READOUT: Acting Under Secretary for Terrorism and Financial Intelligence Brad Smith Hosts Roundtable with the Pacific Banking Forum and the Government of Australia

WASHINGTON – Today, the United States and Australia co-hosted the Pacific Banking Forum Roundtable to address de-risking and the decline of correspondent banking relationships in the Pacific. This meeting of key public- and private-sector stakeholders was a direct deliverable from the Pacific Banking Forum (PBF) held from July 8-9 in Brisbane, Australia. Acting Under Secretary for Terrorism and Financial Intelligence Brad Smith convened the Roundtable, underscoring the promotion of financial inclusion, preservation of correspondent banking relationships, and implementation of effective anti-money laundering and countering the financing of terrorism controls. Citing the Treasury Department’s 2023 De-risking Strategy, Acting Under Secretary Smith highlighted the important role for public and private sector collaboration and collective action – such as the PBF – as the most effective path to maintain and expand banking relationships.