Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Western Hemisphere > Belize

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Tax Evasion and Avoidance x
Clear All Modify Search
Cover IMF Working Papers
Loss of Correspondent Banking Relationships in the Caribbean: Trends, Impact, and Policy Options
Mr. Trevor Serge Coleridge Alleyne
,
Mr. Jacques Bouhga-Hagbe
,
Mr. Thomas Dowling
,
Dmitriy Kovtun
,
Ms. Alla Myrvoda
,
Mr. Joel Chiedu Okwuokei
, and
Mr. Jarkko Turunen
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.
Keywords:
WP; respondent bank; BIS bank liability; bank service; CBR transaction; central bank; Caribbean; small states; corrrespondent banking; AML/CFT; remittances; fintech; loss of CBR; banks in the Caribbean; Correspondent banking; Anti-money laundering and combating the financing of terrorism (AML/CFT); Offshore financial centers; Commercial banks; Compliance costs; Global
Cover Policy Papers
Recent Trends in Correspondent Banking Relationships: Further Considerations
International Monetary Fund
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.
Keywords:
PP; respondent bank; CBR withdrawal; due diligence; risk tolerance; payment flow; risk appetite; central bank; Correspondent banking; Anti-money laundering and combating the financing of terrorism (AML/CFT); Remittances; Foreign banks; Compliance costs; Global; Caribbean