Policy#115briefApril2024Policybrief#115April2024UNCTAD/PRESS/PB/2024/1(No.115)CorrespondentbankingrelationshipsandtradeKEYPOINTSAnti-moneylaunderingandcounteringfinancingofterrorism(AML/CFT)regulationsareessentialtocombatingfinancialcrimesandensuringtheintegrityofthefinancialsystem.LimitedcapacityindevelopingcountriestoimplementAML/CFTraisescompliancerisksandcostsforbanks,leadingtoadeclineincorrespondentbankingrelationships(CBRs).LeastDevelopedCountries(LDCs),LandlockedDevelopingCountries,andSmallIslandDevelopingStates(SIDS),thatlosemoreCBRsexperiencedlargerreductionsinexportgrowth.Effortsarerequiredtoreducedivergenceinthebanks’implementationcapacityandstep-upsupportforLDCs,LLDCs,andSIDS.Thisdocumenthasnotbeenformallyedited.1Policy#115briefApril2024CorrespondentbankingrelationshipsandtradeBanksoftenuseintermediarybanksthroughCBRstoenablecross-borderpayments.Theserelationshipsare,therefore,criticalforinternationaltradetransactionsthatrelyonthosepayments.Inrecentyears,CBRshavedeclinedinmanydevelopingeconomies,andthede-riskingstrategyofsomebankscontributestothistrend.ThisdeclineinCBRscreatesachallengeforLDCs,LLDCs,andSIDStoconducttrade.ThisbriefexaminesthecauseofdecliningCBRs,andpresentsapreliminaryassessmentofhowitcanaffecttrade,andproposespossiblepathwaysofaction.WhatareCBRsCorrespondentbankinginvolvesafinanc...
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