CARICOM ACTIONS WILL ONLY FACILITATE MONEY LAUNDERING IN THE EAST CARIBBEAN TAX HAVENS

Buried in the news from the East Caribbean today is the story about how the Caribbean Community (CARICOM) will soon relax regulations that not only allow citizens from the countries in the region to indefinitely relocate anywhere within the EC, but more importantly, will allow mutual recognition of corporate entities ( companies) in all jurisdictions within the Community. Previously, companies from one EC state would have to file a completely new entity, if they wanted to enter the commercial sphere in another.

As a former "professional" who spent a decade laundering money in the region, the ability to do "business" in one jurisdiction, with a company organized in another, will not only completely conceal beneficial ownership, but it will facilitate the ability of laundrymen to move into, and through, one jurisdiction, to clean dirty money, and just as fast, remove themselves from it, long before either compliance officers, regulators, or law enforcement agencies tumble to the fact that they are even operating there.

The current legal obstacle, requiring them to file new companies in every new jurisdiction, effectively slowed down laundrymen, but according to statements made by Barbados PM Mia Mottley, that practice is about to be abolished in the EC. Remember the Law of Unintended Consequences; CARICOM is unwittingly facilitating lightning-fast money laundering operations, which are light-years ahead of any ability to identify and interdict it in progress.