De-risking may bring more pain
MORE PAIN IS awaiting Barbados if it fails to deal with the devastation that de-risking is threatening to unleash on the local economy.
The island and its Caribbean neighbours are already feeling the fallout from the loss of correspondent banking relationships.
However, prominent American forensic accountant Stanley Foodman warned that the entire economy “could become severely affected” from the effort by international financial institutions and countries to reduce risks.
At the same time, anti-money laundering (AML) specialist Michelle Martin warned that while AML and terrorist financing issues were still important, “the bigger elephant in the room is de-risking”. (SC)
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