Jamaica Facing Correspondent Banking Challenges
Finance Minister Audley Shaw says investors from Jamaica’s diaspora are challenged by international banks who are refusing to do correspondent banking with banks in Jamaica.
Correspondent banking allows a financial institution to do business on behalf of banks in other countries, making it easy for persons to move cash from one country to another.
Addressing Jamaicans in the UK yesterday, Shaw said many developed countries group Jamaica among the countries regarded as tax havens.
Shaw says there are plans to develop an offshore banking centre in Jamaica and maintains that Jamaica isn’t a location used by persons from developed countries to avoid tax.
Shaw was responding to a question posed by one member of the diaspora about enabling diaspora investments in Jamaica.
