Important Announcement from the Financial Action Task Force (FATF)!
Dear FIBA members,
During the era of derisking, FIBA launched an initiative led by Wayne Shah, with the support of Wells Fargo, to assist Caribbean banks and others, that were suffering the effects of de-risking, i.e., the loss of correspondent banking relationships.
Derisking included a series of black and grey listings, inaccurate characterization of economies from many risk reporting agencies, and the unintended consequences of the “risk-based approach”.
FIBA’s mission consisted of workshops during our annual AML Compliance conference, advocacy with Congress (Rep. Maxine Waters), regulators, and the State and Treasury Departments.
Of note was Wayne’s participation during a Congressional hearing organized in Washington and one organized by the Prime Minister of Barbados.
FIBA has declared that the era of derisking has ended and Rerisking has begun.
It would appear that the FIBA model is working and our voice has been heard!
We will follow closely the implementation of this change and provide updates as we have them.
Regards,
David Schwartz
CEO & President
