IMF warns Tuvalu risks exclusion from global banking system
Country must improve AML framework and domestic lending practices, fund says
The International Monetary Fund has counseled Tuvalu to reform its domestic banking sector, warning that the country’s leading bank could lose access to correspondents abroad.
The fund concluded its latest Article IV consultation on April 26. Tuvalu does not have a central bank and uses the Australian dollar as its currency.
In its press release, the IMF warned that the National Bank of Tuvalu “is currently exposed to the loss of its CBR [correspondent banking relationship] with Australian
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