ECCB Governor seeks to speed up foreign banking agreements

The Eastern Caribbean Central Bank (ECCB) is seeking to expedite the signing of Intergovernmental Agreements (IGA) that will prevent the loss of correspondent banking relationships (CBR) for commercial banks in the Eastern Caribbean Currency Union (ECCU).

Towards this end, Governor of the ECCB, Timothy NJ Antoine sought the assistance of the United States Embassy in Barbados when he met with, Deputy Chief of Mission of the Embassy Laura Griesmer on February 4.

Antoine raised the issue of the implementation of the United States Foreign Account Tax Compliance Act (FATCA), and emphasised the need to conclude the agreement required under the act.

The US act, introduced in 2010, is aimed at preventing US citizens from utilising offshore banks to avoid taxation and conceal wealth. It requires all foreign financial institutions to report the assets and identities of U.S. citizens to the US Authorities.