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Kaieteur News
Wednesday April 06, 2016
Bahamas distances itself from JCC not in support of boycotting ‘Panama Papers’ scandal trade with Trinidad and Tobago NASSAU, Bahamas (CMC) – The Bahamas Government yesterday described as “disconcerting” the socalled “Panama Papers” alleging that a number of world leaders and other prominent people used a law firm in Panama to develop offshore companies to evade taxes. The leaked documents from the Mossack Fonseca law firm in Panama reveal that several Caribbean countries were used in establishing the offshore companies. In a statement, Financial Services Minister, Hope Strachan, said the leak of the documents from is disconcerting. “This leak challenges the work and validity of international financial centres. We are following the development of this investigation closely,” she said, adding that “the Bahamas is a compliant jurisdiction, operating under international regulatory standards. “We continue to ensure, we do everything to remain compliant and to sustain our reputation as a premier financial centre. We consistently demonstrate our commitment to international tax transparency, as well as the anti-
Hope Strachan money laundering and the countering of financial terrorism initiatives,” she said. Strachan said that “it must be reiterated that the Bahamas has been deemed compliant by the Organization of Economic Cooperation and Development (OECD) global forum on transparency and exchange of information for tax purposes. “Further, the Bahamas has committed to the implementation of the automatic exchange of information/ OECD CRS using a bilateral approach that is fully en-
dorsed by the OECD. We are also fully compliant with the US Foreign Account Tax Compliance Act. “We continue to ensure that we are a clean and reputable jurisdiction in which to conduct financial services. The financial services industry is a key component to our economy and we take very seriously anything that would compromise the integrity of our financial services sector,” she added. The first casualty of the leak documents is Iceland’s embattled prime minister, Sigmundur Davíð Gunnlaugsson, who tendered his resignation in the wake of a mounting political crisis over his family’s offshore investments.
Daily Observer - The Jamaica Chamber of Commerce (JCC) says it does not support a call for a boycott of goods from Trinidad and Tobago following the latest incident regarding the decision by Immigration officials in Port of Spain to refuse entry of 12 Jamaicans last month. “(We need to) explore the other avenues before we reach that stage. My initial reaction is to let’s sit down and reason this thing out and if we can’t get anywhere we will go to the next step,” JCC president Warren McDonald said on RJR radio. The Trinidad and Tobago government has since said that the Jamaicans were denied entry because it felt that they would be a “charge” on the public purse. Last week, President of the Private Sector Organisation of Jamaica (PSOJ), William Mahfood, said Jamaica should consider using its influence within
Warren McDonald CARICOM until Trinidad and Tobago honours its obligations under the Caribbean Community (CARICOM) Single Market and Economy (CSME) that allows for the free movement of goods, skills, labour and services across the regional integration grouping.
“We need to stand up for our own rights as a country and we need to say to Trinidad , if you don’t allow us access to your country, whether it is to freely move within CARICOM (Caribbean Community) then you won’t have access to our market,” he added. President of the Jamaica Manufacturers’ Association (JMA) Metry Seaga, is also calling for a re-examination of the CSME. “It’s not working the way it was meant to work. We cannot pick and choose the parts of it that we want to implement and leave out the parts that we don’t. If people are going to Trinidad and being turned back, then we have a serious problem… “ Jamaica is the fourth largest market for goods from Trinidad and Tobago and buys approximately US$500 million of goods from the oil-rich twin island republic.
St. Kitts and Nevis to get final sugar compensation payment from EU
ST. Kitts and Nevis Prime Minister Dr. Timothy Harris (right) in discussion with the EU’S Ambassador to the Eastern Caribbean, OECS and CARICOM/ CARIFORUM, Mikael Barfod. BASSETERRE, St. Kitts – St. Kitts and Nevis is set to receive €4.2 million (US$4.7 million) from the European Union – the twin-island federation’s final payment under a sugar adjustment scheme for African, Caribbean and Pacific (ACP) countries following the reform of the EU’s sugar regime. The EU’s Ambassador to the Eastern Caribbean, OECS and CARICOM/ CARIFORUM, Mikael Barfod says the money will be disbursed at the end of this year. It will mark the completion of the sugar compensation programme for St. Kitts and Nevis. The reform of the EU’s Common Agricultural Policy in 2006 prompted it to estab-
lish a sugar adjustment scheme called the Accompanying Measures for Sugar Protocol countries (AMSP). AMSP supports restructuring initiatives in ACP countries that traditionally exported sugar to the EU. According to a press release from the EU, the previous d i s b u r s e m e n t s u p ported the launch of a juvenile co-educational rehabilitation centre for 30 residents; reform of the Social Development Assistance Act so as to improve implementation of social protection programmes; updating of alternative energy legislation leading to a more competitive private sector and improve energy security for
households; the establishment of a land registry; and training for technical and vocational professionals. It is also expected to strengthen St. Kitts and Nevis’ Public Finance Management System as well as the fiscal space available to government through budget support. “There will be more assistance from our side to our partner St. Kitts and Nevis over the next four or five years,” Ambassador Barfod said. He said that future assistance would likely come via the EU’s regional programme, which he disclosed still has €350 million. (Caribbean360)