The Premier and Minister of Finance, the Hon. E. David Burt, JP. MP. attended a Caribbean Financial Roundtable discussion in Bridgetown, Barbados, following a personal invitation from the Prime Minister and Minister of Finance, the Hon. Mia Mottley, QC. MP.   The Rountable discussion was jointly hosted by the Government of Barbados and the Chair of the U.S. House of Representatives Financial Services Committee, the Hon. Maxine Waters.  The purpose of the meeting was to discuss critical issues in respect to banking relationships, de-risking, anti-money laundering, and related banking issues, and follows prior discussions that took place in Washington, DC in 2019, to tackle the challenges that small island states, like Bermuda, are facing with correspondent banking due to de-risking activities of US Banks.

The Premier was accompanied by the Acting Financial Secretary and CFATF Chair, Ms. Cheryl-Ann Lister, the CEO of Clarien Bank, Mr. Ian Truran, and the Director of Banking, Trust, Corporate Services and Investments (Bermuda Monetary Authority), Mr. Ashley Kibblewhite. Congresswoman Maxine Waters delegation included several senior persons from the U.S. House Financial Services Committee, and other relevant House Committees.  Also in attendance were senior representatives of U.S. and Canadian Banks, CARICOM Heads of Government, the CARICOM and OECS Secretary-Generals, and the President of the Caribbean Development Bank.

The meeting presented an excellent opportunity to discuss the critical issues highlighted above, and other important matters with key decision-makers, while highlighting Bermuda's leadership in combating money laundering. Prime Minister Mottley outlined five outcomes from the meeting as follows:

• The U.S. Congressional delegation agreed that the issues discussed were of significant importance and deserve a congressional hearing.
• Agreed to an annual U.S. and Caribbean Banking Forum.
• Agreed to conduct a feasibility study as to whether or not to establish a Caribbean-opened consortium bank in the United that can provide correspondent banking relationships in the region.
• Agreed to a proposal to establlish an examiner training academy in the United to train state, local and federal examiners and foreign examiners, including those in the Caribbean; and 
• Agreed to incorporate access to correspondent banking relationships and see it as a critical part of the market infrastructure necessary for countries to succeed.

The Premier noted that the meeting was productive and it was important that the Government of Bermuda continues to engage in such international fora, to bring better financial services to the people of Bermuda.

Related Links:

Premier to attend Financial Roundtable: www.gov.bm/articles/premier-attend-financial-rountable

Caribbean Financial Access Rountable - "an important opportunity towards bringing better financial services to the people of bermuda": www.gov.bm/articles/premier-attend-financial-rountable

Caribbean Financial Access Roundtable Opening Statements: www.youtube.com/watch?v=Q1cWGdLCLOw&t=13s

Caribbean Financial Access Roundtable. Press Conference: www.youtube.com/watch?v=EihQpZf0hAk

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