These Caribbean Leaders Spotlight On Derisking At UN

By NAN Contributor

News Americas, NEW YORK, NY, Fri. Oct. 5, 2018: Three Caribbean leaders, including two Caribbean prime ministers, used their UN General Assembly address last weekend to spotlight on the issue of “de‑risking” and the loss of correspondent banking relations as well as blacklisting and its impact of their nations.

Saint Lucia Prime Minister, Allen Michael Chastanet, told the body that small island states like his are unable to access concessionary financing and are unfairly tarnished by tax labels.

Saint Kitts and Nevis Prime Minister, Timothy Harris, also zoned in on the issue and the impacts it is having on his small island state. Harris said an unfair financial architecture, including the threat of de‑risking and loss of correspondent banking relationships, is thwarting development.

He said that is compounded by the blacklisting of countries forced to divert scarce resources to comply with the onerous demands of the European Union Council’s Code of Conduct Group, among others.

“It is unfair to subject some countries to evaluation and ever‑fluctuating standards while others are exempt,” he said while calling on the United Nations to bring the plight of small States like his to the forefront of international debate and end what he dubbed “discriminatory practices.”

Meanwhile, Grenada’s Minister for Foreign Affairs, Peter David, also zoned in on the issues.

He cited the negative effects on many Caribbean economies of correspondent banking, de-risking, blacklisting and middle-income country graduation and urged partners to desist from draconian approaches, such as blacklisting institutions as “money launderers” and countries as “tax havens.”