Post by Sapphire Capital on Jul 11, 2008 23:12:51 GMT 4
An Amendment Bill to the International Bank Act of 2004 was passed in Parliament, May 29th, 2008. The amendment reduces the involvement of the Eastern Caribbean Central Bank (ECCB) in the supervision of the international banking sector.
Dr Gonsalves (Prime Minister), the ECCB and the Monetary Council both agreed to effect its mandate to regulate banking business by focusing its supervisory resources on its core function, that of supervising institutions licensed under the uniformed Banking Act.
The amendment, while not compromising the regulation of the offshore banking sector, will expedite the registration process of international banks.
However there seems no hurry to license international banks, making reference to this country being blacklisted in 2000.
In 2001, there were 40 offshore banks operating in the country, today, there are 7.
Dr Gonsalves (Prime Minister), the ECCB and the Monetary Council both agreed to effect its mandate to regulate banking business by focusing its supervisory resources on its core function, that of supervising institutions licensed under the uniformed Banking Act.
The amendment, while not compromising the regulation of the offshore banking sector, will expedite the registration process of international banks.
However there seems no hurry to license international banks, making reference to this country being blacklisted in 2000.
In 2001, there were 40 offshore banks operating in the country, today, there are 7.