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CARICOM Defends Caribbean IFCs After Panama Leaks

by Mike Godfrey, Lowtax.net, Washington
12 April, 2016

The Caribbean Community (CARICOM) says it is concerned that its member states and associate members' international financial centers are again being labelled "tax havens" following the "Panama Papers" leak.

CARICOM said the "loose attribution of this label ignores the reality that the regulation of this sector in CARICOM is fully compliant with international standards." This includes the findings of the IMF/World Bank's Financial Sector Assessment Programme (FSAP), the Global Forum of the Organisation for Economic Cooperation and Development (OECD), the Financial Action Task Force (FATF), and the Caribbean Financial Action Task Force (CFATF), it said.

CARICOM has urged "caution by those making the leap towards moral indignation and the unjust labeling of the financial services centers in the Community, which have taken all necessary steps to ensure compliance with international regulations and standards."

CARICOM was formed to promote the free movement of goods, services, capital, and nationals between member states. It comprises Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago.

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