CDB President says ‘unified response needed’ to tackle financial sector risks

(Barbados Today) – Caribbean Community (CARICOM) members are being advised to tackle risks associated with the offshore sector, including blacklistings, as one unit.

This advice has come from President of the Caribbean Development Bank (CDB) Dr Warren Smith, as he recently addressed the opening of the Barbados International Business Association (BIBA) annual conference at the Lloyd Erskine Sandiford Centre under the theme Harnessing Global Opportunities.

Smith identified the agreement reached at the 13th inter-sessional meeting of the Heads of CARICOM governments on a community strategy to address blacklisting earlier this year, but said while it targeted a number of immediate advocacy action, more needs be done.

“In this business what we trade on is our good name. blacklisting of any one Caribbean country will have an immediate negative effect on the reputation of our entire region. This underscores the need for a regional approach and embrace of common principles by CARICOM countries,” said Smith.

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Source: CARICOM TODAY