Pacific islands are being ‘debanked’. What does it mean – and why are Australia, NZ and the US concerned?
- Written by: Louis de Koker, Professor of Law, La Trobe University
Martin Valigursky/ShutterstockThe withdrawal of major banks from Pacific islands poses significant socio-economic risks to the region, prompting intervention by Australia, the US and New Zealand.
The so-called debanking of the Pacific – when banks close or restrict accounts because they believe customers pose regulatory, legal, financial or...