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Region needs to develop digital financial services sector – CTU President

Port of Spain, Trinidad and Tobago – “The ITU, UNECLAC, the CTU, the various bankers’ associations, the central bankers, the anti-money laundering regulators, the digital financial Services technology providers, the cyber security experts and the consumer protection officials need to see how we, as a region, can develop our regional DFS sector,” stated Hon. Darcy W. Boyce, the President of the Caribbean Telecommunications Union, and Senator in the Office of the Prime Minister Energy, Immigration, Telecommunications and Invest Barbados.

Guyana seeking options to enact anti-money legislation

GEORGETOWN, Guyana, Oct 1, CMC – The Guyana government says it is in the process of putting in place alternatives to address the technical deficiencies in its existing legal and financial legislative measures for the assessment of the Financial Action Task Force (FATF).

Attorney General and Legal Affairs Minister Anil Nandlall, who led a delegation to Miami for talks with the Americas Regional Review Group (ARRG), said this is as a consequence of the non-passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLC/FT) (Amendment) Bill. 

Grenada, United States Come to Agreement on FATCA Law

Grenada and the United States have reached an inter-governmental agreement under the latter’s Foreign Account Tax Compliance Act, the Grenadian government announced Monday.

Grenada’s government said it completed the negotiation of a model 1 inter-governmental agreement on June 16 to enable FATCA compliance.

The agreement requires Grenadian financial institutions to submit information on US clients to the Inland Revenue Department for submission to the United States’ Internal Revenue Service.

Jamaica to Tax Bank Withdrawals

amaica’s government is planning a new measure that would impose a levy on withdrawals from banks.

Part of a revenue-raising scheme for a government that continues to be in a serious debt situation, the levy “will be chargeable on all withdrawals from deposit-taking institutions by way of electronic banking, point of sale transactions, cheques, automated banking machine (ABM), automated teller machine (ATM), or over the counter and internet transfers,” according to Finance Minister Dr Peter Phillips.

Major economies express confidence about growth

WASHINGTON—Finance officials of the world’s major economies expressed confidence that they can meet an ambitious goal of boosting global growth by US$2 trillion over the next five years.

ST. LUCIA-ECONOMY-St. Lucia government concerned over high non-performing bank loans

CASTRIES, St. Lucia, CMC – Prime Minister Dr. Kenny Anthony says he is concerned about EC$150 million (One EC dollar = US$0.37 cents) in non-performing bank loans, vowing that the problem has to be resolved.


“This is not an issue to be tackled by one country alone, but by all of us in the financial space that we occupy,” Anthony said as he addressed the 50th anniversary of Scotiabank operations in St. Lucia.

IMF to decide on Grenada program in early May

ST GEORGE’S, Grenada (GIS) -- The International Monetary Fund (IMF) wants to meet early next month to approve Grenada’s home grown structural adjustment program.

The IMF official who will be chairing the meeting has asked Grenada’s permanent secretary in the ministry of finance, Timothy Antoine, to work with his team for a meeting in early May.
Prime Minister Dr Keith Mitchell, just back from talks with the IMF and World Bank in Washington, welcomed the news, saying government is eager to see resources start flowing before the end of May.

TRINIDAD-SECURITY-Government announces new unit to tackle crime

PORT OF SPAIN, Trinidad, CMC – The Trinidad and Tobago government has announced the establishment of a National Security Special Operations Group to deal with criminal activities in the country.

But National Security Minister Gary Griffith made it clear that the new unit comprising, highly trained and specialised people capable of dealing  with hostage negotiation, counter-terrorist activities and gang warfare, was different from the Special Anti-Crime Unit of Trinidad and Tobago (SAUTT) that the coalition government disbanded soon after coming to office in 2010.

ST. LUCIA-ECONOMY-Government introduces VAT on certain tourism services

CASTRIES, St. Lucia, CMC – As St. Lucians await the presentation of the 2014-15 national budget, providers within the tourism sector , will from this month, pay a 10 per cent Value Added Tax (VAT) on some services initially exempted from the fiscal measure.

Government introduced the VAT in October 2012 and St Lucia became the last member state in the Caribbean Community (CARICOM) single market to introduce the  tax that replaced a raft of taxes and duties. St Lucia’s VAT is to be levied at 15 per cent on goods and services and at eight per cent in hotels.

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