Nelson in Brisbane: Combat de-risking in the Pacific

Under Secretary for Terrorism and Financial Intelligence Brian Nelson repeaded the Treasury's call for bankers to maintain correspondent relationships abroad, and reverse the wholesale cessation of such arrangements for administrative compliance expediency which has been taking place.  

"We share the concerns that Pacific Island countries are experiencing among the most serious declines in correspondent banking relationships in the world," he noted. "These terminations of correspondent banking relationships can be calamitous, given that many Pacific Island countries receive approximately 10 percent of their collective GDP in the form of personal remittances.