CENTRAL BANK OF BARBADOS RELEASES REDESIGNED IBFS NEWSLETTER
The first article is a report on the inaugural meeting of the Regional Consultative Groups established by the Financial Stability Board (FSB). The piece explains the rationale for the Groups which are to support the implementation of the FSB decisions and provide input into the Board’s policy.
Article 2 summarises the main issues highlighted in the Financial Action Task Force’s (FATF) revision of the 40 + 9 Recommendations. The author contends that small international financial jurisdictions (SIFJs) must try to have an input in the FATF’s work, and offers a prescription for how they can best participate.
The issue of the importance of cooperation among small international financial centres in tackling initiatives by international bodies is addressed in the article titled “A Proposal from the Commonwealth Secretariat and the IFC Forum”.
In putting forward the case for striking the right balance between Tax Information Exchange Agreements (TIEA’s) and Double Taxation Agreements (DTA’s), the author argues for a phased implementation of international norms and regulation in Barbados, if the country is to avoid a derailment of its “sure and steady march to developed world status”.
Legislative issues also come under the spotlight in this issue, with an article outlining the revisions to the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011 (MLFTA) and another advancing a case for Barbados to move more swiftly in implementing “state-of-the-art legislation in the area of international business and finance, if it is to be a leader in attracting high net worth internationally-mobile capital”.
The final article speaks to the invaluable contribution of the international business sector to the Barbadian economy, and underscores the sector’s resilience in these tough economic times.
The IBFS Newsletter, to be published quarterly, provides readers with up-to-date information and analysis on developments in the international business sector globally and Barbados’ responses. Contributors are all experts in the areas of international business and finance.