This month’s blacklisting of Barbados by the European Union is already hurting Barbados’ ability to attract foreign investment even as this country hopes for a reclassification by February next year.
The EU group of finance ministers this month added Barbados to a listing of tax havens classified as not fully compliant with international financial regulations in relation to tax and anti-money laundering rules even though the current government argues it has already put measures in place to address the concerns.
Speaking on VOB’s Getting Down to Brass Tacks call-in program, President of BIBA Derrick Cummins says that blacklisting has resulted in some potential investors having second thoughts.
BIBA’s executive director Carmel Haynes points out that not just companies are affected but even individuals looking to invest here.
But Mr. Haynes is hopeful Barbados will be reclassified at the next review and notes the government has done significant work to become compliant.