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Caricom Response Is Weak

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cialis sales times;”>7 April 2016

sildenafil times;”>Caricom issued a statement last week about the Panama Papers and sought to defend the record of the Caribbean. We believe that the statement was not strong enough. The region has to issue a more spirited defence of the sector.

THE “PANAMA PAPERS

The Caribbean Community (CARICOM) is deeply concerned by the resurgence of the designation of “tax havens” being attached to the financial services centres of Member States and Associate Members of CARICOM, following the leak of the “Panama Papers”. The loose attribution of this label ignores the reality of the substantial progress made in strengthening the regulation of this sector in CARICOM and in achieving compliance with international standards.

Indeed, all CARICOM Member States and Associate Members are committed to, and are in compliance with, the international certification process of the IMF/World Bank Financial Sector Assessment Programme (FSAP), the Global Forum of the Organisation for Economic Cooperation and Development (OECD), and the Caribbean Financial Action Task Force (CFATF). Bilateral commitments have also been made under the United States implementation regime for the Foreign Account Tax Compliance Act (FATCA).

As more disclosures unfold with respect to the leak of these financial records, the Caribbean Community urges caution by those making the leap towards moral indignation and the unjust labelling of the financial services centres in the Community. The Caribbean Community is fully cognisant that a negative perception of this area of business would be devastating to the economies of these small States.