A Caribbean banking agency in the US?
WASHINGTON, United States, Friday March 4, 2016 – Caribbean governments, indigenous banks and offshore banks located in the Caribbean are extremely concerned about the withdrawal of correspondent relations from Caribbean banks by banks in the United States (US).
Caribbean Heads of Government at a meeting in Belize in February made their concern very clear. The Caribbean Association of Banks have done so in separate statements. Their sense of alarm arises from the fact that, if all correspondent banking relations are withdrawn, the region will be isolated from the rest of the world and will be unable to carry out the most basic of bank transactions.
In many Caribbean countries there has been a steady decline in such correspondent banking relations, and there is no sign of an early abatement.
Caribbean governments and banks are not alone in their concern. Other regions of the world are also similarly affected. Countries in East Asia, the Pacific, Eastern Europe and Central Asia with significant offshore banking activities, are also affected.
Read more at: Caribbean360