BASSETERRE, ST. KITTS, NOVEMBER 24TH 2010 (CUOPM) – St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas has been highlighting measures by his Government to create a robust and transparent financial services sector in the twin-island Federation.
Dr. Douglas’ arrival in Paris, the French capital last week, coincided with the ratification of the Tax Information Exchange Agreement between St. Kitts and Nevis and France by the French Senate and National Assembly.
St. Kitts and Nevis will be removed from the French blacklist of “uncooperative jurisdictions,” upon reciprocal ratification by the Government of St. Kitts and Nevis.
In his wide-ranging discussion with François d'Aubert, Chairman of the Peer Review Group of the Global Forum on Transparency and Exchange of Information, as well as being the French government‘s Delegate General on non-Cooperative Countries and Territories, Prime Minister Douglas underlined the measures being introduced in St. Kitts and Nevis to create a “robust and transparent financial services environment in the twin-island Federation.
The St. Kitts and Nevis Leader also informed the Global Forum Chairman of the creation of an independent and consolidated financial services authority in St. Kitts and Nevis, with oversight powers to police all sectors of the financial industry, including insurance.
Mr. d’Aubert concurred with Prime Minister Douglas that technical training provided by donor agencies would need to be deployed in St. Kitts and Nevis, and indeed across the Eastern Caribbean region, to ensure that national regulators and financial institutions are provided with leading edge techniques and practices in monitoring adherence to the anti-money laundering and tax evasion rules promoted by France, and the OECD Member States.
