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E-book
Author Alwazir, Jihad

Title Challenges in correspondent banking in the small states of the pacific / by Jihad Alwazir [and four others]
Published [Washington, D.C.] : International Monetary Fund, [2017]
©2017

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Description 1 online resource (30 pages)
Series IMF working paper, 1018-5941 ; WP/17/90
IMF working paper ; WP/17/90.
Summary 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
Notes Print version record
Subject Economic development.
economic development.
BUSINESS & ECONOMICS -- Industries -- General.
Economic development
Form Electronic book
ISBN 9781475595086
1475595085
ISSN 1018-5941