Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, will be in Brisbane, Australia, from July 8 to 10 for the Pacific Banking Forum. This forum, co-hosted by the US Department of the Treasury and the Australian government, is a key step in fulfilling a commitment made by President Joe Biden and Australian Prime Minister Albanese during Australia’s State Visit in October 2023. They pledged to enhance sustainable access to banking services across the Pacific, and this forum is a direct result of that pledge. The Pacific Banking Forum will bring together policymakers, regulators, commercial banks, technical experts, and other stakeholders to address the pressing issue of ‘de-risking’ in the Pacific. De-risking, as defined by the Treasury’s 2023 National Derisking Strategy, occurs when financial institutions terminate or restrict business relationships with broad categories of customers rather than managing individual risks. This practice has detrimental consequences, driving financial activity out of the regulated financial system, hindering remittances, limiting access to financial services for low- and middle-income populations, and obstructing the transfer of humanitarian aid and disaster relief. The forum will focus on devising innovative solutions to address de-risking in the Pacific, uniting government and private sector representatives in this endeavor. Secretary Yellen will deliver pre-recorded virtual remarks to the forum on Monday, July 8 at 9:10 AM AEST (July 7 at 7:10 PM EDT). Following this, at 9:15 AM AEST, Under Secretary Nelson will deliver the keynote address, highlighting Treasury’s efforts to combat de-risking and promote financial inclusion and connectivity in the Pacific.
