On February 18 & 19, 2010, the Florida International Bankers Association hosted its 10^th Annual Anti Money Laundering Conference in Miami, Florida.  Diaz Reus & Targ, LLP proudly returned as a Platinum Sponsor of this important conference for the fourth year in a row.  At this year’s gathering, attorney Carlos F. Gonzalez, a partner resident in the Firm’s Miami and Shanghai offices, participated in a panel discussion entitled, “The Convergence of Financial Fraud and AML.”  The session, attended by nearly 1,000 participants, explored the new role banks and other financial institutions will play in fighting the massive frauds that characterized 2009.  Read the summary of Mr. Gonzalez’s remarks here.

 Dubai: A High Rise, Then a Steep Fall

By CHIP CUMMINS, STEFANIA BIANCHI and MIRNA SLEIMAN

DUBAI -- As financial crisis roiled much of the world in October 2008, the head of Dubai's biggest state-owned developer unveiled his latest megaproject: a $38 billion development that would include a tower nearly two-thirds of a mile tall.

"I'm sure most of you are asking why we're launching this, and you'd be mad not to question it," said the executive, Chris O'Donnell, at a news conference. Though there would be economic ups and downs in the years needed to build the tower, he told listeners, demand would continue to outstrip supply.

"The fundamentals in the market are too strong," he said. "There won't be a crash."

Since then, residential real-estate prices in Dubai have slumped by almost 50%. Developers have slashed jobs and scrapped projects. Groundbreaking on the tower was long ago put on hold. The yearlong retrenchment culminated in last week's surprise announcement that Dubai would seek to restructure $26 billion of debts owed by Dubai World, the holding company for many of the government's port, infrastructure and real-estate businesses.