Illinois to debate blacklisting the Caribbean

The State of Illinois has set for debate Bill HB3419 which aims to blacklist fifteen (15) Caribbean countries as tax havens: Anguilla, Antigua and Barbuda, Aruba, The Bahamas, Barbados, Belize, Bermuda, B.V.I., Cayman Islands, Dominica, Grenada, Monserrat, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines.

The Bill will require authorities to generate a list of companies operating in these countries, subject to criteria which defines the company as an “expatriate corporation”. These companies will receive written notice that they may be subject to divestment if they do not cease activities in the “tax havens”.

 

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