Category: Correspondence Banking

EU Blacklists Four Caribbean Territories, Saint Lucia Delisted

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Saint Lucia, Friday, February 26th, 2021: The Council of the European Union (EU), on 22 February 2021, announced changes to the EU list of non-cooperative jurisdictions for tax purposes. Several of these changes affect Caribbean jurisdictions. Four territories in the region are on the “blacklist.” The status of Anguilla, Trinidad and Tobago, and the United States Virgin Islands remains unchanged from the last bulletin. According to the EU conclusion, unresolved issues with these countries may include the following: Not rated…

JN Bank UK to Address Financial Inclusion, De-risking

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KINGSTON, Jamaica – Earl Jarrett, chief executive officer of The Jamaica National Group, said its newest subsidiary company, JN Bank in the United Kingdom (UK), will seek to address financial inclusion for several unbanked or under-banked persons in the UK, as well as pursue correspondent banking services for Caribbean banks in the future. The bank is the first Caribbean-owned bank to be established in the UK. Quoting the UK Financial Inclusion Report of 2017, Mr. Jarrett said there were some 1.23…

CARICOM decries “unilateral, arbitrary” EU blacklisting

posted by Category: Anti-Money Laundering, CAB, Correspondence Banking, COVID-19, FATCA, News, Uncategorized 0 Comment

The Caribbean Community (CARICOM) deplores the ongoing unilateral, arbitrary and non-transparent blacklisting strategy employed by the European Union (EU) against CARICOM Member States. The most recent inclusion of CARICOM States to the blacklist of alleged non-cooperative tax jurisdictions and jurisdictions identified as being deficient in the area of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT), underscores the EU’s unwillingness to take into account the substantial progress made by CARICOM Member States at compliance with global standards. Moreover, the unquestioned use…

The FinCEN Files – A Caribbean Perspective

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On Sunday 20 September 2020, BBC News made public the findings of an investigation into the contents of thousands of documents which were leaked from the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) to Buzzfeed News. In a matter of minutes, the story was carried by every major international news outlet. Of particular interest were the details of over 2,100 Suspicious Activity Reports (SARS) which were filed by banks and other financial institutions and submitted to FinCEN.…

CAB Connects With UN FACTI

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Castries, Saint Lucia, Thursday, July 23rd 2020: The Caribbean Association of Banks (CAB) Inc. was on Thursday, July 23rd 2020 offered the opportunity to engage in dialogue with the United Nations High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (UN FACTI Panel). Led by chairperson, Mr. Dalton Lee, the recognised voice for the Caribbean banking and financial services sector addressed panelists on the issues and challenges affecting the industry in the region. The 75-minute…

The Scourge Of EU Blacklisting

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Some have long viewed the Caribbean as a true paradise for vacationers and tax evaders alike. As it relates to the latter, there have been tremendous efforts at the national and regional levels to change this unwarranted narrative. Yet, as a region, we seem to be locked into a perpetual dance with the European Union (EU), being called off and back on to the dancefloor of the proverbial “blacklist.”…

CAB Bulletin Issue 2, April 2020

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Welcome to Issue 2 of The CAB Bulletin! This issue includes a tribute to our late director, Mr. Sean Husain; an exclusive interview with the CEO of the Jamaica National Group, Hon. Earl Jarrett, on his organisation’s acquisition of a banking licence to operate in the United Kingdom; an update on COVID-19; and an overview of recent and upcoming CAB events. Enjoy!  Download     …

Proposed Sale of Canadian Banks in the Caribbean Under Review

posted by Category: CAB, Correspondence Banking, FATCA, News 1 Comment

Saint Kitts and Nevis, Friday, February 21st, 2020: Governor Timothy Antoine of the Eastern Caribbean Central Bank (ECCB) has confirmed that his organisation is reviewing applications for the intended sale of banking assets within the Eastern Caribbean Currency Union (ECCU) jurisdiction. Governor Antoine spoke at a press briefing on Friday 14 February 2020, following the 95th Meeting of the ECCU Monetary Council at ECCB headquarters in Basseterre, St. Kitts and Nevis. In November 2019, Canadian Imperial Bank of Commerce declared…

CAB CEO To Speak At Major Meetings

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Saint Lucia, Monday February 3rd, 2020: The recognised voice of the region’s banking and financial services sector will be heard at gatherings in Cuba and Trinidad and Tobago this week. Ms. Wendy Delmar, Chief Executive Officer of the Caribbean Association of Banks (CAB) Inc., will be delivering presentations at the CANTO annual general meeting in Havana, and the ACAMS AML Symposium in Port of Spain.   Ms. Delmar will be addressing the CANTO AGM on Tuesday morning on the subject,…

Correspondent Banking and De-risking Discussed as CARICOM Meets with Chair of US Financial Services Committee

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Chairman of the Caribbean Community (CARICOM) and Prime Minister of Saint Lucia,  Honourable Allen Chastanet, yesterday (Wednesday) attended a meeting in Washington, D.C. hosted by Congresswoman Maxine Waters, Chair of the United States House of Representatives Financial Services Committee.  The purpose of the meeting was a discussion on financial services and specifically correspondent banking that featured senior executives from financial institutions in the U.S.A. doing business in the Caribbean region. Also in attendance were Secretary-General of CARICOM, Ambassador H.E. Irwin…