CARICOM delegation discussing corresponding banking in the US

(CMC) – ANTIGUA and Barbuda Prime Minister Gaston Browne is leading a Caribbean Community (CARICOM) delegation to the United States participating in a roundtable discussion on de-risking and correspondent banking.

The discussion, which is being hosted by the US House Committee on Financial Services include legislators and bankers. Caribbean countries have been arguing that the threat by banks in developed countries to withdraw correspondent banking services would exclude the region from the global finance and trading system, with grave consequences for maintenance of financial stability, economic growth, remittance flows and poverty alleviation.

Earlier this year, Browne called for the establishment of a Caribbean bank that would allow the region to counteract the position of international banks regarding correspondent banking.

Browne, who is leading the region’s response to the issue, told the Caribbean Media Corporation (CMC) that the region has been making “slow progress” on dealing with the matter.

Read more at: Guyana Chronicle

Source: CARICOM TODAY