JIS News

Story Highlights

  • Jamaica is “very well positioned” in Global Forum rankings, as the Government moves ahead with the implementation of an International Financial Services Centre (IFSC).
  • Jamaica is second from the top, in the four rankings, which the Global Forum uses to rate countries.
  • The Global Forum addresses issues such as: money laundering, tax evasion, tax havens, offshore financial centres, tax information exchange agreements and double taxation conventions.

Chairman of the Jamaica International Financial Services Authority (JIFSA), Eric Crawford, says that Jamaica is “very well positioned” in Global Forum rankings, as the Government moves ahead with the implementation of an International Financial Services Centre (IFSC).

“Jamaica is standing very well now in terms of the international assessments of our environment, both from a money laundering perspective, and from tax transparency…we are way ahead of many of the other jurisdictions,” he stated.

Mr. Crawford was speaking to a gathering of local business interests, dignitaries, and other officials on January 21, at the opening session of the two-day Jamaica Chamber of Commerce/JAMPRO Jamaica logistics hub symposium at the Jamaica Conference Centre.

He informed that Jamaica is second from the top, in the four rankings, which the Global Forum uses to rate countries. “We do have the environment to withstand any scrutiny, and we have,” he stated.

The Global Forum on Transparency and Exchange of Information for Tax Purposes is the continuation of a forum, which was created in the early 2000s to address the risks to tax compliance posed by tax havens.

It is the multilateral framework in which work in the area of transparency and exchange of information has been carried out by the Organization for Economic Co-operation and Development (OECD) and non-OECD countries, since 2000.

The Global Forum addresses issues such as: money laundering, tax evasion, tax havens, offshore financial centres, tax information exchange agreements and double taxation conventions.

The JIFSA is mandated to promote and develop Jamaica as a centre for international financial services (IFS), devising strategies based on relevant research that will contribute to the creation of a reputable and competitive IFS sector.

The aim is to create a new and modern industry with lucrative jobs and a more diversified economy.

The logistics hub symposium is being attended by key players in the private sector; investors; government officials; members of the diplomatic corps; as well as a wide cross-section of other critical stakeholders.

Among the topics being explored are: integrating Jamaica into global value and supply chains; building out the physical infrastructure; scenarios for the future of the logistics industry; the Jamaica logistics hub and the Jamaican growth agenda; manpower planning; economic zone analysis; and the impact of the Panama Canal project on business networks and commerce.

The Jamaica Logistics Hub is central to the government’s economic growth strategy, aimed at driving investment and creating sustainable employment over the long-term. Jamaica will seek to capitalize on its prime location for increased maritime and aviation traffic through the region, with the opening of the expanded Panama Canal in 2015.

The hub will allow Jamaica to elevate its position in the global value and supply chains, with facilities that feature state of the art special economic zones, attracting major transnational manufacturing and distribution companies. The hub will present a myriad of opportunities for the growth of micro, small and medium sized businesses, through linkages that connect them to global markets.