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IMF praises Eastern Caribbean for tackling correspondent banking issues.

Global Banking News-October 11, 2016--IMF praises Eastern Caribbean for tackling correspondent banking issues

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Global Banking News - 11 October 2016

Christine Lagarde, the IMF's managing director, has praised the Eastern Caribbean central bank for trying to tackle the issue of international correspondent banks withdrawing services to the nation because of money-laundering fears.

Lagarde praised the Eastern Caribbean for its effort to address the problem. In her address at the 'High-Level Seminar on the Latest Trends in Correspondent Banking Relationships', she noted that the issue affects governments and financial institutions, as well as the flow of remittances that individuals, especially people in remote and rural communities, depend on.

The IMF chief also said that if not addressed, the issue could cascade into a bigger one affecting many other business sectors.

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Publication:Global Banking News (GBN)
Date:Oct 11, 2016
Words:157
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