Banking in the Caribbean at a crossroads?

What changes will take effect as policy makers propose new changes.

Exceprt from St. Lucia star

There are major consequences of these changes. In most jurisdictions it would be a breach of confidentiality laws to disclose the above information and therefore, compliance can leave financial institutions open to lawsuits in their home countries. At the same time, non-compliance and the potential for US domiciled assets to be frozen could mean total paralysis for a financial institution in the Caribbean which does business in the US (note that all US funds must clear through a US clearing bank). There are also the significant costs of tracking the tax reporting obligations of clients and then related filing and auditing costs to confirm compliance with the relevant US regulations. Read more