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Date: 14 Mar, 2012
Source: Invest Barbados

The Central Bank of Barbados has redesigned its International Business & Financial Services (IBFS) Newsletter, with the latest edition covering the latest developments in the International Business Sector.

In the first article, Governor of the Central Bank, Dr. Delisle Worrell reported on the Inaugural Meeting of Regional Consultative Groups (RCGs) established by the Financial Stability Board. The article, which explains the role of the RCGs, also outlined the major implications stemming from the global economic uncertainty and vulnerabilities of the international financial system.

Mr. Bruce Zagaris addressed the main issues highlighted in the Financial Action Task Force’s (FATF) revision of its 40 + 9 Recommendations on Anti-Money Laundering and Counterterrorism, making mention of the need for small international financial jurisdictions to participate at all phases on the work of the FATF and suggested how best it could be done.

Harold Codrington’s article broached the importance of cooperation among small international financial centres (IFCs) since the crackdown of G20 members on the jurisdictions’ practices.

In another article, the case for striking the right balance between Tax Information Exchange Agreements and Double Taxation Agreements is made by Francoise Hendy, Tax and Investment Attorney for Invest Barbados.

Other contributors include Mrs. Cheryl Greenidge, Deputy Director Bank Supervision, Central Bank of Barbados; Dr. Trevor Carmichael, Q.C., Principal, Chancery Chambers; and Mr. Henderson Holmes, Executive Director of the Barbados International Business Association. The newsletter is available at http://www.centralbank.org.bb.