Welcome to Issue 4 of The CAB Bulletin! In this edition, we examine what’s next after the moratorium period, reaction to the release of The FINCEN Files, and take a look at the latest developments in Central Bank Digital Currencies from the Bahamas and the Eastern Caribbean. We are also very excited to take the lid off our Lady Leadership Series, and to take a look back at the culmination of our Financial Literacy Month. In recent months, CAB has…
The Caribbean Community (CARICOM) deplores the ongoing unilateral, arbitrary and non-transparent blacklisting strategy employed by the European Union (EU) against CARICOM Member States. The most recent inclusion of CARICOM States to the blacklist of alleged non-cooperative tax jurisdictions and jurisdictions identified as being deficient in the area of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT), underscores the EU’s unwillingness to take into account the substantial progress made by CARICOM Member States at compliance with global standards. Moreover, the unquestioned use…
On Sunday 20 September 2020, BBC News made public the findings of an investigation into the contents of thousands of documents which were leaked from the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) to Buzzfeed News. In a matter of minutes, the story was carried by every major international news outlet. Of particular interest were the details of over 2,100 Suspicious Activity Reports (SARS) which were filed by banks and other financial institutions and submitted to FinCEN.…
Castries, Saint Lucia Wednesday, October 7th 2020: The Caribbean Association of Banks (CAB) Inc. is pleased to announce Ms. Janelle Muschette of National Commercial Bank Jamaica Ltd. as the latest recipient of the CAB CBMBA Scholarship. Ms. Muschette is a 12-year employee of NCB Jamaica, and currently holds the position of Legal Counsel. Thanks to this prestigious award, Ms. Muschette will take up studies towards a Chartered Banker MBA at Bangor University. She follows Ms. Shanta Louis of Bank of…
Castries, Saint Lucia Wednesday, September 30th 2020: Two more regional banking professionals will be building their credentials with support from the Caribbean Association of Banks (CAB) Inc. The 46-year-old organisation, which represents banks and financial institutions across the Caribbean Community, has awarded two scholarships to undertake studies at the University of the West Indies (UWI). Starting in January 2021, the recipients will pursue a BSc .in Banking and Finance (Special or Compliance and Corporate Governance) at the UWI Open Campus.…
Q. Generally speaking, how has the pandemic impacted banks within the region? It has really placed all the banks in the region in a very terrible position, in my view. They’ve managed the fallout from the pandemic quite admirably. But when you think about what banks are heavily dependent on, they would tell you right away that anyone in their position would be very concerned if they were met with the financial conditions of governments not being able to pay…
The Eastern Caribbean Central Bank (ECCB) and the ECCU Bankers’ Association have carefully reviewed the current circumstances in relation to the ongoing COVID-19 pandemic and have revised their support programme to help reduce the anxiety that some customers and residents continue to experience over the loss of income due to the pandemic. The unprecedented situation that we recognised in March 2020 has not yet shown signs of significant improvement, and more lives and livelihoods have been impacted by the significant…
If there is one certainty in the world of investments and business, it is that change is inevitable. Add another certainty: saving and investing will always be fuelled by four (4) of life’s essentials, such as Education for your Children, Buying a home, Planning for Retirement, and Catering for Chronic and Critical Illness. Business models have been changing and there will be more change to come, this is squarely due to the fact that technology has rapidly evolved over the…
Castries, Saint Lucia, Tuesday, September 7th 2020: Regional Overview The Caribbean is comprised primarily of island nations, of which, the majority are classified as small island developing states (SIDS). This characteristic of the region exposes Caribbean economies as small, open, and significantly trade-dependent; all of which are distinct features of numerous SIDS. As a result, economies within the region are rendered exceedingly vulnerable to economic shocks (both internal and external). In addition, owing to several inherent benefits of its geographical…
Castries, Saint Lucia, Tuesday, August 14th 2020: Caribbean territories have joined the rest of the world in implementing a number of protocols to combat the COVID-19 pandemic in recent months. These include wearing of masks in public, as recommended by the World Health Organisation. But with the mass adoption of masks, business places, including banks and financial institutions, are faced with new challenges. Public health officials view masks as one of the best defenses against the growing novel coronavirus threat,…
