FATCA INCREASES PRESSURE ON CARIBBEAN TO BOOST FINANCIAL TRANSPARENCY
August 1st, 2014
Caribbean jurisdictions may be increasingly signing up to the requirements of America’s Foreign Account Tax Compliance Act (FATCA) but there is no great enthusiasm about it. Indeed, some bankers fear it could lead to a sharp fall in the region’s charms for investors. “In many cases FATCA is seen at a political level, as an extension of, or encroachment on, their sovereignty by the US,” said David Jessop, managing director of the Caribbean Council, a UK-based business organisation. “There’s a sense of annoyance in some countries that in the 1970s and ...
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