01951cas a2200277 a 4500 AALejournalIMF017571 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475593471 1018-5941 BD-DhAAL BD-DhAAL Alwazir, Jihad. Challenges in Correspondent Banking in the Small States of the Pacific / Jihad Alwazir, Fazurin Jamaludin, Dongyeol Lee, Niamh Sheridan. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (29 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks' decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact. Mode of access: Internet Jamaludin, Fazurin. Lee, Dongyeol. Sheridan, Niamh. IMF Working Papers; Working Paper ; No. 2017/090 Full text available on IMF http://elibrary.imf.org/view/journals/001/2017/090/001.2017.issue-090-en.xml IMF e-Library