Category: FATCA

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

posted by Category: Anti-Money Laundering, Correspondence Banking, FATCA, News 0 Comment

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

posted by Category: Anti-Money Laundering, Correspondence Banking, FATCA, News 0 Comment

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…

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…

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

posted by Category: Anti-Money Laundering, Correspondence Banking, FATCA, News 0 Comment

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…

FATCA

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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…