The threat being posed to the financial services sector in Antigua and Barbuda as well as other Caribbean countries will come under the microscope at special OAS next Wednesday in Washington DC.

That’s according to Antigua and Barbuda Ambassador Sir Ronald Sanders who chairs the Permanent Council of the OAS.

He says countries in Central America have also been subject to worrying developments directly affecting their financial services sector. According to Sir Ron says this in turn poses a threat to their economic growth and political stability.

MP and former Financial Services Minister of The Bahamas Ryan Pinder is among three experts who will address the Permanent Council of the OAS.

The OAS press release did not detail the new developments but de-risking by international banks as it’s called is occupying the attention of Antigua and Barbuda and the region.

Under pressure from US regulatory agencies, banks in America are cutting off correspondent relations with Caribbean indigenous and offshore banks unilaterally and with very little notice.

The de-risking means the possible loss of access to the international financial markets by mainly regional indigenous banks. It would affect transactions such as wire-transfers.

Prime Minister Gaston Browne chairs a Caricom high level group that will lobby several entities including the World Trade Organisation and the US congress.

http://antiguaobserver.com/financial-services-threat-to-be-investigated/