A long and hard look at the challenges, growth and future of Anguilla’s financial services was taken on Monday, December 3. The event was the 2018 Annual Industry Day, at the Teachers’ Resource Centre, organised by the Anguilla Financial Services Commission. It was attended by local public and private sector industry partners and a number of top panellists from within and outside the region.
Acting Chairman of the Financial Services Commission, Mr. Ralph Hodge, noted that Industry Day 2017 had to be postponed as a result of challenges faced by Anguilla’s economy and infrastructure arising from Hurricane Irma. He pointed out, however, that the work done over the past fifteen months was a remarkable demonstration of Anguilla’s resilience and what could be accomplished with collaboration and cooperation. Noting that Anguilla was open for business shortly after the hurricane, he was of the view that it would be rewarding if a similar attitude, and sense of cooperation, could exist in all spheres of Anguillian life.
“Going forward, the industry will need this resilience to address other potential challenges, and changes brought about by the international standard-setting bodies …imposed on smaller jurisdictions like Anguilla,” he added.
Acting Governor, Mr. Perin Bradley, said that as a former Compliance Manager in the Ministry of Finance he was well aware of the significance challenges facing Anguilla as an offshore financial jurisdiction. He stated everyone would acknowledge that compliance, as a continuing moving goal post, imposed by financial standard setting bodies, was burdensome and expensive for both service providers and the jurisdiction as a whole. He was, however, impressed with the way in which the Government, the regulators and the industry were working together to address the various challenges facing the Anguilla jurisdiction. He spoke about ways in which the Governor’s Office had been lending its assistance to the wellbeing of the financial industry.
Acting Chief Minister, Mrs. Cora Richardson-Hodge, said in part: “The Government of Anguilla has allocated, and will continue to allocate, the necessary resources, both financial and human, to carry out a robust national business assessment exercise and to address any risks or vulnerabilities that may be identified. We have no choice if we wish to protect our country’s reputation, its ability to participate in the international economy and its potential to grow its role in providing international financial services.”
The Minister also stated that the Government was hard at work to find ways for the jurisdiction to implement news ideas to improve its image as an international financial centre. She added that the Government was also endeavouring to enhance its ACORN system, and recognised the assistance of the Governor’s Office towards that end.
Ms. Marissa Harding-Hodge, Compliance Manager in the Ministry of Finance, addressed a number of issues including a European Union Economic Initiative and its assistance to financial services in Anguilla.
She was followed by Mr. Gerry Halischuk, Director of the Financial Services Commission, who spoke at length on matters taken in hand to deal with some of the challenges facing the industry and the successes achieved so far.
There were two panel discussions. The first was on Anguilla’s National Risk Assessment. The panellists were Rick McDonell Nadeau and Josee Nadeau, Consultants; and Lt. Col. Edward Croft, Director of National Drug & Money laundering Control Policy. The Moderator was Mary Clair Haskins, Coordinator, Anguilla National Risk Assessment and Senior Legal Counsel, Financial Services Commission.
The second panel discussion was on the Anguilla Utility Token Offering Legislation and Guidelines. The panellists were Randall Johnson, Senior Counsel with Sinnott & Company; Ravi Bahadur Singh, Managing Partner, Chancery Lane Chambers; and Tina Bryan, Deputy Director, Financial Services Commission. The Moderator was Gerry Halschuk, Director of Financial Services.
