US law codifies ‘helpful’ guidelines on de-risking

12

Prime Minister, Gaston Browne, as the lead on Financial Services in the quasi-Cabinet of CARICOM Heads of Government, has thanked the Chair of the Banking Committee of the US House of Representatives, Maxine Waters, for the inclusion in US law of helpful guidelines on de-risking.

For several years, regulatory directives to US global banks have resulted in the withdrawal of correspondent banking relations to Caribbean banks.  The loss of these relations threatened to cut-off Caribbean countries from the global financial and trading system, including family remittances, foreign investment and payment for the import and export of goods and services.

The US Congress has now adopted a law in which new directives on de-risking have been included.   The law is the ‘‘William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021’’ (NDAA).

Section 6215 of the NDAA, which deals with Financial Services De-Risking, is the result of work by the Prime Minister of Antigua and Barbuda, Gaston Browne, and his diplomatic team in Washington DC, led by Ambassador Sir Ronald Sanders.

That work culminated in a US Congressional Round Table in November 2019, chaired by Congresswoman Waters, which gathered representatives of major US banks and a high-level Ministerial team from the Caribbean, led by Prime Minister Browne.

One of the major results of the Round Table was the Banking Committee’s decision to codify guidelines on de-risking in US law.

Among the matters that the guidelines set out are that “providing vital humanitarian and development assistance and  protecting the integrity of the international financial system are complementary goals; and access issues are a concern for individuals and entities such as those sending remittances from the United States to their families overseas and certain domestic and overseas jurisdictions that have experienced curtailed access to cross-border financial services due, in part, to de-risking”.

One of the law’s fundamental directives is that “policies that encourage financial inclusion must remain a priority”.

Ambassador Sanders informed Congresswoman Waters that Prime Minister Browne expressed his gratitude on behalf of Caribbean states, saying: “We know that while this is a first step, it has created a pathway, within U.S. law, to advance reasoned discussions on the harmful effects of de-risking on cooperative jurisdictions”.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages. Your content is delivered instantly to thousands of users in Antigua and abroad!
Contact us at [email protected]

12 COMMENTS

  1. It’s great to see Comrade Gaston next to Maxine Waters. a long time member of Congress, and a true democratic socialist of the old school, known to us long before we ever heard of Bernie Sanders and AOL. Antigua rejoices in these types of contacts.

  2. Give it to our Prime Minister the great visionary leader of the Caribbean.
    The detractors here at home will continue to try to belittle him, but the results always proofs them so wrong.
    But as the saying goes :a king gets no honor in his own country”
    Nuff resepct for our great visionary leader, The Honorable Dr. Gaston Browne.

    • The Honourable Gaston Browne is the man for such a time as this. He is a natural leader in the tradition of Sir V.C. Bird. Forward Ever! Backward Never! May God continue to give him wisdom and guidance as we go through these dark times in the earth. We are blessed to have him at the helm. He is a Man of the People.

  3. The red kool aid now mix with 12 year old English Harbor Rum. Your visionary leader with his financial education on banking and currency manipulation have the banking system at a crossroads.

    Ask yourselves. How many international banks operated in Antigua in coordination with local banks 7 years ago compared to now?
    Maxine Waters is a fraud. She represents one of the poorest constituencies in California. Hire her family members to run her congressional campaigns. Fatten her resources with campaign contributions. Family syndicate! Yet her district continues to suffer. Poor performing schools, lack of adequate health care, job training, low economic activity…you can find a liquor store on every corner, fast food, dollar stores but no supermarket for fresh produce, meats and other essentials for a healthy diet.

    She may me the House Banking Committee Chairman. An oversight committee. She has no power to exact change in US banking laws. That power rests with the Congress.

    Nice picture though. At least he’s smiling up in her face. They must understand each other.

  4. Hon.Gaston Browne is a FUTURISTIC Leader . Hon. Gaston Browne will be PRIME MINISTER for the next 30 years at least. I have listened to some of the UPP Candidates and UPP Candidates cannot talk on issues.I heard FRANZ, ALISTER , JAMALE , SERPENT , CLEON and others . These UPP Candidates are not ready. Actually I do believe that These Candidates will be so tired in the next few months that They will dop from the race. ABLP 17 SEATS. UPP 00. DNA 00

  5. @ PIERRE.G.
    Pierre… I hope your prediction is correct. I agree the UPP Candidates are NOT impressive. I am in St. Phillips and I know for sure LENNOX WESTON is our REPRESENT and DEFINITELY win for sure.

  6. Where is JAMALE PRINGLE..The PER CAPITA MAN? I heard Harold lovell has CENSORED / MUZZLED Jamale Pringle. Harold is very UNHAPPY with JAMALE performance in Parliament.

  7. Did Gaston Browne ever get tripped upon a word.How about in the Congress of Antigua and Barbuda.He could not pronounced the word “THESAURUS”.He mumbled and fumbled over it.The man who pronounced Protocols as PRADACALS.Yes,the smartest man in the world,Gaston.

  8. Maxime Waters,she should have been in prison.If what she did was done by an ordinary citizen.That person would have served time for sure.The Congress gave her slap on the wrist.Those Politicians look out for each other.Do you folks remember the meeting she sets up between the Treasury Department and One United Bank. A Bank she and her husband had a financial interest.Only a face not even a mother would love.

  9. @ WANNA BEE

    I know you very well.You were brought up better than what you’re expressing. Very RUDE.

Comments are closed.