Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Loss of correspondent banking will pose serious threats to region– Guyana PM

Loss of correspondent banking will pose serious threats to region– Guyana PM

Prime Minister (PM), Retired Brigadier Mark Phillips stated on Wednesday that the loss of correspondent banking, increase of the unbanked and disruption of the flow of remittance will pose serious threats to the economic and social stability of the Caribbean.
He made the statement while addressing a Caribbean Financial Access roundtable discussion on Wednesday in Bridgetown, Barbados.

The prime minister joined several the Caribbean Community CARICOM leaders at the meeting and they all voted unanimously to launch an annual US-Caribbean Banking Forum roundtable meeting.

“Madam Chair, the loss of correspondent banking and the increase of the unbanked is a security challenge to the Caribbean, and I’m happy that we’re discussing this and we have arrived at a position where we will have this annual roundtable to deal with the challenges; it will be an opportunity for us to share ideas and cooperate as we move forward,” he said.

The prime minister added that Guyana is particularly interested in increasing correspondent banking, more so because the oil and gas economy will “propel us towards becoming an international financial centre.”

Correspondent banking facilitates country-to-country services and acts as an intermediary to facilitate wire transfers, conduct business transactions, accept deposits and gather documents on behalf of other banks.

Guyana’s participation in the one-day roundtable discussion on de-risking and correspondent banking came at the request of Prime Minister of Barbados, Mia Mottley.

In a missive to President Dr. Irfaan Ali, Mottley indicated the importance of Guyana’s participation.

“This encounter will provide the ideal opportunity for us to engage with major players in the financial services industry in order to find solutions for these intractable issues.”

She added that Guyana’s “presence will definitely be very instrumental and important in addressing the myriad of problems associated with these issues.”

Prime Minister Phillips met with Prime Minister Mottley and Chairwoman of the US House Financial Services Committee, Congresswoman Maxine Waters on Tuesday.

He was also expected to take part in a meeting with the CARICOM Heads of Government and a Special US Envoy led by US State representative Waters on Wednesday evening.

The other regional leaders at the event included: President of Suriname, Chandrikapersad Santokhi; Prime Ministers Keith Rowley of Trinidad and Tobago; John Antonio Briceño of Belize; Roosevelt Skerrit of Dominica; Keith Mitchell of Grenada; and Philip Pierre of St. Lucia, and Premier of the Cayman Islands, Wayne Panton along with ministerial representatives from Jamaica and St. Vincent and the Grenadines.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
×