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Today’s Top Headlines

St Kitts And Nevis Champion Caribbean Financial Services

by Phillip Morton, Investors

20 April 2009

St. Kitts and Nevis Prime Minister, Denzil Douglas indicated his intention to mount a stout defence of regional offshore financial centers at the Fifth Summit of the Americas, which got underway in Port of Spain, the Trinidad and Tobago capital, on April 17.

Douglas, citing US President Barak Obama’s opposition to offshore financial centers, urged that the Caribbean region needs to explain how important such facilities are to Caribbean economies.

“We will need to ensure that not only President Obama understands the implications for the small economies here in the Caribbean region, but also members of congress who will be there. We are hoping that we would be able to have bilateral discussions with them and bring them up-to-date on our own perspective on this matter,” said Prime Minister Douglas.

He pointed out that St. Kitts and Nevis and other Caribbean offshore financial jurisdictions are already holding talks with several countries on tax exchange agreements so that “we do not want to be seen as tax-free havens, but rather important jurisdictions enforcing low tax policies within a framework of appropriate tax agreements with other countries.”

”Recent events are of tremendous concern to us, especially the creation of the latest OECD blacklist,” concluded Douglas.

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