February 2013

Drones, Ponzi Schemes and Caribbean Money Launderers

Many would say that the drug trade is responsible for much of the increase in violence that terrorizes the Caribbean region.  It would appear that the United States is not just aware of the escalation in violence but is already taking action to combat the drug trade.  In his blog, Kevin Edmonds points out that […]

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Caribbean Offshore Financial Centers

Starting in the 1960s, certain Caribbean territories were granted independence from the United Kingdom, and since then, some of them have struggled to define themselves in the new global landscape.  At first, they continued with their monoculture of sugar cane or bananas, and as that collapsed, they switched their dependence to tourism.  Given the risks

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The IRS, FATCA and Caribbean IGAs

As the Caribbean comes to terms with the implications of FATCA, some territory governments are considering signing Intergovernmental Agreements (IGAs) with the United States.  By way of background, the Foreign Account Tax Compliance Act (FATCA) is part of the effort by the US government to prevent money laundering, and reduce tax evasion.  It has implications

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Impact of IRS Rules on Businesses outside of the US

A couple weeks ago, the Nassau Guardian reported that the Bahamas Hotel and Tourism Association reported a problem to the Caribbean Hotel and Tourism Association.  A change in US tax regulation has meant that US credit card companies were implementing an automatic 28% withholding fee on payment to their members.   Undoubtedly this is a situation

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