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Feb 18, 2016

Strategies Outlined to Address Issue of Correspondent Banking

Gaston Browne

PM Gaston Browne’s mission is to knock at all doors including the United Nations, the World Trade Organization and the United States Congress. At the CARICOM inter-sessional, the Heads of government also agreed to write to the US President Barak Obama.

 

Gaston Browne, Prime Minister, Antigua & Barbuda

“Among the strategies that we are looking at, they include possibly setting up a correspondent bank in the various metropolises, the United Kingdom, Canada, United States to provide settlements to transactions emanating out of the Caribbean.  Clearly we have to study that to determine the viability.  But in essence, we must find creative ways to ensure that we do not have a situation where we are literally de-linked from the international payment system.  In addition to that, in terms of the political interventions, the conference yesterday agreed that there should be political interventions at the highest level to have the chairman of the conference, your prime minister, write to President Obama to seek his intervention.  Also to have an intervention at the level of the Treasury Department.  Myself as the chairman of the committee of ministers to write to the Treasury Department and to get our ambassadors in Washington involved and the other capitals in the UK and Canada to assist us in really lobbying for perhaps, I’d say legislative changes, regulatory changes because what seems to be happening here too is that at the level of regulations it seems as though there are some very overzealous regulators who have actually been very stringent in their application of the relevant laws.  So whereas there is no direct policy initiatives of any of these countries to penalize CARICOM countries by de-risking, it would appear that the regulators are making it very, very difficult for our banks to operate by having these corresponding relations.  In fact there are some who believe that there may be a hidden agenda in terms of curbing the flight of capital from these major metropolitan countries to the Caribbean.”

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1 Response for “Strategies Outlined to Address Issue of Correspondent Banking”

  1. Primary Thief, Ali BaBarrow says:

    yes, when I write Obama I will order him to give us many correspondent banks, as many as we wish to steal from.

    He will also be ordered to pardon Dr. Errol Elrington, this is a major embarrassment for Wilfred.
    Errol is like his brother, Cabinet loves them both as hard working thieves making the great deals.

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