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...

US Capitol Police officers are under internal investigation for allegedly helping rioters.
Questions About “Insider” Help in
Lt. General Russel Honoré (Ret.) will lead an immediate review of the security of the U.S. Capitol Complex
Lt. General Russel Honoré Leading
Trump Administration intended to separate families at the border.
IG Report: Trump Intended to
Milwaukee Bucks—no strangers to making a stand—announced a partnership with The Lonely Entrepreneur platform to help Black busin
Helping Black Businesses:
McGuire, who launched his campaign for mayor of New York in December,
NYC Mayoral Candidate Relies on
sources told ESPN's Adrian Wojnarowski that Irving is expected to play in Saturday's game against the Orlando Magic.
Brooklyn Nets' Kyrie Irving