Overview

The Caribbean is facing a major emerging challenge, aptly referred to as the correspondent banking crisis.

The manifestations of the problem, which deepened after the 2008 global financial crisis, have resulted in the restriction of services from large international banks or closing of accounts belonging to several financial entities, such as domestic banks and money transfer businesses globally, but disproportionately negatively affecting developing regions of the world.

These de-risking or de-banking approaches taken by correspondent banks, have threatened trade in affected smaller, developing economies around the world, including countries in the Caribbean and Latin American region, due to a significant reduction in their legitimate participation in the global financial system.

This site has been developed to assist with demystifying the growing correspondent banking challenges, by providing a centre for, especially CARICOM residents, to access news, research and other forms of resource material on issues concerning the withdrawal of correspondent banking services from the Caribbean.