New Chairman of the Monetary Council of the Eastern Caribbean Currency Union (ECCU) and Prime Minister of Dominica, Roosevelt Skerrit, has stated that the matter of de-risking does not only affect the Caribbean region but is a global challenge.
In banking and financial terms, de-risking refers to financial institutions closing the accounts of clients who seem to be high-risk for money laundering or terrorist financing abuse, namely money service businesses, nonprofit organizations, correspondent banks, and foreign embassies.
Speaking last week, as he took on the Chairmanship of the Monetary Council, Skerrit debunked what he said is a “myth” that the issue only has a major effect on small economies like Dominica as banks across the world exercise this action.
“There is this myth that de-risking is only affecting the Caribbean region but this is a global challenge. Within the developed world, the banks are exercising that action, and for us, it is being felt much stronger because we are a small economy, and we have to rely exclusively for our foreign transaction on the U.S. dollar,” he said.
He added that this challenge is not something that any one country can face on its own, and so, there must be a collaboration between countries to collectively combat the issue and eventually put it to an end.
“It is not a matter that is unique to us in the Caribbean region, this is a global threat that is taking place in various regions on how we can counteract and how we can seek to get a better understanding of it and put and put an end to it. But it is a major challenge and this is why we are saying that we need to join forces because no one country can counteract the challenge by itself,” he noted.
He noted further that the various media outlets should take caution in what they publish about this matter as it has serious negative potential.
“I really want us to be responsible in the way we speak about this matter publicly, in the way we broadcast and publish matter relating to this issue because it has the potential of really bringing our economies to a halt,” he remarked.
Skerrit first addressed the matter of de-risking on Friday July 21st where he took up the new role in the rotating chairmanship at the ECCU saying that “Arguably the most significant challenge to banking in the ECCU at this time is the practice of de-risking by correspondent banks.”
According to him, the ECCU has therefore established an economic transformation as a strategic plan for the period 2017 to 2021 which will formally be launched in September.
Sounds like Mr Kerritt would love to have the power to control and filter what the media publishes. We in the Caribbean are not living under communism Sir.
Second I saw you refer to doing foreign transactions in US dollar almost like that’s a problem that needs to be solved rather that speaking out against the money launderers. Dominicans and the entire Caribbean really need to keep a close eye on you if that’s the way you already talking.
Finally, no country in the world have been successful at changing the US dollar as the currency for foreign transactions. That’s why oil is traded in US. There will be WW3 before this happens. Many super powers have tried so go on with your disguised campaign for what ever it is you’re seeking.
Cant you Dominicans give a positive comment about one thing? You criticize so much until one of those days you will criticize your own selves. You all are just bringing down your own country with all this negative talk. I can feel the depth of hatred and that can only breed demons. pray a bit you all.
Chupes, Not Europe Skerrit
Medard has risked it all to china years ago In the never seen MOU between he and his cabal & China.
We have ben sold many times over and we suspect but don’t know. Now our passports are selling like hot Ahfouahwee breads and cakes. Ah fouahwee sold /sell their cakes by the road in Marigot ,Wesley etc but Neo DLP/DFP gang of Five & more selling it in foreign and enreaching selves.Ahfouahwee sell local and buy jeep build house improve farms send picny ah school in Ameriica.
enriching – ahfouahme have some education me get in overgutter so ahfouahme can spell it was an error by ahfouahme.
Don’t ever tink ahfouahme is an idiot like U know who!
LolAhfouahweeians no buy degree nor get Dr b4 or after wee name as recognition for facilitating diplomatic
passport. Ahfouahme study hard under flambo.
He is concerned about de risking cause he needs some place to hide money and if he cannot account for those large deposits then he may have to build vault at his home. When the AID bank in Dominica, one of our leading banks boast of four million in profits mainly from student loans it is a sad state of affairs. They should change the name to SLB. uS bank have federal reserve backing and tonnes of assets in investment. The Caribbean need other alternative investment options for the working class period. Example hotels making billions in the region with no share opportunities or investment opportunities for people in region. We only see it as employment with mini wages. Pure slave mentality. We still have not learned to effectively process our vast agriculture products, we surrounded by water yet not dominating the US fishing market. No reason US manufacturer should go all the way to India and China when there are millions in Haiti, Jamaica looking for work. I could go on and on.
I like your take sometimes when you try to keep it neutral. I know you are trying to score points on them but this is kinda disjointed. Some are good points that I will not touch like the US fishing market. You are right the Caribbean need other alternative investment options for the working class besides hotels. For instance agriculture and tourism, they should have already legislated the next gen money maker, marijuana – recreational and medical. US manufacturer go all the way to India and China because of bottom-of-the-bag wages that would create starvation to millions in Haiti and Jamaica. Good try though.
Skerrit with an Honorary Doctorate still does not grasp the true meaning of de-risking. Is he suggesting Governments come together to do away with de-risking? That is similar to legitimizing the ills of financial crimes..
For sure Dominica can do better than Skerrit for Minister of Finance or even PM for that matter…smh..just wait and see, soon he’ll say is because of de-risking Dominica can’t access “clean” CBI money..
Time to get somebody that know what they doing to run Dominica..
Thank you Skerrit for reading my blog of last week. Now your speech writer is at least trying to tell the poor Labourite who clap at your foolishness what DE-RISKING is. I hope that you yourself understand the term. Now tell us exactly why Royal Bank had to ask you to transfer the funds from their bank to another. Could it be related to dirty money from some of our DODGY diplomats? The people need to know Skerrit, and your beggars and acolytes will not SHUT ME UP!!!!! Don’t tell me about it is a global thing, because when it comes to functional institutions, WHICH WE DO NOT HAVE (DLP has killed all) you are not telling me that is something that the world cherishes.DE-RISKING in Dominica is directly related to a badly managed CBI programme.
SKERRIT MUST GO
SKERRIT MUST GO
SKERRIT MUST GO NOW!
What Skeritt has been quoted in this article as saying, was stated by him on Friday 21st as he took over the chairmanship of the monetary council. He is not saying anything new, Mr. Skeritt Must Go.
Tell the coonoomoonoo that again!
Mr. Skerrit, just concentrate on keeping financial transactions in Dominica clean and let other countries worry about there problems. They have leaders too, you know. It is too easy to try and shift the blame for our local problems to others. Please, take care of business here first.
That’ basically my comment. Too often this man takes Dominicans for fools, not realizing that most are smarter than him.HE IS A VERY LIMNITED MAN INTELLECTUALLY. He just believes that everyone are the “””clapppers”””” that follow him up and down Dominica to clap at his insults and nonsensical utterances
SKERRIT MUST GO
SKERRIT MUST GO
SKERRIT MUST GO NOW
Girl, all u have to do is simply Google the term de-risking, even my grand Mother knows that. With your kind of attitude it seems Skeritt ain’t going anywhere soon, we’d like to see a rotation but u are keeping him there by not educating yourself and helping the opposition get organized to win at least by 2028. Oh come on now with your mediocre comments.