Bank of America severs ties with Guyana

first_imgAML/CFT concernsAs foreign banks, particularly those in the United States continue to sever ties with financial institutions in theBank of Guyana Governor, Dr Gobind GangaCaribbean over money laundering concerns, the Bank of America has ended its relationship with “indigenous banks” in Guyana.Guyana Times understands that the Bank of America sent a notice indicating that it was severing its corresponding relationship with “indigenous banks” in Guyana. The notice was sent about a month ago.However, Governor General of the Bank of Guyana, Dr Gobind Ganga, has assured that there was no need to panic about the situation, since Guyana’s economy would not be impacted in any way. He clarified too that contrary to reports, the Bank of America was the only corresponding bank that has cut ties with Guyana to date.He explained that Guyana was currently in talks with several other banks that were willing to form new corresponding banking relationships with local financial institutions.“We have had other foreign banks that have shown interest in providing the kind of corresponding banking relationship to fill the void that the Bank of America is causing… These are banks from Europe and North America,” Dr Ganga stated.When asked how far along were the discussions with these banks, Dr Ganga told this newspaper that the talks were ongoing and projected that the negotiations should come to fruition shortly.“So, at this time, there is no cause for concern, because the banks do have corresponding relationships and they are seeking others. The Bank of Guyana is assisting these banks in finding new corresponding banking relationships,” Dr Ganga reassured.This matter was on the agenda for discussion at the 37th Caricom Heads of Government Meeting held in Guyana July 4 to 6, as Caribbean leaders try to tackle the cut-off of regional indigenous banks, referred to as de-risking – a situation that poses dire consequences for the Region, including crushing impacts on the wider economy.De-risking is when international banks withdraw from their relationships with indigenous banks because of fears of money laundering and questionable sources of funds which would cause the international banks to receive heavy fines from their regulators.Caribbean banking institutions rely on such relationships in order to allow residents to conduct international financial transactions. However, since last year, the Region has been facing the impact of de-risking and the issue has been occupying the attention of regional policy-makers, following signals by international banks that they were unwilling to continue carrying the business of regional banks.De-risking in the Caribbean came into the limelight last year when the Belize Bank was cut off by the Bank of America and one of the two banks in Montserrat shared the same fate. Some of the areas that are affected because of de-risking are: transfers of remittances, cheque payments, international trade and the facilitation of credit card settlements for local clients.The Caribbean Development Bank (CDB) quoted a November World Bank survey saying that about 75 per cent of international banks have experienced a reduction in correspondent banking services with the Caribbean being the worst affected.However, Prime Minister of St Lucia, Allen Chastanet, believes that a collective and broad effort is needed to address the situation. At the opening ceremony of the Caricom Heads of Government Conference on Monday, Prime Minister Chastanet said the Region must stop thinking that it has to solve this problem alone.He pointed out that there were a number of multinational companies in the US such as airlines, cruise companies, and suppliers as well as individuals who own their homes – that have a vested interest in the Region and know exactly how to lobby their Government.In this vein, the St Lucian Head of State posited that the Caribbean should get more persons from abroad, especially those who would be affected, involved in efforts to address the Region-wide problem that threaten their economies.“The idea of us going to Washington, DC by ourselves is a tried and tested failure. We must be able to bring more people to the argument and we must do it urgently,” Chastanet remarked.last_img read more

Chelsea right to let De Bruyne go? Six players that clubs regret letting leave

first_img 3. Mats Hummels: Bayern Munich to Borussia Dortmund – The World Cup winner came through Bayern’s youth academy, playing just one Bundesliga game before joining Borussia Dortmund – initially on loan. The defender went from strength to strength, leading Jurgen Klopp’s side to back-to-back titles from 2010-2012 and he was a pivotal part of the Germany squad that lifted the World Cup in Brazil last year. 6 6 6. Eric Cantona: Leeds United to Manchester United Click the arrow to see more players clubs are likely to have regretted selling – Leeds inexplicably allowed the Frenchman to leave Elland Road for Man United in November 1992. Leeds chairman Bill Fotherby phoned United to enquire about the availability of Denis Irwin, but ended up selling their star performer. Despite some questionable off-the-pitch antics, Cantona enjoyed great success at Old Trafford – winning four league titles and two FA cups. 2. Daniel Sturridge: Chelsea to Liverpool – The Englishman was inexplicably allowed to leave twice, first from Man City to Chelsea on a free transfer. But after struggling to hold down a first-team place – often played out-wide – Sturridge moved to Liverpool in 2013 for just £12m. And the 25-year-old has been in sensational form ever since, bagging 37 goals in just 55 matches in all competitions – including a career-high 24 goals last season as the Reds came agonisingly close to winning the Premier League. 4. Arjen Robben: Real Madrid to Bayern Munich – The Netherlands international never quite found his top form at the Santiago Bernebeu – scoring just 11 league goals in 50 appearances. Robben joined the German champions in 2009 for around €25m and has gone on to establish himself as one of the world’s elite wingers, scoring 68 times in 122 games and winning 11 major honours. 5. Frank Lampard: Chelsea to New York City FC (via Manchester City) – Chelsea’s decision to release their all-time leading goalscorer last summer after 13 years took many by surprise, especially with the Englishman revealing he was to move to the MLS with New York City FC. However, Lampard eventually joined NYC parent club and Chelsea’s domestic rivals, Manchester City, for the season and the midfielder has become a valuable player for the Citizens, even scoring against the Blues at the Etihad earlier this season. 6 Wolfsburg general manager Klaus Allofs believes Chelsea regret letting Kevin De Bruyne leave, after the Belgian’s brilliant form this season.The 23-year-old Belgium international made just three Premier League appearances at Stamford Bridge before being sold to the Bundesliga side in January 2014.A fee of £18m represented good business for the Blues, but with eight league goals and 12 assists already this season, will the decision to let a talented young player who is thriving this season, come back to haunt them.Notable mentions:Gary Cahill: Aston Villa to Bolton to Chelsea – Cahill was never able to establish himself as a regular at Aston Villa and was eventually sold to Bolton in 2007. He moved to Chelsea in 2011, where the central defender has won medals and become a regular for the England national side. How Villa could use him now!Gerard Pique: Manchester United to Barcelona – The Spaniard made just 12 league appearances at Old Trafford before moving back to Barcelona in 2008. He has since gone to lead club and country to unrivalled success.Nemanja Matic: Chelsea to Benfica – Although back at Chelsea now, the Blues let the Serbian leave in 2009 as part of the deal that brought David Luiz to Stamford Bridge. Jose Mourinho eventually saw the midfielder’s worth and re-signed Matic for £21million last season, and he has established himself as one of the best defensive midfielders in the Premier League.Click the arrow to see a list of six current and former players that clubs are likely to have regretted selling or allowing to leave on free transfers and let us know which player you regret your club getting rid of? 6 6 6 1. Paul Pogba: Manchester United to Juventus – The France international managed just three Premier League appearances for United before joining Juventus on a free transfer in July 2012. Sir Alex Ferguson was reportedly unhappy with Pogba’s wage demands at the time, but the Scot’s decision may be one of the worst of his Old Trafford tenure, as Pogba has since established himself as one of the best midfielders in the world. The Frenchman is energetic and powerful and exactly what United’s midfield is missing and a world record fee is being mooted to tempt Pogba away from Turin.last_img read more