Int'l Financial Services Coming Soon

Contact: Lucius Doxerie

June 19, 1998 - "International Financial Services is coming to St. Lucia!" That much was revealed by Prime Minister, Hon. Dr. Kenny Anthony, when he presented his budget to the Nation earlier this year.  According to the Director of International Financial Services, Ingrid Bullard, St. Lucians stand to benefit very much when the industry is launched soon.

Mrs. Bullard whose department is responsible for the registration, regulation, licensing and supervision of the international financial services industry, says that at a time when small island developing states are persuaded to diversify their economic activities, the introduction of the financial services industry will be beneficial to St. Lucia.

The international financial services are expected to provide millionaires and in some cases billionaires or "high net worth individuals" with safe havens where they can invest their monies without being taxed heavily.  With the thousands of businessmen and their families coming to the island, it is expected that qualified professionals as well as unskilled workers will stand to benefit from the multiplier effect of transactions carried out by those high net worth individuals.

Mrs. Bullard sighted countries such as the British Virgin Islands, the Cayman Islands and the Bahamas, as jurisdictions where the introduction of the service industry had allowed for the inhabitants to enjoy a high standard of living.

The programme will be implemented in conjunction with regional and international anti-money-laundering institutions and will seek to ensure that the industry is in St. Lucia is kept as clean as possible.

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