CARICOM issues statement on blacklisting by European Community

The Caribbean Community (CARICOM) in a statement says it deplores the ongoing unilateral, arbitrary and non-transparent blacklisting strategy employed by the European Union (EU) against CARICOM Member States.

CARICOM says the most recent inclusion of CARICOM States to the blacklist of alleged non-cooperative tax jurisdictions and jurisdictions identified as being deficient in the area of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT), underscores the EU’s unwillingness to take into account the substantial progress made by CARICOM Member States at compliance with global standards.

The statement goes on to say that the unquestioned use of ratings from other international bodies as a determining factor in the decision to list a jurisdiction along with the absence of meaningful prior consultation with the affected States negates the spirit of partnership and multilateralism that has characterised the relationship between CARICOM and the EU.

The Caribbean Community calls upon the European Union to desist from this harmful practice of blacklisting small states, and instead pursue a mutually collaborative engagement towards our shared goals of effective tax governance and combatting money laundering and terrorism financing.