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Posted: Sunday 11 June, 2017 at 12:49 PM

Correspondent Banking Relationship still top on Government’s Agenda

Financial Secretary Hilary Hazel
By: Staff Reporter, SKNVibes.com

    BASSETERRE, St. Kitts – THE Government of St. Kitts and Nevis and its counterparts within the region are still working to alleviate any possible fallout countries and financial institutions could face from the withdrawal of the Correspondent Banking Relationship (CBR).

     

    This is as a result of many financial institutions with the region expressing concerns over the possible impact that the withdrawal could have on them and the populace.

    Following up on discussions that were had last year, SKNVibes posted a question at the Prime Minister’s recent press conference on the latest situation regarding the CBR, to which Financial Secretary Hilary Hazel informed that the matter remains a complex issue but one which is at the forefront of the Government’s agenda.

    The issue of Correspondent Banking Relationship was thrust into the spotlight in early 2016 when institutions began withdrawing their services in some islands over the threat of hefty fines by the United States Government if they were found to be aiding in money laundering.

    Belize was the first country to feel the impact of the withdrawal, as several non-indigenous banks pulled out of that island.

    Hazel explained that the Government has been participating in regional efforts to “bring a regional solution” to the problem.

    “However, in the interim, here in St. Kitts and Nevis we have been proactive in terms of keep a strong and very robust AMLCFT legislative framework in place, as well as having much more vigilant interactions with service providers and those persons who have been licenced to carry out money services.”

    She noted that they have strengthened overtime the Financial Services Regulatory framework, as is seen in the number of amendments that have been made over the last several months.

    “For example, we recently had a bill to do with the Trust Act, amendments to the Trust Act. We continue also to look at the slate of legislation that has any relationship to do with the financial services sector to see where we can keep a pace with any changes that are taking place internationally.”

    Additionally, the Financial Secretary informed that they have stepped up on-site visits by the Financial Services Regulatory Commission.
     
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