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The Withdrawal of Correspondent Banking Relationships
This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.
Virtual Currencies and Beyond
New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.
Virtual Currencies and Beyond
New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.
Challenges in Correspondent Banking in the Small States of the Pacific
Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.
Loss of Correspondent Banking Relationships in the Caribbean
Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.
Broken Lad
Phil is in love with himself. And he’s a show off. He’s crafted a personality disorder into a trade. Who’d be a stand-up comedian these days? Above a pub in North London, Phil is drinking and fighting off mild panic about his comeback gig. His manager’s already dumped him and he’s worried about finding a place to stay for the night too. As he laments his dwindling career, his supporters gather to wish him well. Craving success and celebrity too, Josh suspects his father of behaving very badly. With the time of the performance fast approaching, guilty secrets emerge that split the family wide apart. Tonight, Phil’s career might not be the only thing in tatters. Comic and moving, Broken Lad is a subtle examination of masculinity in distress.
Leanne Benjamin
This autobiography by Leanne Benjamin with Sarah Crompton reveals the extraordinary life and career of one of the worlds most important ballet dancers of the past fifty years. The book takes you behind the scenes to find a real understanding of the pleasure and the pain, the demands and the intense commitment it requires to become a ballet dancer. It is a book for ballet-lovers which will explain from Benjamins personal point of view, how ballet has changed and is changing. It is a book of history: she was first taught by the people who created ballet in its modern form and now she works with the dancers of today, handing on all she has known and learnt. But it is also a book for people who ...
Macbeth
Murder mayhem and magic.Pushed by his wife to seize the throne Macbeth kills his rightful liege and then tries desperately to hold onto the kingdom that he has wrongfully usurped. Prophesy and magic abound in this dark moody and atmospheric play.Out damned spot! Out I say!One- two -why then 'tis time to do't. Hell is murky. Fie my lord fie! A soldier and afeard? What need we fear who knows it when none can call ourpower to account? Yet who would have thought the old man to have had so much blood in him?
