Correspondent Banking and De-risking Discussed as CARICOM Meets with Chair of US Financial Services Committee

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.”

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The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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