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Tuesday, 07 July 2015

EU explanation of tax haven list not enough, says Antigua PM

The Antigua and Barbuda prime minister Gaston Browne was not reassured by the Head of the EU delegation to Barbados and the Organisation of Eastern Caribbean States, Ambassador Mikael Barfod’s, attempt to lessen the impact of the labelling, which threatens to do untold damage to the listed of the country, and their financial sectors. PM Gaston Browne explained, “What is really required is for the EU to have it corrected and to make sure that all of the countries within CARICOM are taken off the list. It isn’t a just classification and it obviously would have done serious harm to our respective countries. It has potential negative impact on investments and even in terms of corresponding banking relations.” Contrary to the recent publication, PM Brown affirms that Caribbean countries are fully cooperative jurisdictions and have been in full compliance with the requirements of the Financial Action Task Force (FATF) and the Global Forum. He added, “We just want to make sure that, in the future, there is no such unilateral classification without any form of consultation, and also for them to arm themselves with the facts because the very European members sit on the council of the FATF so they ought to have known.”