Antigua and Barbuda will this week be hosting a crucial Caribbean Conference on the issues confronting the banking system in the Caribbean.
The conference is being hosted by Prime Minister Gaston Browne in accordance to a mandate from heads of government of the Caribbean Community (CARICOM) at their meeting last July.
The conference gathers high level representatives of the IMF, the World Bank, the OECD Global Forum on Tax matters, the Inter-American Development Bank, the CARICOM Secretariat, the Caribbean Development Bank and representatives of governments, central banks and regulatory authorities.
In Washington on Sunday, Antigua and Barbuda’s Ambassador Sir Ronald Sanders, said: “The Caribbean banking system is confronting a serious problem with the withdrawal of correspondent banking relations, particularly from US banks. The Antigua Conference is a ‘closed door’ conference of the stakeholders to address the problem through a frank dialogue, looking for sustainable solutions.”
In recent times indigenous regional banks have been challenged in obtaining corresponding banking relationships with international financial institutions, particularly in Europe and the United States, who have signalled to clients banks in the region their unwillingness to continue carrying their business. This initiative known as “De-Risking” is considered a major threat to international financial services including remittance transfers, a key component of several regional economies.
The Conference will be held in Antigua on the 27the and 28the October.