NASSAU, Bahamas, CMC- Prime Minister Hubert Ingraham believes that Caribbean countries named by France as tax havens, will have no choice but to comply with the measures outlined by the Paris-based Financial Action Task Force (FATF).
“The reality is…the developed world has to fund their social systems and revenue becomes less and less available for them to do so, more efforts will be made to find additional sources of revenue and we have to see that places where some of the wealthy of the world hide their monies. The reality is the developed world doesn’t really believe we ought to be in financial services as we are and they are taking every step to drive back on shore the things we are doing on shore, “ he told the Caribbean Media Corporation.
Earlier this month, French President Nicolas Sarkozy, speaking at the end of the G20 summit in France named 11 countries, including Trinidad and Tobago, Antigua and Barbuda and Barbados, as tax havens for failing to meet transparency standards.
The three Caribbean Community (CARICOM) countries have dismissed the French position and former regional diplomat Sir Ronald Sanders said that the Caribbean needed to adopt a united position on the issue.
