Daily Archives: February 12, 2017

The United States Government passed the Foreign Account Tax Compliance Act (FATCA) in 2010 and has been implementing it vigorously.

FATCA requires US persons, including those living abroad, to file yearly reports on their non-US financial accounts to the Financial Crimes Enforcement Network. It also requires all foreign financial institutions to provide information on assets and transactions of US persons to the US Department of the Treasury.

The definition of US persons includes foreigners holding upwards of US$50,000 in accounts with financial institutions.

The motivation for FATCA is two-fold: First, improved tax compliance and tax revenue collection, and second, to cut off or reduce funds getting to terrorist organisations. Nothing is wrong with either motive.

But the US is inadvertently causing serious damage to the small, developing economies of the Caribbean, who are its strong allies, because of the highly open nature of their economies and their dependence on international financial intermediation by foreign commercial banks.

Many in the region, however, believe that the US action was also related to the fact that it has listed 15 Caribbean countries as tax havens. FATCA adversely affects all international financing provided by correspondent banks. Adverse impacts include choking international investment flows, trade financing, transfers of remittances, debt servicing, transfers of profits and royalties.

Some US banks have either withdrawn or restricted some of these services to 16 banks in the Caribbean in spite of FATCA compliance by Caribbean jurisdictions. There have been meetings between the US Treasury and Caribbean ministers, but the region feels that there is insufficient empathy.

Jamaicas Finance Minister Audley Shaw made a strong statement when Caribbean finance ministers met with the US Treasury and the International Monetary Fund late last year. Prime Minister Gaston Browne of Antigua and Barbuda hosted a special conference shortly thereafter.

Recently, the leader of the Opposition in Trinidad and Tobago Mrs Kamla Persad-Bissessar did something almost unheard of by writing to then President-elect Donald Trump to remind him that in his presidential campaign he indicated that he would abolish FATCA. The Wall Street Journal took up the issue in an editorial.

Latest development is that a seminar is scheduled for tomorrow at the SUNY-UWI Centre for Governance and Sustainable Development in New York to mobilise support for a change in US policy. The strong Caribbean team includes Sir Kenneth Hall; former prime minister of Barbados Owen Arthur; Ambassador Dr Richard Bernal, pro-vice chancellor of global affairs at UWI; former president of the Caribbean Development Bank Professor Compton Bourne; and Dr Damien King of the UWI Economics Department.

Combating money laundering and terrorist financing is a goal shared by this newspaper and Caribbean governments. Suitable arrangements have to be put in place to ensure that this can be attained while allowing normality in international financing. Hopefully, the SUNY-UWI seminar will help influence the US to repeal FATCA.

We wish the team well in their mission.

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FATCA hurting Caribbean: Revoke it, Mr Trump - Jamaica Observer

CBS Local

St. Louis' Man's Body Recovered in the Caribbean CBS St. Louis CBS Local ST. LOUIS (KMOX) In a Friday posting by the Royal Turks and Caicos Islands Police Force. The body of 32 year old John McGurk was discovered on the rocks ... St. Louis man's body found on Caribbean island beach | FOX2now ...fox2now.com all 2 news articles »

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St. Louis' Man's Body Recovered in the Caribbean CBS St. Louis - CBS Local

"Being my first year as a manager in Puerto Rico and knowing that Puerto Rico has not won in 16 years brings a lot of joy," said Puerto Rico manager and former Major Leaguer Luis Matos. "I'm very happy and I'm very excited. We've been down in every series. We were 0-3 and we came back with three wins, and we are champions right now."

A team from Puerto Rico has won the Caribbean Series 14 times, but the island had not taken home the title since Santurce won in 2000. Caguas had not won the Caribbean Series title since 1987.

Both streaks are now over.

"This is unbelievable and it's a feeling I've never felt before," said Twins Minor League pitcher Dereck Rodriguez. "It was a dry spell for Puerto Rico, but we broke that and hopefully from now on, it becomes a tradition."

A pitchers' duel for most of the game, Yadiel Rivera, who played 35 games in the big leagues with the Brewers last season, led off the top of the 10th inning with a double. He moved to third base on a bunt by Phillies Minor Leaguer Jesmuel Valentin and scored the game-winning run on a sacrifice fly by Jonathan Morales, who was in Class A with the Braves last season.

It was quite a week for Puerto Rico. It lost its first three games of the tournament before defeating the Dominican Republic, 10-2, on Saturday. On Monday, Puerto Rico topped Venezuela, 9-6, in the day's first semifinal game.

Next year's Caribbean Series is scheduled for the first week of February at Estadio Antonio Herrera Gutierrez in Barquisimeto, Venezuela. Cuba, a special guest during the past four tournaments, could return for one more year in that capacity and start the process to become a full member of the Caribbean Confederation. There's a chance Cuba could play host to the Caribbean Series in 2020 in Havana.

"If it depended on the Caribbean Confederation, Cuba could be a member and host just as other member leagues do," Caribbean Confederation commissioner Juan Francisco Puello Herrera said. "The problem with Cuba is that it doesn't depend on us, but on limitations due to political matters. Cuba even sent us a letter saying they wanted to be a member and possibly host a Caribbean Series in Havana in 2020. That would depend on us, too, but there are limits because of politics. Once that is resolved, Cuba could absolutely be a member of the Caribbean Confederation."

Panama might have the best chance of joining the Caribbean Series in the near future. Other countries are also petitioning to become members of the Caribbean Confederation.

"We have a meeting scheduled in Panama in early March, probably March 5 and 6," Puello Herrera said. "The presidents of the leagues and some executives are going. We are very interested in having Panama join our roster. I think we need to work out some scheduling and economic issues, but there is definitely an interest in having Panama become a member. As far as Nicaragua and Colombia are concerned, I'd say we have to wait a bit, but we are interested in having them join the Caribbean Confederation as well. It depends on economics and scheduling and finding a format that is viable for these leagues."

In the end, Mexico walked off the field proud. A team from the country has still won four out of the past seven Caribbean Series titles. Mexico also lost to Cuba in the championship game in 2015.

"The support we've received from Mexico's fans, especially from the state of Sinaloa, not just the city of Culiacan, and fans from other countries," Puello Herrera said. "We've witnessed a packed house, even for games in which Mexico didn't play. The attendance was around 19,000. We can't ask for more."

Jesse Sanchez, who has been writing for MLB.com since 2001, is a national reporter based in Phoenix. Follow him on Twitter @JesseSanchezMLB and Facebook. This story was not subject to the approval of Major League Baseball or its clubs.

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Puerto Rico edges Mexico for Caribbean Series title - MLB.com