Vincent and the Grenadines, and Trinidad and Tobago. Subsequently, Antigua and Barbuda signed a Post 98 agreement in September 2003; Belize signed one in December 2003; and Dominica signed one in May 2004. This leaves Barbados, St. Vincent, and Trinidad and Tobago as the three Caribbean nations forgoing U.S. military assistance due to the fact that of the ASPA sanction. Trinidad and Tobago, which played a leading role in the establishment of the ICC, has strongly resisted signing an arrangement, as has Barbados. (For extra info see CRS Report RL33337, Post 98 Arrangements and Sanctions on U.S. Foreign Help to Latin America, by [author name scrubbed]) Due to the fact that of their geographic area, many Caribbean countries are transit nations for cocaine and heroin from South America destined for the U.S.
In addition, two Caribbean countries, Jamaica and St. Vincent and the Grenadinesare large manufacturers and exporters of marijuana. Of the 16 countries in the Caribbean region, President Bush in September 2006 designated 4 wesley financial reviews of them as major drug-producing or drug-transit countries pursuant to yearly legislative drug certification requirements: the Bahamas, the Dominican Republic, Haiti, and Jamaica. The President urged the brand-new federal government in Haiti to enhance law enforcement and the judiciary to bring drug trafficking and criminal offense under control. All 4 designated Caribbean nations are significant transit countries for illicit drugs to the U.S. market, and Jamaica is the largest marijuana manufacturer and exporter in the Caribbean.
The Dominican Republic, a major transit View website nation for both drug and heroin, complies closely with the United States, although the State Department's March 2006 International Narcotics Control timeshare foreclosure maintenance fees Technique Report keeps in mind that "corruption and weak governmental organizations remained an obstacle to controlling the flow of prohibited narcotics" through the nation. Jamaican cooperation with U.S. law enforcement companies on counternarcotics efforts is described by the State Department report as excellent in many cases, although it keeps that the federal government needs to more intensify its law enforcement efforts and improve global cooperation. In Haiti, anti-drug efforts have actually been hampered over the years by weak organizations, bad economic conditions, and political instability.
Many other Caribbean countries, while not designated significant transit nations, are still susceptible to drug trafficking and associated criminal activities due to the fact that of their geographic location. In specific, the State Department's March 2006 report keeps that such criminal activities have the prospective to threaten the stability of the little states of the Eastern Caribbean, and to varying degrees, have damaged civil society in some of these nations. Offered the poor outlook for the banana market in the Caribbean, some observers believe that it will be hard to include cannabis production unless there is adequate assistance to diversify these economies away from banana production.
Vincent and the Grenadines is the largest cannabis manufacturer in the Eastern Caribbean. Efforts to split down on cash laundering also make up a significant element of U.S. What is a future in finance. anti-drug technique, and became progressively crucial as a counter-terrorist strategy in the consequences of the September 2001 terrorist attacks in the United States. The State Department's list of significant cash laundering nations (likewise categorized as "jurisdictions of main concern") consists of six Caribbean nations, Antigua and Barbuda, the Bahamas, Belize, the Dominican Republic, Haiti, and St. Kitts and Nevisand one British Caribbean reliance, the Cayman Islands. The Department of State keeps that although Antigua and Barbuda has comprehensive legislation to regulate its financial sector, the nation remains vulnerable to cash laundering due to the fact that the sector is loosely regulated and because of its Internet video gaming industry.
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In Belize, money laundering is believed to take place primarily in the country's growing offshore financial center. Money laundering in both the Dominican Republic and Haiti stem from their functions as major drug transhipment points. In the Dominican Republic, banks take part in transactions with cash stemmed from controlled substance sales in the United States, with courier and wire transfers the primary methods for moving the funds. St. Kitts and Nevis, according to the State Department, is at major danger for corruption and cash laundering because of the high volume of narcotics being trafficked through the nation and because of the existence of known traffickers on the islands.
The FATF evaluative process has been a significant aspect in Caribbean countries improving their anti-money laundering routines. Four Caribbean countries and one reliant territory were on the first FATF non-cooperative list released in 2000: the Bahamas, the Cayman Islands, Dominica, St. Kitts and Nevis, and St. Vincent and the Grenadines. Grenada was added to the list in September 2001. Subsequent actions by all these countries to enhance their anti-money laundering regimes resulted in all of them being eliminated from the list by June 2003. The Bahamas and the Cayman Islands were gotten rid of from the list in June 2001; St. Kitts and Nevis in June 2002; Dominica in October 2002; Grenada in February 2003; and St.
Once a nation is removed from the list, the FATF continues to keep an eye on developments in the country to guarantee compliance. Some Caribbean officials and others have actually grumbled that pressure to strengthen and implement anti-money laundering regimes in the region will have a detrimental result on its overseas financial sectors. They preserve that the anti-money laundering measures required have been indiscriminate and constitute an attack on legitimate business carried out in the small financial sectors of the area. In particular, after the U.S. congressional passage of new anti-money laundering arrangements in the U.S.A. PATRIOT Act (P.L. 107-56, Title III), approved in the consequences of the September 11 terrorist attacks, some feared that the stricter examination of transactions in between U.S.
The act's anti-money laundering arrangements include a prohibition on U.S. correspondent accounts with shell banks (banks that have no physical presence in the chartering nation) and tighter bank record keeping requirements. Some observers preserve that the strengthening of anti-money laundering programs in the Caribbean will have the end outcome of increasing the appearance of the area's overseas financial sectors for legitimate company deals. According to this view, such efforts as the FATF evaluative procedure and the more recent anti-money laundering steps under the PATRIOT Act will help change the track record of the Caribbean as being a sanctuary for cash launderers and tax evaders.
In 1983, Congress enacted the Caribbean Basin Economic Recovery Act (CBERA) (P.L. 98-67), the focal point of a broader U.S. diplomacy initiative understood as the Caribbean Basin Effort (CBI) connecting Central America and Caribbean countries together under one preferential trade program. The CBERA allowed duty-free importation of many classifications of items with specific exceptions. Most garments and fabric products were disqualified under the CBERA, but in the late 1980s imports of clothing from CBERA nations that were assembled from U.S. elements were qualified for decreased duties. These production-sharing plans boosted the garments sectors of numerous Caribbean Basin countries, consisting of most significantly the Dominican Republic.