By Bernadette H. Carreon
Horizon news staff

United States Charge d’ Affaires Mark Bezner said the United States is concern about the banking laws of Palau.
Bezner said this in response to President Remengesau ‘s request for technical and financial assistance from the Federal Deposit Insurance Corporation(FDIC) and other suitable United States agencies.
"Though Palau has made great advances in recent years, putting in place laws to counter international money laundering and the movement of proceeds of crime, PSB’s failure underscore the need for more effective baking law, regulation and enforcement .PSB’s failure has prompted debate within the US government about whether providing technical assistance at this point makes sense while the Financial Institution Act remains as effective as it apparently is," Bezner said in his letter to the president.
Bezner added that if the Palau government is unable to pay the amount proposed, FDIC
May tailor a program to match the amount that Palau might make available or a grant assistance might be found.
He said that the US government is trying its best to provide a response to the request.
The president said in his request to the US government, that the many people are suffering " financial hardship" due to the closure of PSB.
The president said in his meeting with the legislators , he reiterated again the need to pass the proposed measure which will allow receiver to have an option of seeking solution to the fiasco not only by the sale of the assets.
The president said OEK members are receptive about the urgency of the passage of the piece of legislation.