Flow of money into Pacific discussed

The Asian Development Bank, together with the International Monetary Fund, held roundtables discussions in Sydney, Australia, on Monday and Auckland, New Zealand, on Wednesday and yesterday.
This was to identify practical solutions to address the costs and risks of transferring remittances to Pacific countries and the difficulties in undertaking cross-border transactions.
The events were financially supported by the Australian and New Zealand governments.
Remittance flows and correspondent banking relationships including for trade finance, facilitate trade, promote economic activity, and support incomes in the Pacific.
However, following the tightening of global standards on anti-money laundering and combatting terrorism financing, access to cross-border financial services has become difficult for some Pacific nations.
The talks brought together banks, ministry of transports, and regulators from Australia, New Zealand, and the Pacific, senior officials from international financial institutions and training providers to discuss the issue and find solutions.
Finding solutions will require concerted action by all parties.