Tue | Sep 26, 2017

Jamaica facing correspondent banking challenges

Published:Thursday | June 9, 2016 | 6:11 AM
Finance Minister Audley Shaw

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.

 

Finance Minister Audley Shaw

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 disapora investments in Jamaica.