The Caribbean region came one step closer to conformity with the U.S. Foreign Account Tax Compliance Act (FATCA) at the Fifteenth Meeting of the Council for Finance and Planning (the Council) of the Caribbean Community (CARICOM) held on August 7. During that meeting, the Council agreed upon a coordinated approach to negotiations with the U.S. concerning compliance with FATCA that will take into account the highly integrated nature of the region's financial sector. In this regard, the Council will meet again in mid-September to review the work of CARICOM's Task Force on FATCA, which was established in 2012.
Among other successes of the Council's Fifteenth Meeting were agreements concerning the final text for the CARICOM Financial Services Agreement (CFSA), an amendment to the Intra-CARICOM Double Taxation Agreement, and a framework for regional growth and development.
The primary responsibility of the Council is to oversee economic policy coordination and financial and monetary integration of the fifteen members of CARICOM (Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago). This oversight includes the establishment and promotion of measures for the harmonization of national economic policies and for the execution of a synchronized policy on foreign investment.
The press release issued by CARICOM.
A CARICOM presentation discussing the CFSA.
An explanation of the Intra-CARICOM Double Taxation Agreement.