Barbados has been upgraded to "largely compliant" by
the Organisation for Economic Cooperation and Development
(OECD). As a result, the jurisdiction's chances of
attracting major investments have significantly improved.
This is according to Minster of International Business, Hon.
Donville Inniss, who recently led a local delegation to Paris for a
meeting of the international committee's Global Forum.
Minister Inniss, who hailed the talks with the 126-member OECD
Peer Group as successful, noted that there were specific challenges
which had caused the country to be initially rated as
"partially compliant." However, he acknowledged that
certain modifications had since been implemented to remedy
"So we have certainly deliberately set about to restructure
administration and to make legislative changes to ensure that we
get a higher ranking . . . . We raised the bar and we did what we
had to do," he said, adding that while the island was
"not perfect yet" he was satisfied that the relevant
changes and upgrades were continuously taking place.
"The change in rating will be formalized next month at the
plenary session of the Global Forum scheduled for Tbilisi,
"We have to take it within ourselves as leaders, as
administrators and as Barbadians and ask ourselves what can we do
to get a better ranking or rating going forward," he said.
Minister Inniss said he expected the new rating would result in
more companies "feeling more comfortable" coming to set
up a structure in Barbados to conduct international business.
He also urged Caribbean Community (CARICOM) member states
involved in the international business and financial services
sector to work more closely to address matters affecting the sector
in the region.
Adapted from Barbados Today
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Now that the United Kingdom has served notice to leave the European Union under Article 50 of the Lisbon Treaty, managers of offshore funds have a clearer timetable for when Brexit will happen, with the UK scheduled to leave the EU in March 2019.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).