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Correspondent Banking still an issue for CARICOM

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Plaguing Belize and other Caribbean countries is the issue of correspondent banking, CARICOM along with groups have been lobbying for restored relations.  The issue has made doing business overseas challenging for many countries.  Ambassador Gutierrez says the issue remains alive and there are still efforts made to improve the situation.

Ambassador Daniel Gutierrez: “It has been a difficult situation with correspondent banking. Certainly I think there is a recognition by our American partners that the loss of correspondent banking is not only bad obviously for the countries that lose those correspondent banks but it is never a good thing either for trade partners in this case the United States. There are number of implications: there are security implications and trade implications for business, difficulty implications so that is now picking up some sort of traction. The work continues not only at the OAS but at a bilateral level with other Caribbean Ambassadors who are doing a lot of work in trying impress this upon our trade partners and people here in the United States.”

Other countries represented at yesterday’s meeting were Nicaragua, Guatemala, Panama, Costa Rica, Honduras, El Salvador and the Dominican Republic.

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