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CEO Forum Update

What is the latest? The CAB concluded its third CEOs Forum on 2nd June, 2018 in Miami, Florida. The Forum brought together Banking and Fintech CEOs, Directors, Compliance Professionals, Technical Service Providers, Representatives from Regional and International Bodies and banking industry professionals to discuss the opportunities and threats within the Region’s financial services sector. Some key points arising from the discussions were: The perception of the Region as being ‘high risk’, is having a negative impact on the financial services…

Resolution Life Assurance Company Limited (ResLife) launched.

ResLife has been launched in Barbados to control the portfolio previously held by CLICO. ResLife claims that it will work assiduously to resolve the outstanding US$45 million in settlements. The Chairman of ResLife is Clenell Goodman with the CEO being Cheryl Senhouse. Payments are expected to begin in February 2018. Read more HERE…

Venezuela Banks on Oil- Backed Cryptocurrency “Petro” To end Recession

Venezuelan President, Nicolas Maduro advised that the consolidation of the cryptocurrency “Petro” will be the center of the country’s financial policy for 2018. Each Petro will be backed by a barrel of oil, the value of which currently stands at US$63.72. Maduro is confident that the Petro will appreciate and be a major driving force to help the country overcome its financial challenges. Venezuela intends to issue 100 million Petro (US$6.3 billion) with 38 million Petro going to private investors…

Saint Vincent and the Grenadines Calls Foul on Trinidad and Tobago Currency Issue

Prime Minister of Saint Vincent and the Grenadines, Dr. Ralph Gonsalves has expressed his concern over the issue in which Vincentian traders in agricultural produce are unable to convert their earnings to EC Dollars (XCD) from TT Dollars (TTD). The agricultural producers are hesitant to sell their produce to Trinidadian buyers as these buyers are finding it difficult to pay their Vincentian suppliers due to difficulties in exchanging TTD to XCD. In response, St. Vincent has set up a facility…

World Bank and Pwc publishes global tax analysis

The World Bank and Pwc have published the global tax analysis “Paying Taxes 2018” which analyses the ease of paying taxes across 190 economies. The report claims that Central America and the Caribbean had the greatest increase in Total Tax and Contribution Rate (This rate includes taxes and mandatory social contributions borne by companies) of all regions (8) for 2016. The region scores below average on the on the tax post-filing index as it has the second longest time to…

The World Bank Publishes Ease of Doing Business Rankings, 2018

The World Bank has released the 15th Annual Doing Business Report. The report investigates regulations which enhance or inhibit business activity in 190 economies. The analysis covers regulation which affect 11 area of the life of a business for example: Starting a business, construction permits, getting electricity, getting credit and trading across borders to name a few. The Ranking for the Caribbean is summarized below: Country Overall Rank Jamaica 70 St. Lucia 91 Dominica 98 Dom. Republic 99 Trinidad &…

FATCA

FACTA IGA Global Update as of February 16th 2016 FATCA IGA Global Summary FACTA Update May 15th 2015 IRS FATCA Foreign Financial Institution (FFI) List – Search & Download Tool FATCA Update 22nd January 2016 – IGA Global Summary Document (Deloitte) FATCA IGA Global Summary FACTA Update December 24th 2015 – IRS releases 2015 Form 8966 and instructions IRS releases 2015 Form 8966 and instructions FACTA Update May 15th 2015 IRS FATCA Foreign Financial Institution (FFI) List – Search & Download Tool FATCA Update January 19th 2015 Member FATCA Reporting Requirements…

Anti-Money Laundering

Adjusting the Lens on Economic Crime: Preparation brings opportunity back into focus – Article Pwc Global Economic Crime Survey 2016 – Survey FATF AML Guidance on Correspondent Banking Services – Article…

Introduction to CRS

The Common Reporting Standard (CRS) is the standard for automatic exchange of information (“AEOI”) developed by the OECD The goal of the CRS is for jurisdictions to obtain information from financial institutions and exchange that information with other jurisdictions using a standardized approach CRS is a broad reporting regime that draws extensively on the intergovernmental approach to implement FATCA…learn more Webiner Recording: “CAB/Deloitte Webinar on the OECD Common Reporting Standard – September 2016”…