PM meets with US Financial Services Committee on correspondent banking
Chairman of the Caribbean Community (CARICOM) and Prime Minister of Saint Lucia, Honourable Allen Chastanet, yesterday attended a meeting in Washington hosted by representative Maxine Waters, Chair of the United States House of Representatives Financial Services Committee. The purpose of the meeting was a discussion on financial services and specifically correspondent banking that featured senior executives from US financial institutions doing business in the Caribbean region.
Also in attendance from the Caribbean were Prime Minister Honourable Gaston Browne of Antigua and Barbuda, Minister Dale Marshal from Barbados, Minister Stuart Young from Trinidad and Tobago, and Secretary General of CARICOM, Ambassador H.E. Irwin LaRoque.
On Monday at the pre-Cabinet briefing, Prime Minister Chastanet explained that the issue of correspondent banking and de-risking does not just have implications for the Caribbean but it will also affect the US.
“Congress is very interested in understanding how the correspondent banking and de-risking has impacted us in the region,” noted PM Chastanet. “I will highlight that while we all support the goals of de-risking there has been substantial negative impacts on us in this region which also will affect the US.”
During his visit to Washington, Prime Minister Chastanet will also have follow up meetings related to the US–Taiwan delegation who were recently in Saint Lucia to explore investment opportunities. The Prime Minister is also scheduled to visit Miami for a meeting with Florida International University (FIU) on developing a relationship with educational institutions in Saint Lucia.
In the Prime Minister’s absence, Minister for Economic Development, Housing, Urban Renewal, Transport and Civil Aviation, Honourable Guy Joseph, serves as Acting Prime Minister.