Loss Of Correspondent Banking Relationships In The Caribbean
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Loss Of Correspondent Banking Relationships In The Caribbean
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Author : Mr.Trevor Serge Coleridge Alleyne
language : en
Publisher: International Monetary Fund
Release Date : 2017-09-29
Loss Of Correspondent Banking Relationships In The Caribbean written by Mr.Trevor Serge Coleridge Alleyne and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-29 with Business & Economics categories.
Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.
Loss Of Correspondent Banking Relationships In The Caribbean
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Author : Trevor Serge Coleridg Alleyne
language : en
Publisher:
Release Date : 2017
Loss Of Correspondent Banking Relationships In The Caribbean written by Trevor Serge Coleridg Alleyne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.
The Withdrawal Of Correspondent Banking Relationships
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Author : Mrs.Michaela Erbenova
language : en
Publisher: International Monetary Fund
Release Date : 2016-06-30
The Withdrawal Of Correspondent Banking Relationships written by Mrs.Michaela Erbenova and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-30 with Business & Economics categories.
This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.
Barbados
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-30
Barbados written by International Monetary Fund. Western Hemisphere Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-30 with Business & Economics categories.
This Selected Issues paper summarizes recent development in Barbados’s International Business and Financial Services (IBFS) sector and assesses the extent to which the loss of correspondent banking relationships (CBRs) pose a risk to its future. The contribution of the IBFS sector to the local economy has been relatively stable in recent years but its contribution to fiscal revenues has declined. The sector has displayed lower profitability since the global financial crisis. More recently, it suffered from two changes in Canadian tax legislation. Consequently, tax revenues have declined while other expenditures have largely offset such decline. The sector also faces some risks from the loss of CBRs that has affected most Caribbean countries.
Recent Trends In Correspondent Banking Relationships
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-04-21
Recent Trends In Correspondent Banking Relationships written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-21 with Business & Economics categories.
Correspondent banking relationships (CBRs), which facilitate global trade and economic activity, have been under pressure in several countries. So far, cross-border payments have remained stable and economic activity has been largely unaffected, despite a recent slight decrease in the number of CBRs. However, in a limited number of countries, financial fragilities have been accentuated as their cross-border flows are concentrated through fewer CBRs or maintained through alternative arrangements. These fragilities could undermine affected countries’ long-run growth and financial inclusion prospects by increasing costs of financial services and negatively affecting bank ratings.
Loss Of Correspondent Banking Relationships In The Caribbean
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Author : Mr.Trevor Serge Coleridge Alleyne
language : en
Publisher: International Monetary Fund
Release Date : 2017-09-29
Loss Of Correspondent Banking Relationships In The Caribbean written by Mr.Trevor Serge Coleridge Alleyne and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-29 with Business & Economics categories.
Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.
Cabo Verde
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-18
Cabo Verde written by International Monetary Fund. African Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-18 with Business & Economics categories.
Selected Issues Paper
Belize
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-16
Belize written by International Monetary Fund. Western Hemisphere Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-16 with Business & Economics categories.
Selected Issues Paper
Illicit Finance And The Law In The Commonwealth Caribbean
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Author : Rohan D. Clarke
language : en
Publisher: Taylor & Francis
Release Date : 2022-11-18
Illicit Finance And The Law In The Commonwealth Caribbean written by Rohan D. Clarke and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-18 with Law categories.
This book provokes fresh ways of thinking about small developing States within the transnational legal order for combating money laundering and the financing of terrorism and proliferation (TAMLO). From the global wars on drugs and terror to journalistic exposés such as the ‘Paradise’, ‘Panama’ and ‘Pandora’ Papers, the Commonwealth Caribbean has been discursively stigmatised as a mythical island paradise of ‘rogue’ States. Not infrequently, their exercise of regulatory self-determination has been presented as the selling of their economic sovereignty to facilitate shady business deals and illicit finance from high-net-worth individuals, kleptocrats, tax-dodgers, organised crime networks and terrorist financiers. This book challenges conventional wisdom that Commonwealth Caribbean States are among the ‘weakest links’ within the global ecosystem to counter illicit finance. It achieves this by unmasking latent interests, and problematising coercive extraterritorial regulatory and surveillance practices, along the onshore/offshore and Global North/South axes. Interdisciplinary in its outlook, the book will appeal to policymakers, regulatory and supervisory authorities, academics and students concerned with better understanding legal and development policy issues related to risk-based regulatory governance of illicit finance. The book also provides an interesting exposition of substantive legal and policy issues arising from money laundering related to corruption and politically exposed persons, offshore finance, and offshore Internet gambling services.
Unleashing Growth And Strengthening Resilience In The Caribbean
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Author : Mr.Krishna Srinivasan
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-13
Unleashing Growth And Strengthening Resilience In The Caribbean written by Mr.Krishna Srinivasan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-13 with Business & Economics categories.
This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.