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New Legislation to Protect St. Lucia's Clean Jurisdiction Reputation

Contact: John Emmanuel

Wednesday, November 13, 2002 - Moves towards maintaining St. Lucia’s reputation as a clean jurisdiction in the international financial services sector were heightened on Tuesday, November 12th, 2002 when the House of Assembly approved a number of amendments to various pieces of financial legislation governing the sector. The Bills included the International Insurance Amendment, International Banks Amendment and International Mutual Funds Amendment.

In piloting the bills before the House, Prime Minister and Minister for Economic Affairs Honourable Dr. Kenny Anthony told parliamentarians that the changes appeared minor, but carried much weight in meeting international financial standards. The amendments to the legislation will among other things provide additional opportunities to members of the accounting profession on the island, by allowing them to engage in the practice of auditing on behalf of international business companies. The changes will also seek to ensure that non-local or regional accountants are above reproach in their credentials.

According to Prime Minister Anthony, “I do not have to invite honourable members to consider the scandals that have afflicted the accounting profession in the United States in particular and I suspect in time will spread to other financial centres around the world. We in St. Lucia have to be especially careful with our financial services sector and make sure that our legislation not only continues to meet modern requirements but the excellent rating that St. Lucia has received from the OECD and other international bodies continue.”

Already over 600 international business companies (IBC) have been registered on the island with the rate of progress increasing steadily.

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