(MENAFN- Emirates News Agency (WAM))
DUBAI, 25th October, 2016 (WAM)-- Ways of strengthening the financial relationship between the UAE and Jersey, and possibilities for bilateral cooperation in the financial services sector were at the centre of talks held on Tuesday between officials of the UAE Banks Federation, the professional body representing 49 banks operating in the UAE, and a Jersey government delegation headed by Minister for External Relations Senator Sir Philip Bailhache.
The two bodies discussed plans by UAE banks to launch operations in Jersey, a dependency of the British Crown and a self-governing parliamentary democracy, with its own financial, legal and judicial systems, and the power of self-determination.
"Jersey is an important economic partner of the UAE, and the meeting provided an opportunity for both sides to take stock of progress made in achieving policy goals and explore future opportunities for cooperation in the wake of new political and economic realities, including Brexit and its potential impact," Chairman of the UAE Banks Federation Abdul Aziz Al Ghurair said in a statement following lengthy talks with Senator Bailhache, who headed the Jersey delegation, and Director-General of Jersey Financial Services Commission John Harris.
The two bodies explored the current international operating environment and discussed key aspects of the Emirati Federation's policy approach as well as effective ways of implementing the Basel III regulatory reforms.
They also discussed the 2016 annual report of Moneyval, the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, as well as the positive implications of Brexit for Jersey's financial services sector.
"The Government of Jersey is committed to the further development of our relationship with the UAE in all fields, and today's meeting has made it plain that we share the view that there is much scope for the expanding and deepening of the existing ties. We look forward to closer collaboration in the years ahead," Senator Bailhache said.
WAM/MMYS
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