News Americas, NEW YORK, NY, Fri. April 5, 2019: While Caribbean businesses and nationals struggle daily to complete cross border global money transfers to pay for business and individual expenses overseas, the US has again named several Caribbean nations as money laundering destinations.
Nineteen Caribbean jurisdictions have been named in the US State Department’s March 2018 International Narcotics Control Strategy Report on money Laundering. They are:
Antigua and Barbuda
The Bahamas Barbados
The British Virgin Islands
The Cayman Islands
The Dominican Republic
Saint Kitts and Nevis
Saint Vincent and the Grenadines
Trinidad and Tobago
Except for Grenada, the list remains the same from the 2017 report.
The US also slammed the economic citizenship programs of many countries, including in the Caribbean, as being vulnerable to money laundering activity, adding that “U.S. law enforcement is increasingly concerned about the expansion of these programs due to the visa-free travel and ability to open bank accounts accorded to these individuals.”