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Cabinet gives support to measures to improve Financial Services Sector
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| Financial Sectretary Mrs. Janet Harris |
BASSETERRE, ST. KITTS, APRIL 8, 2008 (CUOPM) – Although significant achievements have been made in the regulation of the St. Kitts and Nevis Financial Services sector since the removal of the twin-island Federation from the OECD and FATF Blacklists, several measures are to be taken to ensure a favourable assessment later this year.
Financial Secretary, Mrs. Janet Harris and Director General/Regulator of the St. Kitts Financial Services, Ms. Fidela Clarke, informed the St. Kitts and Nevis Cabinet on Monday of areas which demand immediate attention that fall within the remit of various government agencies including the Legal Department, the Financial Services Commission, the Financial Intelligence Unit, the Office of the Director of Public Prosecutions (DPP), the Customs and Excise Department, and the Police Department if St. Kitts and Nevis is to achieve a favourable assessment.
The government is convinced that sufficient additional progress will be made so that the Federation will achieve a favourable assessment by the CFATF in September of this year.
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| Director General of the Financial Services Ms. Fidela Clarke |
A post-cabinet statement said Cabinet emphasises the importance of the integrity of the financial services sector to protecting the image of the country, boosting investor confidence, and achieving more economic growth.
The evaluation to be conducted in September will be carried out by the Caribbean Financial Action Task Force (CFATF) which is an organisation of 30 Caribbean Basin countries who have agreed to implement common countermeasures to address the problem of money laundering and the financing of global terrorism.
The principal focus of the CFATF is to bring all of its member countries into compliance with what are known are the “forty plus nine” recommendations of the FATF of the OECD.
These recommendations are geared towards strengthening the financial services regulatory framework in member countries to detect and prevent money laundering and terrorism financing.
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