Are Caribbean Banks Held to a Double Standard?
Safeguards for money laundering and tax evasion may be falling disproportionately on Caribbean economies, some analysts argue.
Trinidad and Tobago’s financial system entered a kind of purgatory in 2017, when a global watchdog group that sets standards for combating money laundering, terrorist financing and other related financial threats—the Financial Action Task Force (FATF)—placed the country on its “gray list” for noncompliance. It was removed from that list in 2020 after years of work to reform its financial laws and strengthen enforcement, but the country remains on the European Union’s own list of “non-cooperative jurisdictions for tax purposes”—also called its tax haven list—with...
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