FSRC – Nevis Branch issues statement on EUs decision to de-list SKN
NIA CHARLESTOWN NEVIS (February 19, 2020) — The following is a statement from the Financial Services Regulatory Commission (FSRC) – Nevis Branch dated February 18, 2020, regarding the removal of St. Kitts and Nevis from the European Union’s list of non-cooperative jurisdictions.
The Federation of Saint Kitts and Nevis has been removed from the European Union’s list of non-cooperative jurisdictions. The European Council issued a press release on 18 February 2020 confirming that Saint Kitts and Nevis is among 16 jurisdictions who “managed to implement all the necessary reforms to comply with EU tax good governance principles ahead of the agreed deadline…”
It is also in alignment with the Financial Services Regulatory Commission – Nevis Branch’s mandate to build Nevis’ profile as a reputable and well-regulated international financial centre.
In October 2018, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes published the Second Round Peer Review Report on Saint Kitts and Nevis. The Federation was given an overall rating of LARGELY COMPLIANT following an analysis of the effectiveness of its legal, regulatory and administrative frameworks for transparency and exchange of information.
Ms. Heidi-Lynn Sutton, Regulator commented that she has always maintained that Saint Kitts and Nevis has been a cooperative jurisdiction and this recent development demonstrates our commitment to comply with international standards on transparency and exchange of information for tax purposes.