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Caribbean trade group combats tax haven label

April 9, 2016

GEORGETOWN, Guyana (AP) — The 15-nation Caribbean Community and Common Market is fighting the perception that the region is a tax haven after the huge leak of confidential documents from a Panama-based law firm that specializes in offshore finance.

CARICOM said financial industry regulations in the region fully comply with international standards that are overseen by such institutions as the World Bank, the International Monetary Fund and the Organization for Economic Cooperation and Development (OECD), the Financial Action Task Force and the Caribbean Financial Action Task Force.

The trade block urged caution Saturday against unjustly labeling the region’s financial services industry as more disclosures from the so-called Panama Papers are made public. It said the sector has taken all necessary steps to ensure compliance with international regulations and standards.

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