The Caribbean Community (CARICOM) has agreed to establish a regional group to tighten regulations against money laundering.

The association will also serve to challenge reports claiming that certain of its members pose harmful tax competition.

Specifically to be addressed is the money laundering blacklist issued by the Financial Action Task Force (FATF).

The association also is charged with coordinating a legal defense against the 29-member Organisation for Economic Cooperation and Development (OECD). The OECD has identified 35 jurisdictions as harmful tax havens. CARICOM argues that the OECD has no legal standing and that tax competition is just another form of free trade in a globalised world.