Turks and Caicos Islands calls for unified approach to de-risking

Premier Sharlene Cartwright-Robinson appealed to the CARICOM to continue to maintain a unified approach to the de-risking issue. She claimed that regulation was getting increasingly difficult to keep up with, comparing it to a “moving goalpost”. She expressed particular concern over the de-risking of the gaming sector in Turks and Caicos which she argued may force money into unregulated channels.

Earlier this year, the Barbados-based Caribbean Development Bank (CDB) said it would be providing US$250,000 in a De-Risking project to strengthen financial transparency, and assist in preventing the loss of correspondent CBRs in the region. This regional project, aimed at addressing the issue in partnership with the Inter-American Development Bank, the Caribbean Financial Action Task Force and The Caribbean Association of Banks among others, has received the Premier’s praise.

Link: http://www.jamaicaobserver.com/latestnews/TCI_wants_CARICOM_to_maintain_unified_position_on_de-risking?profile=1228

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