CARICOM concerned about resurgence of ‘tax havens’ label in wake of Panama Papers leak

The Caribbean Community (CARICOM) has expressed concern that the designation of “tax havens” is again being attached to the financial services centres in Member States and Associate Members, following the leak of the “Panama Papers”.

The Community, in a Statement, said the loose attribution of the ‘tax havens’ label ignores the reality that the regulation of this sector in CARICOM is fully compliant with international standards.  The Statement identified international standards that CARICOM Members and Associate Members are committed to and are in compliance with.

CARICOM said as more disclosures unfold from the Panama Papers leak, it urges caution by those making the unjust labelling of the Community’s financial services centres.

See full Statement: 

STATEMENT

 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 that the regulation of this sector in CARICOM is fully compliant 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), the Financial Action Task Force 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, CARICOM urges caution by those making the leap towards moral indignation and the unjust labelling of the financial services centres in the Community, which have taken all necessary steps to ensure compliance with international regulations and standards. 

07 April 2016