Chief Minister Hughes
Thursday, October 2, was observed as Industry Day in Anguilla when there were two wide-ranging panel discussions. The Moderators were Mr Lavie Hobson, Senior Regulator, Financial Services Commission; and Ms Jean Dyer, Barrister-at-Law, President, Anguilla Financial Services Association.
The event, at the Teachers’ Resource Centre, attracted a number of persons involved in offshore financial services in Anguilla. In an opening address, Governor Christina Scott stressed that every effort must be made globally to stop people who want to hide their identity for criminal, terrorist or tax-evasion purposes. “In striving to achieve this, it is right not to shy away from having tough discussions,” she told the financial companies’ representatives. “We must hear and examine all the angles, and then try and find workable and effective solutions.”
She commended the Anguilla Government for its commitment to date. She hoped that Anguilla “will continue to work closely with the UK on ensuring beneficial ownership information is readily available to all agencies tackling these serious issues.”
Governor Scott said she was aware that the Anguilla Government remained committed to a reputable and well-regulated financial services registry. “I would argue that the quality of work of the Public Servants, and in particular the commendable efforts of Perin Bradley, is representative of the Government’s commitment,” she stated. “The FACTA Information Day on 18 September was the latest Government initiative, in addition to much media work, to provide public support on this major change. Perin leads Anguilla’s efforts in complying with OECD requirements. I know he fully understands that while we are right to be proud of Anguilla’s positive Peer Review Group reports to date, we must now ensure we have correct systems in place to deliver their recommendations on information sharing.”
The Governor took the opportunity to comment on the on-going ECCB Conservatorship of Anguilla’s two local banks which remained an issue of utmost importance to all in Anguilla. “It is a pertinent example of the importance of sound regulation that is in line with international good practice,” she said. “The UK Government remains committed in its desire to work with the ECCB, and the Government of Anguilla, to bring about a resolution that is fair for all the people of Anguilla and consistent with the long term sustainable development of the island. I am aware of the importance of the loyalty and patience of the customers throughout this period, and we trust that the ECCB will continue to progress its work as quickly as possible – and that it do so resolutely.”
Chief Minister and Minister of Finance, Mr. Hubert Hughes, said in part: “Despite all that has been done, and despite all the legislation that has been promulgated in the past, we still had an intervention by the Eastern Caribbean Central Bank into our two local banks which means we have not been doing what we supposed to do because that intervention should not have been necessary. Nevertheless, it has come and we are working together to see how we can restore the situation and get those two banks back on track.”
Mr Hughes stated that the offshore financial services should generate sources of money for the Government and people of Anguilla. He continued: “The economy of Anguilla is largely based on the provision of services and, while tourism is the dominant contributor, the contribution of financial services cannot be underestimated. In recent years, legislation has been passed which placed the regulation of the industry on a firm footing; and we indeed want an industry which is resilient with the highest international standards of financial prudence and accountability. Financial services, viewed as a single entity, is a truly global phenomenon where there is much to be gained from collaboration and the sharing of experiences and approaches…
“I mentioned earlier the opportunity to earn income, but with that opportunity comes responsibilities to the Government and people of Anguilla as well as the entire world. Financial services can be used as a means of promoting unwanted and dangerous activities such as money laundering and terrorism financing which has happened in the past. We have to dispense ourselves from these nefarious activities here in Anguilla. We want to have a praiseworthy international reputation when it comes to financial services. Having the necessary legislation is one thing; but the development of the practical investigative expertise to supplement the legislation is also critical. It is activities, such as this one, which provide the opportunity for all involved in the industry to assess the current challenges and successes and chart a way forward.”
The newly-appointed Director of the Anguilla Financial Services is Mr Gerry Halischuck who chaired the Industry Day event, and presented a broad overview of offshore finance on the island and the importance of compliance with the regulations.
The first of the two panel discussions referred to above, and moderated by Mr Lavie Hobson, was on the Responsibilities of Insurance Managers. The second discussion, moderated by Ms Jean Dyer, was on International Regulatory Compliance.
