20 representatives from GCC countries, 36 representatives from the private sector, and representatives from the International Monetary Fund and the World Bank participated in the first U.S.-GCC Central Bank Dialogue organized by the U.S. Department of the Treasury at the Federal Reserve Bank of New York, where the U.S. Treasury emphasized the strength of the relationship between the United States and the Gulf Cooperation Council (GCC) and an indicator of the evolving U.S.-GCC relationship following the Camp David Summit in May 2015.
Through panel discussions, private sector representatives and government officials were able to better understand the cross-border banking relationships that link the U.S. and GCC financial systems, in particular the legal and regulatory expectations. <Through discussion sessions, private sector representatives and government officials were able to better understand the cross-border banking relationships that bind the U.S. and GCC financial systems together, especially the relevant legal and regulatory expectations and how they are applied, as well as the trends and challenges related to cross-border banking. Government and private sector representatives heard directly from their U.S. counterparts about government expectations for correspondent banking and private sector implementation of those expectations, including policies, practices and procedures; and about U.S. private sector expectations from their Gulf counterparts regarding the management of cross-border banking relationships.
