IMF And World Bank To Assist Caribbean Jurisdictions In Money Laundering Fight

by Amanda Banks, Tax-News.com, London

27 November 2001

Following a spate of embarrassments which have included the failed arrest of a leading St Vincent offshore banker and the arrest on money laundering charges of an official with whom the Dominican Finance Minister, Ambrose George, was travelling, the International Monetary Fund and the World Bank have announced that the organisations are stepping forward to support Caribbean offshore jurisdictions in their fight against money laundering and tax evasion.

Speaking to Caribbean leaders recently, the IMF Managing Director, Horst Kohler announced that the fund had been preparing assessments on offshore financial centres in response to concerns surrounding the stability and integrity of the international financial system.

'Offshore financial centres in general have welcomed the IMF's voluntary and cooperative approach, mainly to assist in self-assessments,' he said, adding that the Fund hopes to complete nine assessments by the end of the year.

Owen Arthur, the Barbadian Prime Minister urged his fellow Caribbean leaders to take advantage of the opportunity being offered, and to be aware of the changed environment in which the anti-money laundering fight is being conducted. 'The Caribbean needs technical assistance to ensure that the region collectively and individually can meet its obligations in relation to supervisory and regulatory systems for financial centres,' he observed last week.

Meanwhile, the Dominica Labour Party's Roseau South constituency has announced that it is standing behind Mr George, although the Prime Minister, Pierre Charles, has not yet made any announcement regarding his colleague's political future. Speaking last week, a spokesman for the Roseau South branch of the DLP said that the party does not believe that: 'the coincidence of travel of two persons should be construed as a misdemeanour on the part of the Minister of Finance.'

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