Thursday 18th June, 2018-Prime Minister Gaston Browne has acknowledged there may be loop holes within the CIP Programme that tax evaders are using to their advantage and has given a commitment that it will be addressed.
His statement comes a day after the Organization for Economic Cooperation and Development (OECD) named Antigua and Barbuda and 20 other countries with Residence/Citizenship by Investment Schemes”, as having their programmes being potentially misused to hide citizens’ assets offshore by escaping reporting under the OECD/G20 Common Reporting Standard (CRS).”
In an invited comment, Prime Minister Browne who also holds the Finance Minister portfolio said the OECD’s concerns are legitimate and his government will move swiftly to address the matter that was highlighted.
The prime minister told reporters the country has not been blacklisted by the Paris based organization, and even without a request from the OECD, his government had intentions of blocking those who intend to “circumvent the reporting under the Common Reporting Standard (CRS)”.
The report outlined that “Financial Institutions are required to take the outcome of the OECD’s analysis of high-risk CBI/RBI schemes into account when performing their CRS due diligence obligations”.