The Caribbean has made one of its strongest cases yet to a global superpower over the vexing issue of derisking and the quickly disappearing access to correspondent banking services. The situation poses a grave threat to our small and vulnerable economies.In a historic presentation to the United States House Committee on Financial Services led by chairwoman Maxine Waters, the regional representatives convincingly argued their case and succeeded in putting a human face to what has become a burgeoning crisis.Prime Minister Mia Mottley is fittingly being praised for giving leadership to the issue and for using the global leverage she has acquired over the past four years, to force the American political actors to take a second look at the consequences of this over-regulation of the region’s financial sector.Under the theme When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access, Mottley led a formidable team of expert witnesses including Ms. Wendy Delmar, CEO of the Caribbean Association of Banks; Mr. Wazim Mohamed Mowla, Assistant Director and Lead of the Caribbean Initiative; Mr. Wayne Shah, Senior Vice President, Financial Institutions – Head of Caribbean Region, Wells Fargo Bank; Mr. Amit Sharma, CEO and founder of FinClusive; and Ms. Liat Shetret, Director of Global Policy and Regulation, Elliptic.
