John M. Pachkowski, J.D., Editor, CCH Federal Banking Law Reporter and Bank Digest; Author, Anti-Money Laundering and Bank Secrecy: Compliance and the USA PATRIOT Act; Co-Author CCH Financial Privacy Law Guide
The Group of Central Bank Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision have announced that they have agreed to a comprehensive set of measures to strengthen the regulation, supervision and risk management of the banking sector. These measures are intended to substantially reduce the probability and severity of economic and financial stress.
President Jean-Claude Trichet, who chairs the Group, noted that “the agreements reached today among 27 major countries of the world are essential as they set the new standards for banking regulation and supervision at the global level”.
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