Barbados has been removed from the European Union’s list of non-cooperative jurisdictions and Dominica has been added.
The OECD has issued another update on jurisdictions‘ progress to amend their preferential tax regimes to remove harmful elements under the OECD base erosion and profit shifting Action Plan minimum standard on harmful tax regimes (Action 5).
Caribbean banks have lost important correspondent banking relationships as a result of international banks withdrawing from the region, according to a working paper recently released by the International Monetary Fund.
The Cayman Islands has welcomed recent recognition by the Global Forum on Transparency and Exchange of Information for Tax Purposes that it is „largely compliant“ with evolving international tax information exchange standards.
The Secretary-General of the Caribbean Community, Irwin LaRocque, has urged Sweden to use its position in two major international organizations to highlight the unfair labeling of some Community member states as „non-cooperative tax jurisdictions.“
The Caribbean Association of Banks has urged all Caribbean countries to finalize intergovernmental agreements with the US to facilitate compliance with the US Foreign Account Tax Compliance Act.
The Commonwealth Secretariat recently hosted a public meeting to discuss the findings of a survey into the challenges faced by its members with respect to the drop in correspondent banking relationships, or bank „de-risking.“