Prime Minister of Trinidad & Tobago, Dr Keith Rowley in conversation with Prime Minister Mia Mottley before her presentation to the Financial Services Committee of the United States House of Representatives in Washington, D.C.

Livelihoods ‘at risk’

Article by Gercine Carter

Prime Minister Mia Mottley gave testimony on Wednesday before the Financial Services Committee of the United States House of Representatives on de-risking in the Caribbean banking sector.

Mottley said the over-regulation of the Caribbean’s banking sector was putting the region’s businesses and economies in jeopardy and threatened the livelihoods of people.

In a historic address, she highlighted the unfair banking policies being instituted by the United States that she indicated were creating a crisis in the Caribbean’s banking sector.

Testifying before the committee on the topic: “When Banks Leave: The Impact of De-Risking on the Caribbean and Strategies for Ensuring Financial Access”, the prime minister criticised the heavy hammer of regulation and blacklisting that appeared to be brought down on black-run states and former colonies, placing them at risk of having their banking sector shut down, and their economic development derailed.

She argued on the other hand, a blind eye was being turned on money laundering and such questionable financial activity in Europe and other developed countries.

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