Category: News

The Cab Encourages Caribbean Governments to Comply With Fatca

The Caribbean Association of Banks (CAB) calls upon all Caribbean countries, which have not yet done so, to expedite the Intergovernmental Agreement (IGA) process with the Government of the USA, with respect to their obligations under the Foreign Account Tax Compliance Act (FATCA). The CAB recommends that all IGAs should be signed and all relevant regulations/legislation should be in force before December 31st 2016. Failure to do so could result in significant repercussions for Foreign Financial Institutions (FFIs) within these…

The Caribbean Association of Banks Applauds IMF Managing Director Christine Lagarde

The Caribbean Association of Banks Inc. (CAB) strongly supports the recent remarksi and proposed approach of IMF Managing Director Christine Lagarde, regarding the de-risking/correspondent banking issue. As she states, “It is a collective action problem that calls for a collective solution” The CAB has been active in raising and advocating on this issue and its effects on the Caribbean region, since 2014 when it brought the matter to the attention of Caribbean governments and other stakeholders. The CAB requested regional intervention…

The Caribbean Association of Banks Supports Harmonized Credit Reporting Bill and Advocates for Harmonized Foreclosure Legislation in the ECCU

The Caribbean Association of Banks (CAB) commends the Eastern Caribbean Currency Union’s (ECCU) Monetary Council for approving the Harmonized Credit Reporting Bill and Regulations for the OECS Region, at its 87th Meeting of the ECCU Monetary Council on 2nd March, 2017. The CAB views the approval of this bill as a step in the right direction to facilitate the establishment of credit bureau services in the OECS. The CAB is pleased to note that the Council has set a deadline…

The Caribbean Association of Banks Announces Prestigious Chartered Banker Scholarship Award

The Caribbean Association of Banks (CAB) is excited to announce the winner of a 100% Scholarship award to pursue the Chartered Banker MBA programme with a leading UK Business School, the Bangor University. In collaboration with the Bangor University Business School, the CAB has been able to extend this significant opportunity to its members. On the basis of academics and experience, the award goes to Ms. Shanta Louis, Chief Risk Officer of the Bank of Saint Lucia. The successful recipient…

The Caribbean Association of Banks voices support for National Bankers Associations on FATCA

he Caribbean Association of Banks (CAB) fully supports Bankers Associations at the country level, in their efforts to have their respective governments finalize their FATCA (Foreign Account Tax Compliance Act) Inter- Governmental Agreements (IGAs) with the Government of the USA. CAB remains concerned about the number of Caribbean countries which do not yet have IGAs in force and therefore renews the call[i] for Caribbean countries to enact the necessary legislation for the implementation of FATCA. Failure to do so, has…

The Caribbean Association of Banks mourns the passing of Sir Dwight Venner

The members of the Caribbean Association of Banks (CAB) are profoundly saddened by the passing of Sir Dwight Venner, former Governor of the Eastern Caribbean Central Bank (ECCB) and a most distinguished son of the Caribbean. Sir Dwight steered the ECCB with distinction for twenty six (26) years until his retirement in 2015. He was very passionate about protecting the safety and soundness of the financial sector and, by extension, the protection of depositors’ investments. He believed in sub-regional and…

The CAB conference looks to the Future of Banking and the path to Regional financial prosperity.

The Caribbean Association of Banks (CAB) concluded its 43rd Annual General Meeting and Conference under the theme: “Caribbean Banking: Fresh Tools, New Thinking” in Curacao on 16th-19th November, 2016. The conference served as a watershed event for banking stakeholders around the region to discuss the challenges facing the industry and to explore relevant solutions. The event provided a stimulating platform on which industry leaders discussed strategies which could potentially assist in achieving their corporate goals. Leaders were cognizant that risks…

The Cab Encourages Caribbean Governments to Comply With Fatca

The Caribbean Association of Banks (CAB) calls upon all Caribbean countries, which have not yet done so, to expedite the Intergovernmental Agreement (IGA) process with the Government of the USA, with respect to their obligations under the Foreign Account Tax Compliance Act (FATCA). The CAB recommends that all IGAs should be signed and all relevant regulations/legislation should be in force before December 31st 2016. Failure to do so could result in significant repercussions for Foreign Financial Institutions (FFIs) within these…

The Caribbean Association of Banks Applauds IMF Managing Director Christine Lagarde

The Caribbean Association of Banks Inc. (CAB) strongly supports the recent remarksi and proposed approach of IMF Managing Director Christine Lagarde, regarding the de-risking/correspondent banking issue. As she states, “It is a collective action problem that calls for a collective solution” The CAB has been active in raising and advocating on this issue and its effects on the Caribbean region, since 2014 when it brought the matter to the attention of Caribbean governments and other stakeholders. The CAB requested regional intervention…

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…