Caribbean & Central America - March 2016 (ISSN 1741-4458)

*** CARICOM RESPONDS TO BANKING THREAT. Several US and European banks have indicated to banks in the Caribbean that they are no longer willing to carry their business as correspondent banks because – in the current climate of de-risking – the costs of ensuring compliance outweigh the potential benefits from the trade. This is despite the fact that all Caricom member states are Financial Action Task Force (FATF) compliant. The current chairman of Caricom, Belize’s Prime Minister Dean Barrow, has referred to this threat as “possible correspondent banking Armageddon”.

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