Wednesday, January 20, 2016

Caribbean nations which are facing the withdrawal of correspondent banking services must unite to find workable solutions to the issue, presenters said at yesterday’s forum on the correspondent banking challenge in Kingston, an event organised by the Caribbean Policy Research Institute (CaPRI).

Economist and former Prime Minister of Barbados Owen Arthur who opened the discussion with his presentation stated that Caribbean nations must “form strategic alliances and commit the resources to join the many countries and institutions which have embraced the problem as being a legitimate cause”.

Economist Dr Damien King (CaPRI) Co-Executive Director, also a presenter, noting that the implications of lost banking relationships are severe, said a national and also regional approach to tackling the issue was needed.

King suggested that Caribbean authorities and regulators across jurisdictions should “cooperate and coordinate to develop streamlined definitions, standards and policies that improve accountability and so reduce compliance burdens.”

http://www.jamaicaobserver.com/business/Unity-needed-in-Caribbean-to-tackle-correspondent-banking-challenge—–CaPRI_49161