Govt fighting to maintain status
A CABINET MINISTER SAYS Government is working with players in the important international business sector to reduce the impact of de-risking.
Donville Inniss, Minister of International Business, told the DAILY NATION that regulators were doing all they could to ensure the country was attracting businesses with good reputations, while trying to maintain the island’s status as well regulated.
He was responding to an Inter-American Development Bank paper which argued the sector was being impacted by the aggressive compliance rules of commercial banks working to ensure they did not get cut off by their correspondent banks in the United States.
“My ministry has been discussing this matter ad nauseam,” he said. “I addressed the bankers’ association of the region and I know our former (Central Bank) governor Dr DeLisle Worrell was out there engaging our counterparts on the regulatory side in the United States, so we have been fighting it. It is not something that we take lightly. (GE)
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