The Government of Anguilla has delivered its plans to meet the recommendations set out in the KPMG Review of the Financial Regulation in the Caribbean United Kingdom Overseas Territories and Bermuda published last October. Anguilla’s response was posted in line with the first deadline of 15 January 2001.
The three areas of priority for action in improving and strengthening financial services regulation required by HMG are: legislation to establish an independent regulatory authority; any necessary enhancements to the laws and systems to enhance good-regulatory and anti-money laundering practices; the review of legal powers for regulatory and law enforcement co-operation.
The Hon Victor Banks, Anguilla’s Minister for Finance, Economic Development, Investment and Commerce, said the KPMG Review was very positive about the quality of regulation and financial services offered in Anguilla.
"Anguilla is already meeting many of the requirements set out in the Review having recently enacted modern legislation and having draft legislation in place – or being prepared - which is on schedule to be passed by the 30 September deadline set by HMG," said Minister Banks.
He added: "Anguilla is mindful that good practices have been built up by the industry in the context of modern regulatory standards but regulators need to have the tools in order to ensure that these standards are not abused."
Joe Brice, Chair of the Anguilla Financial Services Association/Government of Anguilla Promotions Committee, said: "the KPMG Review has added value to Anguilla’s Financial Services. We are indeed gratified that, in particular, its comments have endorsed the quality of the ACORN system, the world’s foremost electronic companies registry."
The independent KPMG review was jointly commissioned by the Overseas Territories in conjunction with HMG and was designed to assess the extent to which the OTs comply with international standards and best practice in the way they regulate their international financial sectors.
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