The Government of St. Vincent and the Grenadines is recommending that collective action be taken, in response to the emerging threats to Correspondent Banking Relations.
The recommendation came from Minister of Finance and Economic Planning, Camillo Gonsalves, as he contributed to debate on a Resolution tabled at the 4th Meeting of the OECS Assembly, held in Antigua and Barbuda this week.
The Resolution on De-Risking in the Region and the Potential Loss of Correspondent Banking Relations, was presented by Grenada.
Minister Gonsalves said the countries of the region must act together to protect their economies from this danger.
Minister Gonsalves noted that if countries of the region do not act collectively, they would become vulnerable to the demands of larger countries.