CARICOM looks to South Africa for sup­port in row over cor­re­spon­dent bank­ing

Jamaica Gleaner - - GROWTH & JOBS -

GE­ORGE­TOWN, Guyana (CMC): THE 15-MEM­BER Caribbean Com­mu­nity (CARICOM) group­ing is urg­ing South Africa to ar­tic­u­late its con­cerns on the with­drawal of cor­re­spon­dent bank­ing ser­vices, a prac­tice the re­gion says threat­ens to un­der­mine its ro­bust ef­forts to en­sure economic sta­bil­ity and growth.

“The de-risk­ing ac­tiv­i­ties of cer­tain transna­tional banks that are re­sult­ing in their with­drawal of cor­re­spon­dent bank­ing ser­vices, have the po­ten­tial to delink our economies from the in­ter­na­tional trad­ing sys­tem and global econ­omy,” CARICOM Sec­re­tary Gen­eral Ir­win LaRocque said as he ac­cepted the let­ters of cre­den­tial of South Africa’s High Com­mis­sioner Xoliswa Ng­w­evela to the group­ing.

“Sim­i­larly, the prac­tice by cer­tain coun­tries of un­jus­ti­fi­ably black­list­ing CARICOM mem­ber states as non-co­op­er­a­tive tax ju­ris­dic­tions makes a mock­ery of our ef­forts and doc­u­mented success in com­ply­ing with oner­ous in­ter­na­tional reg­u­la­tions in this re­spect,” he added.

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