Category: News

The Caribbean Association of Banks Urges Regional Governments to Sign IGA’s With the USA

St. Lucia, Fri. Dec. 12, 2014: With regards to the US Foreign Account Tax Compliance Act (FATCA); the Caribbean Association of Banks (CAB) strongly urges governments in the region, who have not yet completed the process towards a signed Intergovernmental Agreement (IGA) with the USA to do so speedily before 31st December, 2014. FATCA was enacted by the USA to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires Foreign Financial Institutions (FFI’s) to report to the Internal Revenue…

The Caribbean Association Of Banks Inc Looks Forward To A Resolution On The Issue Of Correspondent Banking Relationships

St. Lucia, Tues. April. 21, 2015: The Caribbean Association of Banks (CAB) fully supports the Prime Minister of Antigua and Barbuda, Honourable Gaston A. Browne in his remarks to the meeting of CARICOM Heads and the President of the United States Mr Barack Obama on Thursday 9th April in Jamaica. The Honourable Gaston Browne highlighted a very real and grave threat to the Caribbean banking industry, an issue of concern, on which the CAB has been advocating. The unfair and…

Correspondent Banking issues between regional and US Banks are receiving the attention of the USA’s National Security Council

The threat of loss of correspondent banking relationships to members has become a key focus for CAB for 2015. The following events have heightened the CAB’s concern with regard to the stability of correspondent banking relationships for our members: One member has received notification from their main US correspondent advising them that they are reviewing the relationship, as it is no longer in line with their business strategy. In addition, another correspondent has advised that they are reviewing the jurisdiction…

The Caribbean Association of Banks Inc. (CAB) Responds to EU’s “Black List”

St. Lucia, Wed. June. 24, 2015: The release of the “Action Plan for Fair and Efficient Corporate Taxation in the EU” by the European Union Commission on the 17th June 2015, which included 15 Caribbean countries in a “black list” of non-cooperative jurisdictions, has caused the Caribbean Association of Banks (CAB) grave concern. Notwithstanding that the European Union has now clarified that the final decision, regarding which countries should be on the list, has not been made; it must be…