TY  - BOOK
AU  - Alwazir,Jihad
TI  - Challenges in correspondent banking in the small states of the pacific
T2  - IMF working paper
SN  - 9781475595086
SN  - 1018-5941
AV  - HD82 .A58 2017
U1  - 338.9 23
PY  - 2017///]
CY  - [Washington, D.C.]
PB  - International Monetary Fund
KW  - Economic development
KW  - BUSINESS & ECONOMICS
KW  - Industries
KW  - General
KW  - bisacsh
KW  - fast
KW  - Electronic books
N2  - Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks' decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact
UR  - https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=1514475
ER  -