This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country...

A recent study by Kar and Cartwright-Smith (2008) found that over the period 2002 to 2006, illicit financial flows from developing countries increased from US $372 to US $859 billion. The purpose of this paper is to link these outflows with major points of absorption consisting of offshore...