June 2009

Ponzi Schemes in the Caribbean

Following on from the CARTAC-sponsored Seminar on Understanding and Combating Unregulated Investment Schemes that took place in Montego Bay in October 2008 , CARTAC Capital Markets Development Adviser Brian Wynter collaborated with IMF staff members Ana Carvajal, Hunter Munrow and Catherine Pattillo to produce an IMF Working Paper. CARTAC Capital Markets Development Adviser Brian Wynter collaborated with IMF staff members Ana Carvajal, Hunter Munrow and Catherine Pattillo to produce an IMF Working Paper. The paper covers unregulated investment schemes that found their way into our Caribbean territories claiming unusually high monthly returns and using a system of referrals by existing members. These features are the trademark of traditional Ponzi schemes and pyramid schemes. This paper describes the growth of such schemes, their subsequent collapse and the policy response of the regulators. Read more…

June 2009

Ottawa, Ontario, June 8, 2009... As part of its commitment to the Americas, the Government of Canada has announced a new partnership between the Canada Revenue Agency (CRA) and the International Monetary Fund's Caribbean Regional Technical Assistance Centre (CARTAC). Read more ...

March 2009

On March 12, 2009, the Caribbean Development Bank hosted a meeting of International Financial Institutions to coordinate a response to the global financial crisis.  Read the report.