CCB responds to claims

 

Barbados is a reputable and well regulated jurisdiction.

Those strong words were issued last evening by the island’s Central Bank, which was responding to claims abroad about the legality of an entity operating here.

“The Central Bank of Barbados is aware of an incident reported in the Canadian media which makes reference to a Barbados-based financial institution.

“We understand that a statement was issued by that entity stating that it “is not engaged in any business practices that are not legal by the law of Barbados or of the laws of Canada. DGM is committed to providing important financial services to our clients in a legal and ethical way”.

“The Central Bank wishes to reiterate that Barbados continues to be a reputable and well regulated jurisdiction,” the bank said in a statement.

The statement also noted: “In the 2013-2014 Global Competitiveness Report published by the World Economic Forum, Barbados ranked 11 out of 148 countries in the area of ‘Soundness of Banks’ and was the only country in the region to have made the top 20, ranking ahead of countries such as the United States (58) and Britain (105).

“Barbados has thirty-three (33) double taxation agreements (DTAs) and two tax information exchange information agreements in force. These unequivocally signify Barbados’ commitment to preventing fiscal evasion,” it clarified.

The Barbados/Canada DTA, which is based on the OECD model, the bank stated, was signed in 1980 and like other treaties provided for effective and transparent mechanisms for taxation of investment vehicles, that accord with Barbados and Canadian law.

“The Central Bank cannot speak to the veracity and context of the purported interview but reiterates that as a jurisdiction we do not promote or condone in any way, persons who seek to circumvent the law, whether it be of Barbados, that of our Treaty partners, or at all,” stated the Central Bank of Barbados.

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