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Barbados Sets Out Finance Sector Plan

by Mike Godfrey, Lowtax.net, Washington
18 August, 2016

The President of the Barbados International Business Association, Gregory McConnie, has outlined the Association's plan to promote the island's international business sector in the year ahead.

The plan is intended to respond to the many challenges the island's international business sector faces, including the ongoing OECD Base Erosion and Profit Shifting (BEPS) initiative and the "Panama Papers" revelations.

The plan includes working with the Government to ensure the importance of the international business sector to the island's growth is understood. The Association intends to support the Government in its efforts to promote Barbados to international bodies and so avoid the island being grouped with other international financial centers as a "high-risk tax haven."

McConnie said the Association will continue its work with the Government and the Central Bank to overcome the challenges arising from the de-risking initiatives of international banks, and will work with the Government to revisit the definition of a "financial institution" for the purposes of applying anti-money laundering and countering the financing of terrorism (AML/CFT) regulations.

McConnie also said that the the Association will collaborate with the Government on the development and implementation of a suite of legislation serving the international business sector, including pursuing the passage of Limited Liability Partnership legislation currently in draft form, implementing the Incorporated Cell Company legislation recently adopted, and reviewing and modernizing the Limited Partnership legislation to make it a viable investment entity.

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