IBC Act to be Revamped

Details

Banking

Monday, 26 November 2012 02:30

By caribarena news

Antigua St. John's - The Financial Services Regulatory Commission (FSRC) has collaborated with its counterparts in the other seven OECS territories, and is looking to establish a working committee of the Monetary Council to examine new measures for the insurance industry within the sub region.

Administrator and CEO of the FSRC John Benjamin said the move comes as part of efforts to advocate for the passage of modern and uniform insurance legislation and regulations for all eight Eastern Caribbean Currency Union (ECCU) Countries.

Speaking at an FSRC graduation ceremony recently, Benjamin explained that the Commission has expended resources on drafting new legislation to replace the IBC Act and create “ultra-modern” laws and regulations for international banking & trust, and for international business corporations.

Also, the initiative is to see the outcome of a “new FSRC” aided by an organizational structure that “better lends itself to jurisdictional advocacy,” Benjamin said.

Currently, the Financial Services Regulatory Commission is in the midst of restructuring to better regulate this dynamic sector, and has updated its laws and regulations to create symmetry with international standards and best practices.

The new FSRC will be reflected through internal strengthening of the organization, capacity building, policy development, wide use of risk-based examination techniques, and continuous dialogue with industry participants.

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Benjamin said that a revitalized FSRC, energized by a new mission to create a jurisdictional brand, lays heavy emphasis on development of niche markets in specific areas that build on competitive advantages and unified national vision.

“The FSRC’s new vision encompasses working harmoniously with all stakeholders to improve the profile of the jurisdiction,” said Manager of International Business Corporations (IBCs) and Other Non-banking Financial Institutions (NBFIs) at the FSRC Terry Smith.

Accordingly, she added that the Government’s marketing arm, Antigua & Barbuda Investment Authority, along with regulated entities, professional service providers as well as executives and specialists from the FSRC, will need to work as a united team to create value for service users.
 
“Team Antigua must be present in full force at international conventions and forums that represent the best fit for our national objectives.  Prefaced by advance planning and strategizing, each team participant has a specific role to play in the chess game of international financial services. Infrastructural development in terms of telecommunications capacity, quality of support services and a pool of well trained employees all form part of the holistic approach to future development,” Smith said.

To date, the FSRC has some sixteen (16) technical members of staff who are Certified Anti-Money Laundering Specialist (CAMS), and 11 more are currently pursuing the designation.

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