Jamaica complies with international banking standards

September 19, 2016
Kamina Johnsomn Smith

 

Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson-Smith, says the country has strengthened its financial oversight and regulatory frameworks to remain in compliance with international banking standards.

"Given the severity of the challenge of de-risking by international banks, the Government has accorded the highest priority to this matter," the minister emphasised.

She was addressing a panel discussion on de-risking and correspondent banking at the Caribbean Black Caucus Legislative Forum Conference last Friday at the Walter E Washington Convention Center.

De-risking refers to financial institutions exiting relationships with, and closing the accounts of clients considered 'high risk.'

 

legitimate concerns

 

Senator Johnson-Smith told the large audience that Jamaica has sought to use its envoys at its diplomatic missions to raise the matter in these and other fora.

She said the country would continue to do so until a solution is found to address the legitimate concerns of international banks, while maintaining correspondent banking relationships with institutions and jurisdictions that comply with global best practices in the provision of financial services.

"Jamaica has raised the issue in a number of international forums and will continue to let its voice be heard on this important subject. We are also exploring the feasibility of strengthening our anti-money laundering and counter-terrorist financing (AML/CTF), due diligence and monitoring infrastructure," the Minister added.

Senator Johnson-Smith said Jamaica is emphasising compliance and hope that international banks will acknowledge the efforts being made, as compliance is costly and a long-term process.

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