus used to instruct his ministers to perform it. His statement, “Do this in remembrance of me,” may also be translated, “Offer this as my memorial sacrifice” – a fact Protestant preachers never mention when they talk about this passage. But it has a most important bearing on our discussion, because by telling the apostles to offer his memorial sacrifice, Jesus clearly ordained them as his priests.In Greek, these words are Totou poiete eis tan emen anamnesin. They are usually translated into English as “Do this in remembrance of me,” but this does not do full justice to the words.
First of all, the word poiein or “do” has sacrificial overtones. This can be seen by examining the way it is used in the Septuagint, the Greek version of the Old Testament. As Protestant theologian D. M. Baillie says in his book The Theology of the Sacraments,
“There is no doubt that this verb is used frequently in the LXX in a cult or sacrificial sense. Gore says there are from 60 to 80 instances.”
He then goes on to give examples. For instance, Exodus 29:38:
"This is that which you shall offer (poieseis) upon the altar: two lambs . . . "
Here the verb poiein should clearly be translated as offer, as all the Protestant translations of this passage have it. The King James, the Revised Standard, and the New International Version all render it as offer. Jesus’ word anamnesis, usually translated remembrance, also has sacrificial overtones. For example, in the NIV of Hebrews 10:3 we read,
“But those sacrifices are an annual reminder [anamnesis] of sins.”
The word for reminder in this passage is anamnesis. The passage thus tells us that these sacrifices are an annual anamnesis, an annual memorial offering, on behalf of the sins of the people. In fact, all of the occurrences of this word in the Protestant Bible, both in New Testament and the Greek Old Testament, occur in a sacrificial context.
An anamnesis of a memorial offering which one brings before God to prompt his remembrance. The thought is the same as when the Psalmist urges God to remember him, or the congregation, or Mount Zion, or how the enemy scoffs, or how God’s servant has been mistreated. The idea of a memorial offering is to present the gift to God and prompt him to take action. For example, in the NIV of Numbers 10:10 we read,
“Also at your times of rejoicing . . . you are to sound the trumpets over your burnt offerings and fellowship offerings, and they will be a memorial [LXX, anamnesis] for you before your God.”
Joachim Jeremias admits this in his book. While liberal Protestant scholarship tried to interpret the Lord’s Supper as a pagan memorial meal which merely commemorated a loved one, Jeremias saw through this and recognized the Palestinian background for the Lord’s Supper and its offering of the elements to God to prompt his remembrance of Jesus and what he did. Jeremias states,
“[T]he command for repetition [of the Lord’s Supper] may be translated: ‘This do, that God may remember me.’ How is this to be understood? Here an old Passover prayer is illuminating. On Passover evening a prayer is inserted into the third benediction of the grace after the meal, a prayer which asks God to remember the Messiah. . . . In this very common prayer, which is also used on other festival days, God is petitioned at every Passover concerning ‘the remembrance of the Messiah’” (Jeremias, 252).
So Jesus’ command to the disciples to “do this in memory” of him was a command to present the elements to God as an anamnesis, as a memorial sacrifice to bring to God’s mind the work that Jesus did on the cross for us.
This comes from James Akin’s essay: The office of the New Testament Priest: