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PRESORTED oCTobeR 2015 STANDARD ® U.S. POSTAGE PAID MIAMI, FL PERMIT NO. 7315 Tel: (305) 238-2868 1-800-605-7516 [email protected] [email protected] We cover your world Vol. 26 No. 11 www.caribbeantoday.com THE MULTI AWARD WINNING NEWS MAGAZINE WITH THE LARGEST PROVEN CIRCULATION IN FLORIDA GUARANTEED ~ Caribbean Americans with income and savings stashed in foreign countries are scrambling to comply with United States law, which targets tax dodgers and threatens fines and imprisonment, page 2. Five years ago, Keith Christopher Rowley was an outcast within the People’s National Movement. Last month he became Trinidad and Tobago’s seventh prime minis - ter after leading the party to victory in the general elec - tions, page 7. The fall is here and, like every other sea - son, it brings ~ Antigua and Barbuda Prime Minister its own set Gaston Browne went to the United Nations of ailments. to ask world powers, including the U.S. and This month, Europe, to help smaller nations, like those in Caribbean the Caribbean, instead of putting obstacles Today offers in their way, page 5. its “Fall Health” feature, which may just help you to feel a bit bet - ter, page 20. Read CaRibbean Today onLine aT CaRibbeanToday.Com 2 • CARIBBEAN TODAY • OCTOBER 2015 NEWS PRESSURE DROP: Caribbean Americans scramble to comply with U.S. tax law GORDON WILLIAMS money or assets for the pur - are still under noticeable. pose of tax evasion from the enormous pres - “People are bringing in Caribbean Americans, who Internal Revenue Service sure to comply or these forms in for me to help for years stashed large sums of (IRS). face the conse - them fill out,” said Bernard. money in overseas bank quences,” “Something is happening to accounts and avoided paying CLAMPDOWN Strachan said, make them want to comply. In taxes to the United States FATCA was implemented “which will the past they weren’t doing government, are scrambling to in 2010, as part of a jobs stim - include a 30 per - so.” get their business in order as ulus bill, to help the U.S. raise cent withholding The fallout of the law has U.S. law enforcement steps up revenue. Agreements were for financial insti - become evident outside the efforts to collect revenue. reached with foreign countries tutions that fail to U.S. Last month, a U.S. feder - However, checks have to comply with the U.S. comply with al court authorized the IRS to also shown that some However, the government FATCA, a penalty serve a summons to obtain Caribbean nationals still pre - allowed overseas financial which has interna - information on American tax - fer to dodge the taxman in a institutions and individuals a tional govern - payers from multiple banks in dangerous game that risks grace period to educate them - ments racing to Belize, a member of the heavy fines, imprisonment or selves and clients, giving U.S. protect their local Caribbean community both. citizens and residents leeway financial institu - (CARICOM). The summons Under the Foreign to comply before applying The U.S. has stepped up efforts to find tax dodgers. tions.” also covers banks in the U.S., Account Tax Compliance Act penalties. A Sept. 30 deadline, Those institu - which use corresponding (FATCA), persons with U.S. which was an extension from of people, a lot of my cus - tions have accounts with those at the citizenship or residence Aug. 18, was recently extend - tomers, who have foreign responded by issuing forms to Belizean institutions. It (“green cards”), including ed again. accounts, complying with customers so they can comply requires the banks to identify Caribbean nationals, are “Countries throughout whatever the IRS is asking with the law. U.S. taxpayers suspected of required to report all income the region are working hard to for,” said Anthony Bernard, a “The pressure is on them, avoiding paying taxes. to the government to allow ensure full compliance with Florida-based Caribbean the banks in the Caribbean,” “The department and the proper assessment and pay - the FATCA legislation,” Hope American accountant. said Bernard. “In the past not IRS are using every tool avail - ment of taxes. That includes Strachan, financial services “They are stepping up. In a lot of people were filling out able to identify and investi - amounts exceeding $10,000 minister for The Bahamas was the past they may have been these forms.” gate those individuals deter - lodged in foreign bank quoted as saying recently. lax. Lots of people bringing in mined to evade their U.S. tax accounts. However, she added that documents. They’ve accelerat - HEAT and reporting obligations This law applies to those “… the deadline for due-dili - ed their efforts to comply with In the U.S., the pressure is through the use of offshore currently living in or outside gence on pre-existing accounts the law.” mounting as well, including on financial accounts and foreign the U.S. is still set for June of 2016 and Penalties for failure to tax preparers, who are entities,” acting Assistant It also requires financial this delay has had absolutely comply can be painful. U.S. required to ensure that clients’ Attorney General Caroline D. institutions outside the U.S., no impact on that.” law allows tax dodgers to be declaration of income is accu - Ciraolo, of the U.S. Justice including Caribbean banks, to It appears Caribbean fined significant chunks of the rate or themselves face possi - Department’s Tax Division, report to the U.S. Treasury nationals in the U.S. are feel - undeclared money – up to 50 ble penalties. explained last month. American citizens or residents ing the heat. percent. The government can “No longer the burden of suspected of concealing “I’ve seen this year a lot also confiscate property or proof is only on the taxpayer,” EXPANDED lock up individual offenders. said Bernard. “The preparer is The U.S. government’s Caribbean banks are also feel - now responsible too, to do intensified scrutiny has ing the heat. due diligence.” extended to countries across “Regional governments The surge in people hur - rying to comply with the law is (Continued on page 4) BRIEFS U.S. extradition hearing first round of presidential elec - a new government on Nov. 4. for T&T’s ‘Jack’ Warner tions on Oct. 25. More than 50 Nomination Day is Oct. 16. Dec. 2 will be the start of an candidates are reportedly seeking extradition hearing involving to replace outgoing President Ex-St. Kitts P.M. named Trinidad and Tobago national Michel Martelly. National Hero Austin “Jack” Warner, former vice Former Prime Minister Sir president of soccer’s world gov - Caribbean American aide Kennedy Simmonds was recog - erning body FIFA, who is wanted to N.Y. governor killed nized as a National Hero of St. in the United States on charges Carey Gabay, son of Jamaican Kitts and Nevis as the Caribbean related to corruption and mail immigrants and an aide to New nation celebrated its 32nd fraud. York Governor Andrew Cuomo, died anniversary of political FIFA last month banned last month after being shot in the Independence from Britain last Warner from the sport for life, four head during alleged gang violence month. years after he quit the organiza - on Sept. 7 before a Labor Day tion at the height of the cash-for- parade in Brooklyn. He died on - Compiled from various votes corruption scandal. Sept. 17. sources. Haiti presidential elections Belizeans vote on Nov. 4 Æ Oct. 25 Voters from CARICOM nation Haiti is scheduled to hold the Belize will go to the polls to elect CARIBBEAN TODAY • OCTOBER 2015• 3 4 • CARIBBEAN TODAY • OCTOBER 2015 NEWS POPE AND THE PREZ ‘Despicable’ T&T family gets 418 years in prison NEW YORK - A Trinidadian Attorney Catherine Kane couple and their daughter, said: “They stole from their all accused of conning 19 own, people are afraid of Caribbean immigrants in the reporting to the police, terri - United States of more than fied of being deported back to $1.8 million, have been sen - a place where they had no one tenced to 418 years in prison. to go home to.” In the sentence handed One of the victims was an down last month, Shane immigrant suffering with multi - Ramsundar, 52, his wife ple sclerosis who gave the fam - Gomatee Ramsundar,48, and ily $43,000 after being told by daughter Stantal, 23, were the family that he was about to described by the judge as “the be deported. Ramsundar also most despicable gang of crimi - Ramsundar fooled immigrants into believ - Pope Francis, left, is greeted by Cuba’s President Raul Castro after the leader of the nals to ever sit in front of me.” ing that he could get them Catholic faith arrived in the Caribbean island last month. The pope toured Cuba and Shane Ramsundar ‘GREEN CARDS’ cheap housing. the United States during a 10-day visit to the region. received the maximum 235- Prosecutors said Shane Prosecutors said the fami - year sentence. His wife was Ramsundar told immigrants ly used some of the money to sentenced to 153 years and that he could get their names buy cars, expensive hand bags Jamaican faces 20 years daughter 30 years. off terror watch lists or pre - and go on shopping sprees. The three were found vent their deportation by get - guilty last November of grand ting them permanent resi - - Edited from CMC. in U.S. prison for tax fraud larceny. dence or “green cards”. A South Florida-based prepare fraudulent tax returns Assistant District Æ Jamaican accountant, who using clients’ information. She cheated the United States gov - would give clients one copy of ernment and scores of their tax return and file anoth - U.S.

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