Dear BAFT Members and Supporters:

      2008 is already two-thirds complete, and it is impressive to see the list of initiatives that so many of you are at work on under the BAFT banner. While we have a great deal to be proud of, we also have so much more to do if we intend to realize our primary mission of being a catalyst for business solutions and regulatory advocacy within our global industry. Thus, I would like to use this newsletter slot to not only update you on our key strategic initiatives, but to also send out an appeal for volunteers.

     With the issuance of the 2007 FFIEC's BSA/AML Examination Manual, BAFT would like to encourage its members to provide feedback on your examination process. We are compiling this information to ensure that we achieve consistency in the examination process.

      Member institutions of the Bankers' Association for Finance and Trade have been invited to participate in an ongoing Transatlantic Economic Council (TEC) dialog, led by The Trade Partnership, concerning regulatory barriers confronting exporters on each continent. The EC Commission has been asked to conduct a thorough study assessment of the cost of these barriers to US and EU exporters and investors.

     With the issuance of the 2007 FFIEC's BSA/AML Examination Manual, BAFT would like to encourage its members to provide feedback on your examination process. We are compiling this information to ensure that we achieve consistency in the examination process.

The Bankers' Association for Finance and Trade is endorsing a new industry standard document today that will be used by European banks to facilitate the buying and selling of country and bank trade-related risk. The new Industry Master Participation Agreement endorsed by BAFT is designed to simplify the exchange of documentation between banks and reduce legal costs by minimizing redundancies and excessive bi-lateral discussions.