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Challenges in correspondent banking in the small states of the pacific / by Jihad Alwazir [and four others].

By: Material type: TextTextSeries: IMF working paper ; WP/17/90.Publisher: [Washington, D.C.] : International Monetary Fund, [2017]Copyright date: ©2017Description: 1 online resource (30 pages)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9781475595086
  • 1475595085
ISSN:
  • 1018-5941
Subject(s): Genre/Form: Additional physical formats: Print version:: Challenges in Correspondent Banking in the Small States of the Pacific.DDC classification:
  • 338.9 23
LOC classification:
  • HD82 .A58 2017
Online resources: Abstract: 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.
Holdings
Item type Current library Collection Call number Status Date due Barcode Item holds
eBook eBook e-Library EBSCO Business Available
Total holds: 0

Print version record.

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.

Master record variable field(s) change: 050

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