The Prime Minister of St Kitts and Nevis, Hon Dr. Harris, while speaking at the CARICOM heads of government meeting said, small states are increasingly being targeted including attacks on citizenship by investment programs.
The continuous addition of onerous requirements to comply with new regulations is tantamount to cruel and unusual punishment. The EU and its Member States are going well beyond the regulations and requirements of the OECD, of which they are a part, and with which our countries are largely compliant.
“The EU preferences for sugar and bananas have long gone. Financial services are under threat.”, said PM Harris
He said.. I commend Prime Minister Chastanet of Saint Lucia for taking up another challenge on our behalf. Last week, he led a delegation which made our case forcefully to the European Union and its agencies with respect to the labelling of our countries as non-co- operative tax jurisdictions. That practice is being followed by individual Member States of the EU.
Denial of correspondent banking services affects our tourism sector and indeed our capability to engage in international transactions such as when credit card transactions are delayed and also affects remittances, a significant financial element in many of our economies.
These matters are compounded by the increasing effects of climate change with its plethora of climatic events wreaking havoc and necessitating heavy reconstruction costs.
Read the full statement here
