Banking issues hinder island’s fintech and gaming industries – Burt
Bermuda’s leadership in combating money-laundering has been highlighted at an international financial summit in Barbados, David Burt, the Premier has said.
Mr Burt said the meeting discussed banking issues that unfairly target small islands.
The Caribbean Financial Access Roundtable brought together countries and territories from across the region along with members of the US Congress.
As well as anti-money laundering measures, the gathering discussed issues regarding correspondent banking relationships, de-risking, and related financial matters.
The Premier said: "Challenges with correspondent banking relationships have hindered our efforts to further diversify our economy in Bermuda in areas such as fintech and gaming.
"It is critical that we continue to engage leaders in the United States and Caricom to resolve these issues which unfairly target small island states.
"This meeting presented an excellent opportunity to discuss these and other important matters with key decision-makers while highlighting Bermuda's leadership in combating money laundering.
"The meeting was productive. It is important that the Government of Bermuda continues to engage in these international fora, to bring better financial services to the people of Bermuda."
Mia Mottley, the Prime Minister and Minister of Finance of Barbados said the summit had agreed a number of steps forward.
She said the US delegation agreed that a Congressional hearing is needed into some of the matters raised and that an annual US/Caribbean banking forum should be set-up.
It was decided to conduct a feasibility study as to whether or not to establish a Caribbean consortium bank in the United States that can provide correspondent banking relationships in the region.
The meeting backed a proposal to establish an examiner training academy in the United States to train state, local and federal examiners and foreign examiners, including those in the Caribbean.
And participating nations and territories decided to incorporate access to correspondent banking relationships into aid and development relationships and see it as a critical part of the market infrastructure necessary for countries to succeed, the Prime Minister said.
The summit was attended by US Congresswoman Maxine Waters, as well as several other members of Congressional committees.
Attendees from Bermuda included Cheryl Lister, Acting Financial Secretary, Ian Truran, the CEO of Clarien Bank, Ashley Kibblewhite the Director of Banking, Trust, Corporate Services and Investments Department, and the Bermuda Monetary Authority.