Identifying Opportunities Amidst the Economic
& Financial Storms Affecting Our Member
Countries
The Hon. Timothy Harris, Prime Minister of Saint Kitts and Nevis
& Joanna Charles, Chairperson, CAB
“There is ... the need to put more pressure on Governments to change and enact legislation that offers greater protection to
the survival of the sector. They have done it for tourism and the financial sector which is among the top contributors to GDP
deserves that level of attention. The systemic and contagion risks associated with being reactive in addressing the concerns
of the sector can have far reaching implications that we cannot even being to quantify...
I [also] wish to encourage members to undertake the necessary investments in compliance electronic monitoring systems,
ensure that AML/CTF policies, procedures and systems are in place, and establish a rigorous culture of compliance in your
organisation. I wish to emphasize that this is an issue facing all sectors; as financial intermediaries, banks are highly dependent
upon correspondent banking relationships to facilitate critical economic and financial transactions such as, remittances,
foreign direct investments and international trade in goods and services.
For example, according to CARICOM Statistics, the value of United States exports to CARICOM countries for the periods
2011-2013 were US$16.99B, US$18.6B, US$17.9B respectively; while US imports from CARICOM countries for the same
periods were US$9.5B, US$8B, and US$8.4B respectively. These trade flows are derived mainly from key sectors such as
Tourism, Manufacturing, Agriculture, and the financial services sector. The CAB is committed to engaging key stakeholders
(governments, Central Bank governors, regional bankers associations, trade and services associations etc.) to seek a
resolution to this correspondent banking challenge and we implore your fervent support.”
Joanna Charles, Chairpeson, CAB
Special Thanks to our Sponsors!
The world-class CAB Conference represents the best opportunity to network with financial services professionals and financial
services support professionals both regionally and internationally. It receives the support of national, regional and international
sponsors who provide technological and professional services to the industry. The Conference attracts Directors, Presidents,
CEO’s, Managing Directors and Executives from the CAB’s honorary, general and service members, as well as correspondent
banks and service providers.
CIBC First Caribbean
International Bank
Euronet
Software
KPMG
Massy
Technologies