The region’s economic ministers say the expiry of correspondent banking relationships (CBR) is having a severe impact on the lives of Pacific Islanders, including seasonal workers, micro, small, and medium enterprises, and other vulnerable groups.
But the underlying causes of ‘de-banking’ are not going away, says Australia’s Assistant Treasurer and Minister for Financial Services, Stephen Jones.
The drivers of de-banking include the risks—real and perceived—of money laundering, financing terrorism and (weapons) prefoliation financing. The increasing burden of compliance with Anti Money Laundering/Combatting the Financing of Terrorism (AML/CFT . . .
