Speaking during a visit to St Kitts and Nevis at the weekend, US Congresswoman, Rep. Maxine Waters warned Caribbean leaders that the measures contained within the US Patriot Act which concern the provision of financial services are likely to have a strong impact on the region's offshore finance industry.
The Associated Press revealed that Ms Waters predicted that the measures designed to prevent US banks and financial institutions from maintaining correspondent accounts with offshore banks with no physical presence in another country are likely to affect the region most significantly.
'Let me warn you that under the US Patriot Act, I believe that the financial service sectors of these islands will come under great risk,' the California Demoncrat was quoted by the news agency as observing on Saturday.
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