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GUAM
GUAM

Coordinating Council  of  Banking  Associations  of GUAM member  countries 


Coordinating Council  of Banking Associations of GUAM  member countries  was  formed on May 30,  2008 during  International conference "Strategy of  GUAM development"  in Baku (Azerbaijan).

Agreement  on  creation of Coordinating Council of Banking Associations  Guam memeber  countries was signed  by the president of Association of banks of Azerbaijan El'dar Ismailov, president of Association of  Ukrainian banks Oleksander Suhonyako, president of Association of banks of Georgia Zurab Gvasaliya and president of Association of banks of Moldova Dumitru Ursu.

As marked in the signed document, Co-ordinating Council is created for activation of joint efforts of Banking Associations of Georgia, Ukraine, Azerbaijan and Moldova in matters of increase of their role in development and integration of economies of GUAM member  countries.
 
In accordance with the signed  Regulation  of  Coordinating Council its activity is directed on:

- forming  preconditions  for expansion of high-quality bank accompaniment of motion of commodities, services and capitals on economic space of participants;

- development of infrastructure of interbanking
service on the base of modern information technologies and international standards, including establishment of direct correspondent relations between the banks of GUAM member  countries;

· assistance to introduction in credit settlement relations between the  business subjects of the states of GUAM of money-and-credit instruments, accepted in world practice;

- analysis of banking laws of the states  and  making suggestions on their  improvement in accordance with international standards;

· improvement of mechanisms, which prevent  the use of banks for "money laundering"  of illegal profits;

- exchange  of current  information  in the field of  finance and economy  as well as  in banking
, normative legal acts;

- organization experience exchange, including the  training of personnel.


Thus Coordinating Council  has a right to co-operate with all state, private and non-governmental organizations of  GUAM member countries.

It was also decided on the first plenary session  of Coordinating Council  that chairmanship in  the Council  will be  changed every year. The chairman of  the Council  of  the presiding in GUAM  country will be elected annually.

 
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