The CARICOM Secretariat says it 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 following the leak of the “Panama Papers”.
A statement from the regional body says “the loose attribution of this label ignores the reality that the regulation of this sector in CARICOM is fully compliant with international standards.”
The statement continues “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, the Global Forum of the Organisation for Economic Cooperation and Development, the Financial Action Task Force and the Caribbean Financial Action Task Force.”
Bilateral commitments have also been made under the United States implementation regime for the Foreign Account Tax Compliance Act.”
CARICOM is now urging those “making the leap towards moral indignation and unjust labelling of financial services centres within the Community” to be cautious as the centres within the bloc would have taken all necessary steps to ensure compliance with international regulations and standards.