TY - BOOK ID - 85598249 TI - Republic of the Marshall Islands : Selected Issues. PY - 2018 SN - 1484375815 1484375793 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Marshall Islands--Economic policy. KW - Banks and Banking KW - Money and Monetary Policy KW - Industries: Financial Services KW - Criminology KW - Monetary Systems KW - Standards KW - Regimes KW - Government and the Monetary System KW - Payment Systems KW - Illegal Behavior and the Enforcement of Law KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - International Lending and Debt Problems KW - Distributed ledgers KW - Banking KW - Corporate crime KW - white-collar crime KW - Monetary economics KW - Virtual currencies KW - Anti-money laundering and combating the financing of terrorism (AML/CFT) KW - Currencies KW - Correspondent banking KW - Technology KW - Crime KW - Money KW - Financial services KW - Blockchain and DLT KW - Financial services industry KW - Technological innovations KW - Money laundering KW - Banks and banking KW - Correspondent banks KW - Blockchains KW - Databases KW - Marshall Islands, Republic of the KW - Marshall Islands KW - Economic policy. KW - White-collar crime UR - https://www.unicat.be/uniCat?func=search&query=sysid:85598249 AB - This Selected Issues paper discusses correspondent banking relationships (CBRs) pressures on the Republic of the Marshall Island (RMI). RMI’s two banks currently have access to the US financial system. The Bank of the Marshall Islands is a domestic financial institution providing banking services to a substantial portion of the population and operates five branches throughout RMI, including on the Kwajalein Atoll. RMI, through the Trust Company of the Marshall Islands, provides offshore corporate and maritime registry services. Weak implementation of the anti-money laundering and combating the financing of terrorism (AML/CFT) framework by the authorities contributes to CBR pressures in RMI. The termination of BOMI’s CBR with First Hawaiian Bank would be expected to have significant negative economic repercussions without alternative arrangements. The RMI authorities are strengthening the effectiveness of the AML/CFT framework. Additional steps should be taken to further lower the risk of losing the last US dollar CBR. Once the national risk assessment is completed, an action plan should be developed to address the identified risks. ER -