IMF’s Zhang says external financial lifelines must be ‘preserved’
Fund is providing AML/CFT training in the Pacific to stem correspondent banking crisis
The International Monetary Fund is providing training to regulators in the Pacific region in response to a loss of correspondent banking.
In his final speech as deputy managing director, Tao Zhang said fiscal revenues, business income and remittance flows had been threatened by the departure of banks in the region.
“All stakeholders must preserve external financial lifelines,” he said. “The IMF is helping to find solutions by providing AML/CFT [anti-money laundering/countering the financing of
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