While the availability of trade finance has become an increasingly important issue in the past few years, the supply of trade finance does not meet demand in many regions. This publication provides an explanation of the current global trade finance gaps amid market failures as well as perceived regulatory risk. It presents an analysis of the recent trends of de-risking and the reasons for falling correspondent banking relationships and shows how the World Trade Organization (WTO), International Finance Corporation (IFC), and Financial Stability Board (FSB) have worked together to respond to this issue since 2017. It also includes lessons learned and case studies highlighting examples of trade finance and compliance capacity building in countries affected by de-risking.