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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.

Economic development. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Economic development --- E-books --- Accounting --- Banks and Banking --- Exports and Imports --- Criminology --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Tax Evasion and Avoidance --- Technological Change: Choices and Consequences --- Diffusion Processes --- Economywide Country Studies: Oceania --- Remittances --- International Lending and Debt Problems --- Illegal Behavior and the Enforcement of Law --- Public Administration --- Public Sector Accounting and Audits --- Banking --- International economics --- Corporate crime --- white-collar crime --- Public finance accounting --- Correspondent banking --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Fiscal accounting and reporting --- Balance of payments --- Financial services --- Crime --- Public financial management (PFM) --- Money laundering --- Banks and banking --- International finance --- Correspondent banks --- Finance, Public --- Samoa --- White-collar crime