Search Results

You are looking at 1 - 10 of 75 items for :

  • "ordering bank" x
Clear All
Dirk Jan Grolleman and David Jutrsa
The withdrawal of correspondent banking relationships (CBRs) remains a concern for the international community because, in affected jurisdictions, the decline could have potential adverse consequences on international trade, growth, financial inclusion, and the stability and integrity of the financial system. Building on existing initiatives and IMF technical assistance, this paper discusses a framework that can be readily used by central banks and supervisory authorities to effectively monitor the developments of CBRs in their jurisdiction. The working paper explains the monitoring framework and includes the necessary reporting templates and an analytical tool for the collection of data and analysis of CBRs.
International Monetary Fund
This Detailed Assessment of the Observance of Core Principles for Systemically Important Payment Systems (CPSS), Belarus Interbank Settlement System (BISS): RTGS Service on the Republic of Belarus reviews the core principles for systematically important payment systems. BISS offers the possibility to reserve funds in view of being used for certain specific purposes. Financial market activities in Belarusian rubel are limited, but potentially emerging. Although the Belarus Bankers Association in principle provides a forum for cooperation between banks, in payment system issues, it currently does not play an important role.
Mr. Peter J Montiel, Mr. Antonio Spilimbergo, and Ms. Prachi Mishra
This paper reviews monetary transmission mechanisms in low-income countries (LICs) to identify aspects of the channels that may operate differently in LICs relative to advanced and emerging economies. Given the weak institutional frameworks, reduced role of securities markets, imperfect competition in the banking sector and the resulting high cost of bank lending to private firms, the traditional channels (interest rate, bank lending, and asset price) are impaired in LICs. The exchange rate channel is also undermined by central bank intervention in the foreign exchange market. These conclusions are supported by review of the institutional frameworks, statistical analysis, and previous literature.
International Monetary Fund. Legal Dept.
This report assesses the Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in Panama. Panama is vulnerable to money laundering from a number of sources, including drug trafficking and other predicate crimes committed abroad—such as fraud and financial and tax crimes. Panama has criminalized money laundering and terrorism financing, but its AML/CFT framework is not fully in line with the FATF recommendations. Some requirements form combating the financing of terrorism are included in subsidiary instruments, but these appear to go beyond the AML Law and, therefore, are inconsistent with the legal principles established under the Constitution. There are inadequate statistics on money laundering investigations, prosecutions, and convictions to properly assess the effectiveness of implementation of the legislation.
Mr. David Woo and Mr. Akihiro Kanaya
For a large part of the past decade, Japan has witnessed a steady deterioration in the health of its banking system. This paper examines what went wrong and why it has taken so long for the system to recover. While the paper traces the roots of the crisis to accelerated deregulation and deepening of capital markets without an appropriate adjustment in the regulatory framework, it identifies weak corporate governance and regulatory forbearance as the two factors behind what might have been an unnecessary prolongation of the distress of the financial system.