New U.S. banking rules creating financial headaches in Caribbean
15 Jul 2016

In Belize, the nation’s central bank has taken over processing international business payments after most of the country’s commercial banks have been cut off by former U.S. banking partners. In Jamaica, U.S. bank account holders are receiving notice to take their money elsewhere. And in Guyana, checks in U.S. dollars are taking longer to clear.

Already struggling to keep their vulnerable economies afloat, countries in the Caribbean region are facing a new financial crisis. Tighter banking controls and the fear of hefty finesare persuading an increasing number of U.S. commercial banks to cut ties with Caribbean banks and remittance providers.

Advance your CPD minutes for this content, by signing up and using the CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.