Wednesday, August 24, 2016

Correspondent banking issue being addressed by Gov't

Latest: Corruption and Money Laundering.

Correspondent banking issue being addressed by Gov't.



Prime Minister Andrew Holness, addressing a press conference
 at the Office of the Prime Minister yesterday. At right is
 Chairman of the Economic Growth Council, Michael Lee-Chin
. (Photo: JIS) 

KINGSTON, Jamaica (JIS) – Prime Minister Andrew Holness, says the Government is strengthening initiatives to tackle the threat of international banks ending their correspondent banking relationships with local financial institutions.
In order to reduce reputational risks and be in compliance with international regulations, particularly relating to criminal activity, such as money laundering, fraud and terrorist financing, international banks have threatened to cut ties with banks in the region in a de-risking move.
Holness, addressing a press conference at the Office of the Prime Minister yesterday, said he considers the issue “a clear and present danger”.
 He noted that the Government is working assiduously to lobby banking counterparts in the United States, as well as to engage local banks on ways to mitigate the threat.

Holness added that the Government has held a series of consultations with stakeholders and has been working closely with banks to ensure compliance with international standards. He said he has also met with the Bank of Jamaica and the Ministry of Finance and the Public Service, to facilitate further discussion on the matter.

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