Central Bank Governors to advice CARICOM Heads on withdrawal of correspondent banking

CARICOM Heads of Government can expect a presentation by governors of the Central Bank Committee to address the withdrawal of correspondent banking within the Region.

International banks have been cutting ties with some native banks in panic of being caught up in the web of money laundering in this side of the world, which will see them paying heavy fines once questionable funds are not justified or regulations not being followed.

CARICOM Secretary-General, Ambassador Irwin LaRocque said the body has mounted a very active advocacy initiative to raise awareness and engaging discussions to the plight of the Region with the withdrawal of correspondent banking.

“Our engagement has included the United States of America, European Union, the International Monetary Fund (IMF), World Bank, the Inter-American Development Bank (IDB) and other bilaterally as well,” said Ambassador LaRocque.

The CARICOM Secretary-General believes the issue is “troubling” because it continues to exist on the minds of CARICOM leaders since it has an economic impact on “financial transactions and by extension trade and remittances.”

The Governors of the Central Bank Committee will make their presentation at this week’s CARICOM Heads of Government during their 28th Intercessional meeting.

Ambassador LaRocque said CARICOM in its lobbying has managed to “put on the agenda” of the international watchdogs the concerns of the Caribbean nations.

“In the meantime, we continue to work thorough as we have stated repeatedly, we are trying to and I think succeeding in meeting the requirements of the international standards that have been set by the Financial Action Task Force and the Global form of theOrganisation for Economic Co-operation and Development (OECD),” added LaRocque.