Scotiabank Avoided Problems with Correspondent Banking

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For the latest news across Belize, visit: • http://edition.channel5belize.com/ • The International Monetary Fund in its latest country report noted that Belize remains affected by issues with correspondent banking. The IMF cites the withdrawal of correspondent banking relationships and low capital buffers as key risks to financial stability. As you would know, several local banks in Belize and small jurisdictions in the region lost their correspondent banking relations with U.S. banks as part of an anti-money laundering strategy, also known as derisking and classified as a U.S. initiative aimed at strengthening regional security. The Canadian-based Scotiabank was not affected and its local Managing Director Michael Shaw explains:

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