A fair number of respondent banks in the ESAAMLG region indicated that correspondent banking relationships had been terminated or restricted between 2011 and 2016. The reasons cited for the terminations and restrictions varied and included, but were not limited to, concerns over money-laundering and the financing of terrorism. Countries that were particularly affected countries included Angola, Tanzania, and Zimbabwe.
Page 7 of 13  The ESAAMLG survey also indicated that not all respondent banks reported having found replacement correspondent banking relationships or having made alternative arrangements. Once individuals and entities become unbankable as a result of derisking, the risk increases that underground financial systems may develop.