“Our future will require us fully to
embrace this spirit of mutuality"

Earl Jarrett, General Manager, JNBS

“The wholesale cutting loose of clients,
without evaluating their risks, was not intended
to be a substantive part of the fight to combat
global financial crime and terrorism”

Owen Arthur, former PM, Barbados

“This situation threatens the financial and economic stability
of our Region. It is having an impact on the ability of our
people to receive their remittances and transfer their
funds for trade and investment transactions”

Ambassador Irwin Laroque, Secretary-General, CARICOM 

“Any threat to the banking sector is not just a threat
to the economies of the Caribbean, it is also a threat to
the economy of the United States... Our voice needs
to be a little louder so that the people who matter
and make the decision hear”

Andrew Holness, Prime Minister, Jamaica

Overview

The Caribbean is facing a major emerging challenge, aptly referred to as the correspondent banking crisis.

The manifestations of the problem, which deepened after the 2008 global financial crisis, have resulted in the restriction of services from large international banks or closing of accounts belonging to several financial entities, such as domestic banks and money transfer businesses globally, but disproportionately negatively affecting developing regions of the world.  

More

FAQ

Correspondent banks provide the Caribbean with vital access to the international financial system.

Learn More

Latest Posts