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The Associated Press

February 8, 2001, Thursday

HEADLINE: Weekly business briefs from the Caribbean 

BYLINE: By The Associated Press 

BODY:  BARBADOS: Caribbean Development Bank head attacks OECD blacklists

     BRIDGETOWN, Barbados (AP) - Caribbean Development Bank head Neville Nicholls accused the world's wealthiest nations of using "shameless self-serving tactics" to blacklist small countries as tax havens so they can protect their own financial sectors.

     The Organization of Economic Development and Cooperation, representing 30 industrialized nations, released a tax haven blacklists last year, and its Financial Action Task Force released a list of alleged money laundering centers. The Caribbean accounted for at least of a third of the countries on each list.

     "It is high time that the OECD stop beating up on small jurisdictions in this region and elsewhere and put their own houses in order," Nicholls said this week at what he said would be his last news conference before retiring.

     Nicholls said the Paris-based OECD's effort to stop what it calls "harmful tax practices" was only a "desire to recapture business lost to such jurisdictions." He has accused the OECD of using its fight against money laundering as an excuse to alter Caribbean nations' competitive low-tax regimes to the benefit of banks in richer countries.



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