(Archived Content)
WASHINGTON - On October 6, 2016, senior government officials, regulators, and financial sector representatives from the United States and the countries of the Gulf - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates - met at the U.S. Department of the Treasury for the third time to continue the discussion about correspondent banking relationships and implementation of global anti-money laundering/combating the financing of terrorism (AML/CFT) standards. Secretary Jacob J. Lew opened the event with remarks that highlighted the close financial connectivity of the United States and the Gulf countries and emphasized the U.S. commitment to continued strong collaboration with Gulf partners to advance shared interests. This dialogue is yet another demonstration of the ongoing working relationships between the public and private sectors of the United States and the Gulf countries.
Assistant Secretary for Terrorist Financing Daniel Glaser chaired the dialogue, which included over 50 representatives from the public and private sectors of seven jurisdictions. In addition to Secretary Lew, the event featured remarks by the Governor of the Central Bank of Bahrain Rasheed Mohammed al-Maraj, Governor of the Central Bank of Kuwait Mohammad Y. Al-Hashel, Governor of the Central Bank of Qatar Sheikh Abdullah Al-Thani, Saudi Arabian Monetary Agency Governor Dr. Ahmed Al-Kholifey, and Governor of the Central Bank of the UAE Mubarak Al-Mansoori. Participants also included representatives from the U.S. federal regulatory agencies, including the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System.
The Dialogue advanced conversations started in November 2015 and continued in June 2016 regarding financial connectivity between the Gulf and U.S. banks, and advanced sharing of best practices related to the implementation of AML/CFT standards. In particular, the Dialogue sought to explore banking issues as they relate to exchange houses, charities, and small- and medium- size banks in the Gulf. Discussions focused on developing a shared understanding between Gulf and U.S. stakeholders regarding the issues that these Gulf-based entities face in order to appropriately address outstanding concerns. Public and private sector participants acknowledged the constructive nature of the Dialogue, and noted its role in gaining a collaborative understanding of the issues at hand. Participants agreed to further explore key issues related to effective information sharing, and will carry forward lines of effort focused on banks, exchange houses, and charities.
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