CARICOM “Deplores” European Union’s “Blacklisting” of CARICOM countries

The most recent inclusion of CARICOM States to the blacklist of alleged non-cooperative tax jurisdictions
-A +A
0

The Caribbean Community (CARICOM) deplores the ongoing unilateral, arbitrary and non-transparent blacklisting strategy employed by the European Union (EU) against CARICOM Member States.

The most recent inclusion of CARICOM States to the blacklist of alleged non-cooperative tax jurisdictions and jurisdictions identified as being deficient in the area of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT), underscores the EU’s unwillingness to take into account the substantial progress made by CARICOM Member States at compliance with global standards.

Moreover, the unquestioned use of ratings from other international bodies as a determining factor in the decision to list a jurisdiction along with the absence of meaningful prior consultation with the affected States negates the spirit of partnership and multilateralism that has characterised the relationship between CARICOM and the EU. Along with the unprecedented task of staging a post-COVID-19 economic recovery, these CARICOM States now have the added burden of being subjected to the EU’s discriminatory tactics disguised as tax policy and governance.

Blacklisting severely affects the economic prospects of the listed states and the Community, in general, at a time when all of our Members are already faced with the disproportionate impact of the COVID-19 pandemic. This labelling causes significant reputational risk, erodes our competitive advantage, and discourages the investment that CARICOM States desperately need to drive inclusive growth and build economic resilience.

The Caribbean Community calls upon the European Union to desist from this harmful practice of blacklisting small states, and instead pursue a mutually collaborative engagement towards our shared goals of effective tax governance and combatting money laundering and terrorism financing.

Also Check Out...

Phoenix Suns owner Robert Sarver has long been an unpopular figure
Report: Suns Owner Facing
Meet Nana Owusu-Achau, the founder of Agro Kings, a Ghana-based company
Meet The Founder of Fastest-
80 million children have been vaccinated with the novel oral polio vaccine type 2 (nOPV2) in six countries in Africa,
Over 80 Million Reached As Africa
Jamaica’s tourism continues to rebound strongly amid the coronavirus pandemic
CARICOM: Jamaica Earns US$1.7
he was open to ending the Senate filibuster to pass voting rights legislation
Biden Signals Openness To Ending
British troops have shot dead jihadists, believed to be Isis fighters, after coming under attack while on a UN mission in Mali
British Troops Shoot And Kill Isis