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Arab ministers to discuss policy issues

The panel discussion will be held at the Dubai International Chamber of Commerce and Industry and will signal the start of a series of seminars and workshops, topped by cultural evenings, arranged by the UAE Central Bank.

"We have organised a series of events be held over four days from September 20 to 23," said Sultan bin Nasser Al Suwaidi, Governor of the UAE Central Bank.

"These events are being organised by us alongside the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund (IMF)," Al Suwaidi added.

He said the post-lunch discussion on the second day would focus on another key issue facing the world today. It will discuss the 'Process of Fighting Money Laundering'. The UAE Central Bank and the Anti-Money Laundering and Suspicious Cases Unit of the UAE (AMLSCU) will conduct the seminar. It will cover the key issues that identify and check the flow of illegal money through various channels the world over.

This session has been developed specifically for developing countries as a contribution from the UAE to provide awareness training among specialised staff in these countries that work in Central Banks or Ministries of Finance.

"These seminars are expected to be mostly attended by our guests from overseas, and especially from the 184 member countries of the World Bank Group and the IMF. To give participants a true flavour of Arabia, we have also arrange for a three night festival that provides a taste of our region through concerts of Arabic music from different parts of Arabia - starting with the songs of the UAE and the Arab Gulf," Al Suwaidi said.

Other key financial issues to be discussed include a presentation on Susouk or Islamic bonds. Various Islamic banks in the UAE and HSBC, Citibank and Barclays will present this. Dr. Zeti Aziz, Governor of Bank Negara Malaysia and Chairman of the Council of Islamic Banking Services in Kuala Lumpur will chair the session. The day will also witness discussions on 'Global Economic Issues & Banking Trends.

"We have tried to mix some very serious topics for discussions interspersed with cultural renditions so as to provide the best of both worlds to the participants," Al Suwaidi said.

The Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund were first held in Washington DC in 1946. They are hosted by an international city one year in three. The UAE and Dubai were selected because of their highly developed transportation and logistics infrastructure, growing importance as a financial hub and its established position as an oasis of opportunity.