Suweidi asks information panel to be transparent

DUBAI - The Central Bank Governor, Sultan bin Nasser Al Suweidi, has urged an information committee set up recently by the bank to be transparent and open when dealing with Arab and international media that will cover Dubai 2003 - the joint annual meetings of International Monetary Fund (IMF) and the World Bank to be held on September 23-24.

By A Staff Reporter

Published: Mon 1 Sep 2003, 12:00 PM

Last updated: Wed 1 Apr 2015, 9:46 PM

Suweidi gave his instructions to the committee led by Suleiman Al Mazroui, who will act as a special coordinator for the Central Bank and the UAE-based banks during the Dubai 2003 meetings.

The Governor said he hoped attention will focus on the reconstruction of Iraq and Afghanistan, the UAE's efforts in combating money laundering and financing of terrorist groups, in addition to preparations by the banking sector in the country to meet its obligations under the World Trade Organization (WTO) rules and regulations.

He entrusted the information committee to launch an intensified media campaign before and during the meeting to introduce the UAE's banking activities and efforts to bring the sector to international standards by adopting modern methods and pursuing internationally accepted norms concerning accountability and risk management. Suweidi also urged the panel to highlight the UAE's successful efforts in fighting money laundering and blocking funds to suspect groups and individuals. "The UAE's policy is crystal clear and straightforward when it comes to the respect of internationally recognised norms and regulations. Our practice in this regard reflects that commitment," he said.

The Governor said he saw great opportunities for the banking sector in the UAE and the Arab World, adding that the annual meetings would offer an environment that is conducive for fruitful meetings between leaders of the UAE banking sector and world financial and business leaders.

He told the committee that it should gather and disseminate all data needed by Arab and international meeting, especially those concerning the financial sector in the country, in addition to providing timely information on all activities by the Central Bank and UAE-based banks in coordination with Dubai 2003 panel.

The Central Bank will host a series of seminars and gatherings on the sidelines of the annual meetings. Discussions will focus on the UAE's economic policies, investment opportunities in the UAE and the Arab World, money laundering, Islamic Bonds and activities by Islamic banks operating in the country.