The credibility of Barbados’ status as a legitimate international financial centre has been affirmed by the US Attorney General Eric Holder. On a visit to the island, Holder met with Prime Minister Freundel Stuart and Attorney General Adriel Brathwaite of Barbados, along with Attorneys General of the region. Included in their two-day discussions was the current tax haven branding being mistakenly applied to Barbados by French President Nicholas Sarkozy.
In delivering remarks on these discussions, Holder indicated that the US does not share the concerns of France, recently voiced at the G20 Summit. He stated that the US, also a member of the Organisation for Economic Cooperation and Development (OECD), is satisfied with Barbados’ moves in recent years to strengthen its anti-money laundering and counter-terrorist financing legislation.
Barbados’ international financial services are based on a network of double taxation agreements (DTAs) which include information exchange provisions. Recently, in strengthening this network, Barbados signed DTAs with the Czech Republic and Iceland; protocols to update the tax information exchange provisions within existing DTAs with Sweden, Norway and Finland; and new Tax Information Exchange Agreements (TIEAs) with Denmark, Greenland and the Faroe Islands. Active negotiations of TIEAs with France and Germany are also currently in train.