FROM THE OFFICE OF PUBLIC AFFAIRS

I want to thank the Bahrain Institute of Banking and Finance for welcoming me today. I am very interested to learn about the BIBF's activities and view the BIBF's impressive facilities. The BIBF's well-established training program has contributed to the growth of the Bahraini banking sector by cultivating financial professionals equipped to help the Bahraini economy grow. Most of all, I enjoyed looking in on a class in session, where banking professionals were learning more about combating money laundering.

The BIBF is a symbol of continued U.S. -Bahraini cooperation in the effort to strengthen financial systems. BIBF has strategic partnerships with many U.S. organizations including DePaul University and the University of Virginia's Darden Graduate School of Business.

In furtherance of this cooperation, I am pleased to extend U.S. technical assistance to the BIBF. Treasury experts will travel here soon to lead sessions in a new BIBF course on both counter-terrorist financing and anti-money laundering. A well-trained professional workforce is crucial to the success of every nation's effort to secure its financial system against misuse.

On a more personal note, I would like to express my sympathy to the BIBF and Bahrain for the recent passing of American Michael Langton, BIBF's late leader and veteran of our Federal Reserve Bank of New York as well as Citibank and Bankers Trust. Michael Langton was an impressive man who along with Bahrainis, worked to create a vibrant financial system by training dedicated financial professionals. We are pleased to see that the BIBF is continuing Michael Langton's passion by providing important financial sector training.