The Central Bank of Barbados has announced that the country’s commercial banks may, without its prior consent, approve all investment transactions in private unlisted equities in CARICOM countries.
The new measures are effective from June 1 2004 and are in accordance with the general liberalisation of exchange controls so as to facilitate the execution of foreign exchange transactions in the CARICOM region.
According to the Central Bank, commercial banks are required to request and examine the relevant supporting documentation to ensure authenticity (e.g. sale/purchase agreements, proforma of the investment transactions, confirmation slips, etc.) and to document details of the parties to transactions.
Effective from the same date, commercial banks in Barbados may also approve applications to transfer funds from Barbados to CARICOM countries in respect of personal loans, maintenance and financial assistance without reference to the Central Bank.Where Authorised Dealers are not satisfied with the authenticity of transactions, they must be referred to the Central Bank of Barbados.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment