Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin
Instagram



News from the Caribbean:




Back To Today's News

CARICOM secretary-general asks Sweden for help on blacklisting issue
Published on August 18, 2017 Email To Friend    Print Version

GEORGETOWN, Guyana -- Secretary-general of the Caribbean Community (CARICOM), Irwin LaRocque, has urged Sweden to use its position in two major international organisations to highlight the unfair labelling of some of the Community’s member states as “non-cooperative tax jurisdictions”.

caricom-logo.jpg
Speaking at the CARICOM Secretariat’s Guyana headquarters during the accreditation ceremony of Sweden’s new ambassador to the Community, the secretary-general said, “As we seek to diversify our economies and build our services sector, some of our member states, engaged in financial services, have been labelled as 'non-cooperative tax jurisdictions'. This is despite the fact that the countries in question are not so designated by the relevant global authorities, such as the Financial Action Task Force and the OECD Global Forum.”

“As a member of the EU and the OECD, Sweden can assist in encouraging these bodies to be guided by the informed position of the relevant global regulatory authorities and desist from their unnecessary seemingly punitive actions,” he added.

The secretary-general called attention to the decision earlier this year by the European Union Council to screen some CARICOM member states to determine whether they were co-operative tax jurisdictions using new criteria.

“The stated criteria go beyond the generally accepted international tax transparency and accountability standards which our countries have been meeting over the past several years,” he pointed out.

It was extremely onerous for small countries to address different international initiatives that dealt with the same, similar or related subject matter yet stipulated different sets of criteria, he observed.

“There appears almost to be a predisposition to blacklisting our countries,” LaRocque stated.

He said a major consequence of this blacklisting was the “de-risking” strategies being employed by certain international banks which had resulted in the withdrawal of crucial correspondent banking relationships.

“This particularly affects our indigenous banks and other financial services entities and could lead to the disconnection of our small economies from the global economy and international trade. Its socio-economic impact would be disastrous, given that remittances which are the main source of income for many of our poorest citizens will be affected,” the secretary-general said.
 
Reads: 4101





Click here to receive daily news headlines from Caribbean News Now!




Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.






Other Headlines:



Regional Sports: