For Banach spaces $X$ and $Y$, we show that if $X^\ast$ and $Y$ are weakly sequentially complete and every weakly compact operator from $X$ to $Y$ is compact then the space of all compact operators from $X$ to $Y$ is weakly sequentially complete. The converse is also true if, in addition, either $X^\ast$ or $Y$ has the bounded compact approximation property.