Banks, The Caribbean Diaspora And Remittances

Imagine this! You, a partner or family member is working overseas. You have been sending money home to support an aging relative or to make a regular payment on a mortgage.You go to the Caribbean money transfer business that you have always used, only to be told your money can no longer accepted because there is no intermediary bank in Europe or the US willing to work with it despite its absolute reliability and positive track record.Although oversimplified, this scenario is not impossible as changing international regulations and risk aversion are having the effect of disconnecting Caribbean financial institutions from the international correspondent banking services that are necessary for them to clear or transfer money.

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