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Caribbean Banks Concerned With US Developments

by Mike Godfrey, Lowtax.net, Washington
09 February, 2016

At a recent meeting with a US ambassador, the Governor of the Eastern Caribbean Central Bank expressed concerns about the impact of US regulatory policies on commercial banks in Eastern Caribbean Currency Union territories.

In the Governor's February 4 meeting with US Deputy Chief of Mission in the Embassy to the Caribbean region, Laura Griesmer, Timothy Antoine referred to ongoing "de-risking" by US banks, wherein banks are reining in their correspondent banking relationships with Caribbean banks and those in "offshore" territories in general.

During the meeting, he also called for the US Embassy to support the bloc's efforts to secure inter-governmental agreements (IGAs) with the United States, to facilitate banks' compliance with the US Foreign Account Tax Compliance Act. IGAs enable foreign financial institutions to send information to a central authority in their territory, which then is responsible for remitting that data to the Internal Revenue Service.

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