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Correspondent Banking Relationship remains on top of Government’s Agenda
June 12, 2017

The Government and its counterparts within the region are still working to reduce any possible fallout countries and financial institutions could face, from the revocation of the Correspondent Banking Relationship (CBR).


This came as a result of many financial institutions in the region, expressing concerns over the possible impact that the withdrawal could have on them and the populace.


With regards to the CBR, Financial Secretary Hilary Hazel, informed that the matter remains a complex one but it is also at the forefront of the Team Unity Government’s agenda.

The issue of Correspondent Banking Relationship was brought to the fore in early 2016, when institutions began withdrawing their services in some islands over the threat of hefty fines by the United States Government, if they were found to be aiding in money laundering.

 

Belize was the first country to feel the impact of the withdrawal, as several foreign banks pulled out of that island. She explained that the Government has been participating in regional efforts to “bring a regional solution”, to the problem.


As is seen in the number of amendments that have been made over the last several months, the secretary noted that they have strengthened overtime the Financial Services Regulatory framework.

 

She also stated that they have stepped up on-site visits by the Financial Services Regulatory Commission.


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