Category: Correspondence Banking

EU – US Trade and Investment Relations: Effects on Tax Evasion, Money Laundering and Tax Transparency. An Assessment from the European Parliament

The United States of America (USA) is seen as an emerging leading tax and secrecy haven for rich foreigners. By resisting new global disclosure standards, it provides an array of secrecy and tax-free facilities for non-residents at federal and state levels, notably in Nevada, Delaware, Wyoming, and South Dakota. This Ex-Post Impact Assessment shows that…click here to view pdf…

Supporting Financial Access for Humanitarian Organizations and Charities – World Bank & ACAMS Roundtable

On 11 January, 2017, the World Bank and the Association of Certified Anti-Money Laundering Specialists (ACAMS) organized a second roundtable meeting, as part of the ongoing Stakeholder Dialogue on De-Risking in an effort to address financial exclusion. The objective of the meeting was to promote access of humanitarian organizations to financial services and to discuss practical measures to: Foster the relationship between non-profit organizations (NPOs) and financial institutions; Improve the regulatory and policy climate for financial access for NPOs; and…

U.S. Department of Justice (Criminal Division, Fraud Section) – Guidance on the Evaluation of Corporate Compliance Programs

The Principles of Federal Prosecution of Business Organizations in the United States Attorney’s Manual describe specific factors that prosecutors should consider in conducting an investigation of a corporate entity, determining whether to bring charges, and negotiating plea or other agreements. These factors, commonly known as the “Filip Factors,” include “the existence and effectiveness of the corporation’s pre-existing compliance program” and the corporation’s remedial efforts “to implement an effective corporate compliance program or to improve an existing one…click here to view…

CAB Attends CARICOM Meeting of the Committee of Ministers of Finance on Correspondent Banking 15th February 2016, Placencia, Belize

View the CAB Considerations delivered by the CAB Chair, Ms. Joanna Charles, at the meeting View the CARICOM DRAFT Summary of Conclusion document View the Presentation by Dr. Allan Wright, Senior Economist-Central Bank of Barbados and Lead, Central Banks’ Research Team, on “The Caribbean Project on De-Risking”, undertaken by the Committee of Central Bank Governors.…

The Caribbean Association of Banks Inc. Holds A Successful CEO Forum On De-Risking

The Caribbean Association of Banks Inc. (CAB) seeks to address the significant issue of the loss of Correspondent Banking relationships currently threatening the regions’ financial services sector. At its recently held CEO Forum on De-Risking, CEO’s, Directors and Compliance Professionals from regional banks together with Technical Service Providers, a US Legal Representative and a potential provider of Correspondent Banking services came together, to explore potential solutions and develop a set of actions in response to this threat. In her opening…