Barbados has described as historic a meeting between CARICOM Heads of State and a sub-committee of the Financial Services Committee of the US Congress, along with a visiting Congressional delegation to address pressing issues, including de-risking.
The roundtable meeting is co-hosted by the Government of Barbados and Chair of the US House of Representatives Financial Services Committee, Maxine Waters.
The event follows discussions that took place in Washington, DC in 2019 prior to the pandemic to tackle the challenges that small island states are facing with correspondent banking, due to de-risking activities of US banks.
Barbados Prime Minister Mia Amor Mottley reemphasized the region’s position saying it’s unflinching in its efforts to stop international crime, terrorism and their financing.
She says in the Caribbean region, though countries do not have the capacity to distort global financial systems, they are asked to carry out the same level of regulation as large countries.
The Prime Minister says regulations should be appropriate to risks.