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G20 Promises Action On Bank 'De-risking'

by Lorys Charalambous, Lowtax.net, Cyprus
12 July, 2017

The G20 nations have welcomed progress by international bodies to address the decline in correspondent banking relationships for small territories, at its recent summit in Hamburg.

Caribbean territories in particular have expressed concern that international commercial banks have withdrawn from relationships with financial institutions in territories considered to be a higher risk for money laundering and terrorism financing, leaving their financial sectors more vulnerable.

In its "Hamburg Action Plan", the G20 welcomed the latest progress report and action plan on bank de-risking by the Financial Stability Board (FSB), the global financial services standard setter.

It noted efforts by the Financial Action Task Force (FATF) and the Basel Committee on Banking Supervision to remove unwarranted barriers that prevent remittance providers from accessing banking services.

The G20 says it will assess the further work being done by the FSB and FATF on bank de-risking and will, if needed, develop actions to address unwarranted barriers in early 2018 and proceed with the implementation of any recommendations thereafter.

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