Bankers’ Association: De-risking Caribbean banks getting overdue attention

Prime Minister Dr. Keith Rowley at the opening of roundtable discussions on de-risking and correspondent banking in Barbados on Wednesday.
Prime Minister Dr. Keith Rowley at the opening of roundtable discussions on de-risking and correspondent banking in Barbados on Wednesday.

THE Bankers’ Association (BATT) is looking forward to the resolutions of de-risking of Caribbean banks.

In a media release on Friday afternoon, in response to the Prime Minister’s announcement that international decision-makers accused regional banks of criminal financial activities, BATT said it was happy the matter was receiving the required attention.

BATT said, “De-risking of the Caribbean banks has been a long-standing and serious issue for the region. The Bankers Association of TT is glad that the matter is receiving increased attention as these uneven occurrences between countries continue to negatively impact the region.

“In some cases, certain territories are impacted more than others. Therefore, BATT looks forward to the issue finally being resolved in the near term.”

Dr Rowley, on Thursday afternoon, held a media conference at the VIP Lounge of the Piarco International Airport upon his return from the Caribbean Financial Access Roundtable held in Barbados. The session was chaired by chair of the House Financial Services Committee and US congressman Maxine Waters.

Rowley revealed that among the concerns were accusations of terrorist financing and money laundering and that TT was allegedly involved in facilitating “deleterious” offshore banking transactions. Rowley denied the accusations at the meeting.

On Friday, he said the matter was of grave concern for the region which could face undue sanctions based on suggestions that the regional system was vulnerable to terrorists and money launderers.

It prompted several regional leaders including Rowley to visit Washington DC on Sunday to meet with the US government on the matter.

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