Chairman of the Caribbean Community (CARICOM) and Prime Minister of Saint Lucia, Honourable Allen Chastanet, yesterday (Wednesday) attended a meeting in Washington, D.C. hosted by Congresswoman Maxine Waters, Chair of the United States House of Representatives Financial Services Committee. The purpose of the meeting was a discussion on financial services and specifically correspondent banking that featured senior executives from financial institutions in the U.S.A. doing business in the Caribbean region.
Also in attendance were Secretary-General of CARICOM, Ambassador H.E. Irwin LaRocque; Prime Minister Honourable Gaston Browne of Antigua and Barbuda; Attorney General and Minister of Legal Affairs, Honourable Dale Marshall of Barbados; and Minister of National Security, Honourable Stuart Young of Trinidad and Tobago.
On Monday at his weekly pre-Cabinet briefing, Prime Minister Chastanet explained that the issue of correspondent banking and de-risking does not just have implications for the Caribbean but it will also affect the U.S.A.
“Congress is very interested in understanding how the correspondent banking and de-risking has impacted us in the region,” noted Prime Minister Chastanet. “I will highlight that while we all support the goals of de-risking there has been substantial negative impacts on us in this region which also will affect the U.S.A.”