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BAHAMAS LEADS OACPS PANEL DISCUSSIONS ON EU BLACKLISTING

Thu, Jun 24th 2021, 12:00 AM
Press Releases World News

 

Ambassador, H.E. Maria O'Brien, Extraordinaire and Plenipotentiary of The Bahamas to the Kingdom of Belgium and Head of Mission to the European Union Brussels, Belgium, (June 24, 2021) – The Organisation of African, Caribbean and Pacific responded to the resolution of the 111th OACPS Council of Ministers to organise a virtual seminar on Tax Matters and Anti Money Laundering and Countering the Financing of Terrorism to discuss the state of play of member states and brainstorm on a concerted OACPS action on the issue. The Council of Ministers underscored the adverse and disastrous economic and financial effects and reputational damage on the OACPS countries and instructed the Committee of Ambassadors to determine whether the EU's unilateral actions to target non-EU member states are discriminatory and breaches international law, conventions or agreements.
Ambassador O’Brien noted the webinar purpose was to shared experiences of the process with EU institutions on the economy and the policy action taken in response and compared the EU process to that of OECD and FATF and the United Nations Model Tax Convention. The OACPS proposes establishing a joint structure of OACPS-EU member states, a mechanism for transparent and constructive dialogue in keeping with the new OACPS-EU Partnership Agreement.
Ambassador O’Brien welcomed the proactive engagement and visibility of the Bahamas competent authority for AML/CFT/CFP with the Embassy on addressing the EU list. Dr. Cassandra Nottage, National Identifying Framework Coordinator, presented the state of play and the impact of the EU list on The Bahamas. Nottage stated that the Bahamas' regulatory, supervisory, and legal framework had been greatly enhanced and strengthened over the past 20 years, noting access to correspondent banking is critical to the Bahamas and regional financial sector business model and its viability.
Ambassador stated that 50% of the EU list on non-cooperative tax jurisdictions and high-risk third countries presenting strategic deficiencies in its AML/CFT regime were OACPS countries who had to mobilise resources from the response to the COVID-19 pandemic and crucial development projects to address the EU list. We hope that EU member states would address their deficiencies under the new regulations to be approved in July, and the substantial weight of protecting the global financial system placed on less developed states would be eliminated. Carlos Zorrinho, Member of European Parliament and Co-Chair of the Joint Parliamentary Assembly of the OACPS-EU, represented the European Union, noted that the EU is continuing its efforts to have a balanced framework to develop an inclusive approach to address the security of the financial institutions of member states.
Attorney-General and Minister of Legal Affairs, Carl W. Bethel, represented CARIFORUM on Day 3 of the webinar titled, ‘Brainstorming session of the OACPS coordinated action to help member countries deal and prevent measures with EU-Intra OACPS cooperation on AML/CFT and Tax Matters.’ Attorney-General stated that challenges to the traditional business model and the development of new and emerging standards by bodies of which many OACPS countries are not members affect every business sector in the Caribbean Once standards are set, we are tasked with the implementation. Attorney-General called for a more inclusive international framework on AML/CFT and noted that The Bahamas is a full member of the Global Forum on Transparency and
Exchange of Information for Tax Purposes. He pointed out that while all Sovereign states have a right to self-defence and protect its tax base from tax erosion and tax avoidance, we also have the same rights to defend.
Ambassador O’Brien stated that the general concerns of OACPS member states were the need for financial assistance to develop the AML/CFT framework that has been highly costly and called on the EU for a transparent and cohesive approach to listing and delisting. Members of OACPS must do their part and continue to intercede on every platform. Attorney-General noted that the OACPS must leverage its long relations with the EU, a powerhouse behind implementing global business and tax reform efforts and that the United Nations can provide a framework for an egalitarian decision on a global financial system.
Contact:
Lazar Delorenzo Charlton
Onward Advisors
hello@onwrdtogether.com

Ambassador, H.E. Maria O'Brien, Extraordinaire and Plenipotentiary of The Bahamas to the Kingdom of Belgium and Head of Mission to the European Union

Brussels, Belgium, (June 24, 2021) – The Organisation of African, Caribbean and Pacific responded to the resolution of the 111th OACPS Council of Ministers to organise a virtual seminar on Tax Matters and Anti Money Laundering and Countering the Financing of Terrorism to discuss the state of play of member states and brainstorm on a concerted OACPS action on the issue. The Council of Ministers underscored the adverse and disastrous economic and financial effects and reputational damage on the OACPS countries and instructed the Committee of Ambassadors to determine whether the EU's unilateral actions to target non-EU member states are discriminatory and breaches international law, conventions or agreements.

Ambassador O’Brien noted the webinar purpose was to shared experiences of the process with EU institutions on the economy and the policy action taken in response and compared the EU process to that of OECD and FATF and the United Nations Model Tax Convention. The OACPS proposes establishing a joint structure of OACPS-EU member states, a mechanism for transparent and constructive dialogue in keeping with the new OACPS-EU Partnership Agreement.

Ambassador O’Brien welcomed the proactive engagement and visibility of the Bahamas competent authority for AML/CFT/CFP with the Embassy on addressing the EU list. Dr. Cassandra Nottage, National Identifying Framework Coordinator, presented the state of play and the impact of the EU list on The Bahamas. Nottage stated that the Bahamas' regulatory, supervisory, and legal framework had been greatly enhanced and strengthened over the past 20 years, noting access to correspondent banking is critical to the Bahamas and regional financial sector business model and its viability.

Ambassador stated that 50% of the EU list on non-cooperative tax jurisdictions and high-risk third countries presenting strategic deficiencies in its AML/CFT regime were OACPS countries who had to mobilise resources from the response to the COVID-19 pandemic and crucial development projects to address the EU list. We hope that EU member states would address their deficiencies under the new regulations to be approved in July, and the substantial weight of protecting the global financial system placed on less developed states would be eliminated. Carlos Zorrinho, Member of European Parliament and Co-Chair of the Joint Parliamentary Assembly of the OACPS-EU, represented the European Union, noted that the EU is continuing its efforts to have a balanced framework to develop an inclusive approach to address the security of the financial institutions of member states.

Attorney-General and Minister of Legal Affairs, Carl W. Bethel, represented CARIFORUM on Day 3 of the webinar titled, ‘Brainstorming session of the OACPS coordinated action to help member countries deal and prevent measures with EU-Intra OACPS cooperation on AML/CFT and Tax Matters.’ Attorney-General stated that challenges to the traditional business model and the development of new and emerging standards by bodies of which many OACPS countries are not members affect every business sector in the Caribbean Once standards are set, we are tasked with the implementation. Attorney-General called for a more inclusive international framework on AML/CFT and noted that The Bahamas is a full member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. He pointed out that while all Sovereign states have a right to self-defence and protect its tax base from tax erosion and tax avoidance, we also have the same rights to defend.

Ambassador O’Brien stated that the general concerns of OACPS member states were the need for financial assistance to develop the AML/CFT framework that has been highly costly and called on the EU for a transparent and cohesive approach to listing and delisting. Members of OACPS must do their part and continue to intercede on every platform. Attorney-General noted that the OACPS must leverage its long relations with the EU, a powerhouse behind implementing global business and tax reform efforts and that the United Nations can provide a framework for an egalitarian decision on a global financial system.

Contact:
Lazar Delorenzo Charlton
Onward Advisors
hello@onwrdtogether.com

 

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