Moreover, the unquestioned use of ratings from other international bodies as a determining factor in the decision to list a jurisdiction along with the absence of meaningful prior consultation with the affected States negates the spirit of partnership and multilateralism that has characterised the relationship between CARICOM and the EU. Along with the unprecedented task of staging a post-COVID-19 economic recovery, these CARICOM States now have the added burden of being subjected to the EU’s discriminatory tactics disguised as tax policy and governance.
Blacklisting severely affects the economic prospects of the listed states and the Community, in general, at a time when all of our Members are already faced with the disproportionate impact of the COVID-19 pandemic. This labelling causes significant reputational risk, erodes our competitive advantage, and discourages the investment that CARICOM States desperately need to drive inclusive growth and build economic resilience.
The Caribbean Community calls upon the European Union to desist from this harmful practice of blacklisting small states, and instead pursue a mutually collaborative engagement towards our shared goals of effective tax governance and combatting money laundering and terrorism financing.