The Caribbean Financial Access Roundtable held in Barbados concluded with concerns raised about the vulnerability of the Caribbean to money laundering and terrorist activities.
The 1-day event facilitated U.S.- Caribbean trade discussions among key stakeholders on the financial de-risking of the Caribbean.
The event was attended by CARICOM heads of state, industry experts and U.S. policymakers including US Congresswoman Stacy E. Plaskett. In a press release from the Congresswoman’s office, she lamented the challenges posed by the existing weaknesses and suggested that the Roundtable was a step towards eliminating these risks across the Caribbean. “De-risking efforts have led many U.S. banks to sever ties with their Caribbean affiliates, resulting in significant economic disruption to countries and businesses in the region. The financial exclusion facing our Caribbean neighbors has also impacted remittances, posing serious financial challenges for families with modest resources,” the statement said.
The Congresswoman also highlighted the need for strengthening of trade agreements between the U.S. and the Caribbean noting that previous efforts had not met with much success. “Since the 1983 Caribbean Basin Initiative (CBI), efforts to strengthen and expand trade ties between the Caribbean and the United States have largely faltered. A robust U.S.-Caribbean trade agreement will help alleviate major pressures on local food systems and contribute to economic stability in the region.”
Several CARICOM leaders echoed the call for greater cooperation between America and the Caribbean concerning banks and resolved to address existing regulatory issues. Prime Minister of Barbados, Mia Mottley, who co-hosted the event noted that it was of such significant importance that congressional hearings would be held to facilitate the resolution of the ongoing risks. The hearings follow the introduction of the Caribbean Trade Resolution (H.Res.1047) on the House floor by Congresswoman Plaskett last week.
The Caribbean Financial Access Roundtable is to be followed by a Caribbean-US Banking Forum in October of this year.
