Antigua and Barbuda Prime Minister Gaston Browne recently met officials of the Barbados-based Caribbean Development Bank (CDB) and the Jamaica National Building Society (JNBS) on the Region’s efforts to address the withdrawal of correspondent banking services. The Prime Minister is leading the advocacy taken on by CARICOM on the matter. Also discussed was the upcoming de-risking conference, scheduled to be held in Antigua and Barbuda in October.

“De-risking of correspondent banking services is an existential threat facing the Caribbean region which has the potential to decimate our living standards,” Prime Minister Browne said following the meeting. ”Correspondent banking services are a public global good that is essential for participation in global trade; and is particularly important for small island economies.”

Correspondent banks provide Caribbean states with vital access to the international financial system by offering services to smaller, domestic banks and financial institutions to complete international payments and settlements. However, many banks, which provide correspondent banking services have been seeking to manage their risks by severing ties with institutions in the region. “