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African Economy
Most of the money that goes from anywhere in the world, goes through America Swift" —Abraham Great
Abraham Great
Potential changes to the United States' tax policies could have significant repercussions for international banking, particularly for "corresponding banks" that facilitate a vast majority of global financial transactions.

This warning comes from Public Affair Analyst, Abraham Great, who highlights the lucrative position of American banks in the current international financial architecture.

Great pointed to the pervasive role of the U.S. financial system in global money movement, stating, "Most of the money that leaves America or goes from anywhere in the world to anywhere goes through America Swift."

He was likely referring to SWIFT (Society for Worldwide Interbank Financial Telecommunication), the secure messaging network that banks worldwide use to send and receive information, including money transfer instructions.

While SWIFT is headquartered in Belgium, American banks play a crucial role as corresponding banks, especially for dollar-denominated transactions.


The analyst then posed a rhetorical question underscoring the financial benefits derived from this role: "Do you know how much charges that American Banks make by just being the corresponding bank?" This emphasizes the substantial fees earned by U.S. banks for facilitating these international transfers, acting as intermediaries between banks in different countries.

While Great did not specify the exact nature of the anticipated US tax changes, his remarks suggest a concern that any alterations could impact the profitability of these corresponding bank services, potentially leading to cascading effects across the international financial landscape.

Such changes could include increased taxes on foreign income, new withholding tax rates, or other regulatory adjustments that might reduce the attractiveness of routing international transactions through U.S. financial institutions.

The interconnectedness of the global financial system means that even seemingly domestic tax adjustments in a major economy like the United States can have far-reaching consequences for banking operations and the flow of capital worldwide.
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Iran detains 19 individuals for purported connections to Israel and their online activities
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Torty news
China s Ambassador to the United Nations has accused Israel of crossing yet another red line with its strikes on Iran
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African Economy
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My marriage With Mrs Modupe Owa
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