The Director of Financial Services, Mr. John Lawrence, has announced a programme of new legislation that he hopes will be enacted this year to ensure that the island's financial services legislative and regulatory regime is on the cutting edge of the industry in terms of innovation and internationally accepted standards of regulation.
Scheduled for consideration by the House of Assembly during the first half of this year once it resumes meeting following the March 3rd General Elections, will be the following pieces of legislation:
- a Proceeds of Criminal Conduct Bill and supporting Regulations (together with Guidance Notes for the private sector);
- an amendment to the International Business Company (IBC) Ordinance to permit the optional registration of charges;
- and an amendment to the Limited Partnership Ordinance to permit, inter alia, a general partner to be non-Anguillian or a non-Anguillian entity.
Also planned are revisions to the Trusts & Offshore Banks Ordinance, which is now divided into three parts, covering issues affecting offshore banking, trust companies and those pertaining to both.
In addition, there is to be a revised Company Management Ordinance which will bring it more into line with provisions pertaining to trust companies. The revision of provisions of offences and penalties for failure to comply under each piece of financial services legislation is also being considered.
Scheduled for consideration for the second half of 2000 are:
- a Financial Services Act to create an independent regulatory body as called for in the recently published White Paper to establish the structure and powers of the Anguilla Financial Services Commission.
- A Bill to replace the 1968 Insurance Act and new offshore insurance legislation
- Commercial litigation legislation to provide a procedure for pleading and litigation in commercial proceedings
- A Securities Act to provide for the regulation of securities within the Organisation of Eastern Caribbean States which is being drafted under the auspices of the Eastern Caribbean Central Bank.
In commenting on the extensive legislative programme, which is the result of the work of the Anguilla Financial Services Association (AFSA)/Government of Anguilla (GOA) Legislation Committee, and Mr. Richard Carpenter, a UK based consultant, Mr. Lawrence noted that "a lot of preparatory work on the above legislation was undertaken during 1999 and its coming to fruition should further help Anguilla in its onward development as a recognised financial services jurisdiction." Mr. Lawrence added that he wished to thank those members of AFSA who had given their time and resources to assisting the Government of Anguilla with this legislative work.
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