Prime Minister Andrew Holness says the Government is strengthening initiatives to tackle the threat of international banks ending their correspondent banking relationships with local financial institutions.
In order to reduce risks and be in compliance with international regulations, particularly relating to criminal activity, such as money laundering, fraud and terrorist financing, international banks have threatened to cut ties with banks in the region in a de-risking move.
Holness says he considers the issue a clear and present danger and noted that the Government is working assiduously to lobby banking counterparts in the United States, as well as engage local banks on ways to mitigate the threat.
"Once we have complied, I think the overseas regulators should ensure that those who comply are rewarded. That we are taken off whatever watch list and that we are allowed access . For us to operate as legitimate banking institutions that comply to international standards," said Holness during a news conference on Wednesday.
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