In The Land Of Oz!

• Published date: 05 April 2021
• Law Firm: Information Management Solutions Limited
• Author: Mr Ian Moncrief-Scott

International banks are quietly leaving the Caribbean sinking Ship of State.

Meanwhile, the Antigua & Barbuda Government was recently publicly celebrating a perceived achievement: the US Congress had overridden President Trump's only veto of his Administration and passed a bill known as the William M. Thornberry National Defense Authorization Act for the fiscal year 2021.

Antigua anticipates this bill may give Congress greater control over US banks and, in particular, the banks' plans to further reduce correspondent banking exposure.

The Government of Antigua & Barbuda claims this apparent success is the result of substantial pressure and petitioning by Prime Minister Gaston Browne and his Guyana-born wingman, former journalist, Sir Ronald Sanders, KCK, KCMG, AM, Antigua's Ambassador Extraordinary and Plenipotentiary to the United States of America and to the Organization of American States, non-resident High Commissioner to Canada -- and failed candidate for Commonwealth Secretary-General.

Sanders claims that Democratic Congresswoman Maxine Waters, the current Chairman of the House Financial Services Committee, has been "bombarded" by Antigua & Barbuda on the issue that the de-risking policies of US global Banks were depriving the Caribbean island nations of proper correspondent banking, and that she had promised corrective action in return.

Sanders is reported as saying that deal making in the US Congress is "more art rather than a science. It results in matters inserted in a law where it may seem to have no relevance. But that is the trade for support that occurs. In the result, the promised action was delivered in the NDAA."

To neutral observers, the obscure addition of de-risking legislation to a National...