Castries, Saint Lucia, Thursday, July 23rd 2020: The Caribbean Association of Banks (CAB) Inc. was on Thursday, July 23rd 2020 offered the opportunity to engage in dialogue with the United Nations High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (UN FACTI Panel). Led by chairperson, Mr. Dalton Lee, the recognised voice for the Caribbean banking and financial services sector addressed panelists on the issues and challenges affecting the industry in the region.
The 75-minute informal briefing was the latest in the ongoing series of virtual meetings UN FACTI has held with stakeholders across the world since it was impanelled in March 2020. The Panel is mandated to explore further actions that may be needed by the international community in a number of areas to ensure effective implementation of the Addis Ababa Action Agenda on Financing for Development. The Panel includes 17 high-level people from policymaking, academia, civil society, and the private sector.
From the UN FACTI end, Thursday’s conversation was led by panelists Ms. Susan Rose-Ackerman, of the FACTI Panel anti-corruption cluster; Dr. Magdalena Sepúlveda Carmona, FACTI Panel tax cluster; and Ms. Irene Ovonji-Odida, FACTI Panel international cooperation. Dr. Namonma Soeknandan, Deputy Secretary-General of the Caribbean Community (CARICOM), and a member of the FACTI Panel, managed the process of pulling together the consultation with Caribbean banking professionals.
Speaking from the CAB perspective were Directors Mr. Rolf Phillips; Mr. Brian Woo; Mr. Johnathan Johannes; and Chief Executive Officer, Ms. Wendy Delmar. They addressed a number of pertinent areas, including the flawed perception of the Caribbean as a tax haven; de-risking and loss of Caribbean banking relationships; anti-money laundering and countering the financing of terrorism; changing international rules and regulations; cybersecurity; and the emergence of financial technology.
Additional questions were posed by panelists Ms. Annet Wanyana Oguttu and Mr. Shahid Hafiz Kardar. The interaction with CAB will feed into an interim report of findings to be presented by UN FACTI in September 2020 and the Panel’s final report expected in February 2021.
About the CAB:
Established in 1974, the CAB is a community of banks and other financial institutions in the Caribbean Region, which proactively influences issues impacting the financial services sector through advocacy, education and networking. The CAB represents fifty-six (56) banks and financial institutions in the Caribbean with an asset base in excess of US$41 billion as at Dec 31, 2019, in addition to sixteen (16) Service members comprising regional and international technological and professional institutions and three (3) Honorary Members, and six (6) Associate Members, spanning 20 territories.
For more information contact:
Ms. Wendy Delmar
Chief Executive Officer
Tel (758) 452‐2877