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International Monetary Fund. Western Hemisphere Dept.

-17. Financial Sector Surveillance: The ECCB compiles financial soundness indicators (FSIs) for its member countries, including St. Kitts and Nevis. Financial Soundness Indicators (FSI): The ECCB compiles financial soundness indicators (FSIs) for its member countries, including St. Kitts and Nevis. However, due to confidentiality reason, dissemination of FSIs for the ECCB member countries has so far not been approved. External sector statistics: Balance of payments data are compiled and disseminated by the ECCB on an annual basis. In January 2016, the ECCB released

International Monetary Fund. External Relations Dept.

its member states to improve public expenditure management. Weaknesses in budgetary processes and fiscal management have contributed to poor fiscal performance in a number of ECCB member countries. If the currency union is to deliver its expected benefits, its members need to agree on, develop, and implement fiscal rules, procedures, and convergence criteria and address institutional deficiencies in public expenditure management systems. CARTAC is providing ongoing assistance to guide and monitor implementation of the public expenditure management reform programs

International Monetary Fund

Economic Indicators Sources: Data provided by the Dominican authorities; and Fund staff estimates and projections. 1/ Change relative to broad money at the beginning of the period. 2/ Excludes transfers. 6. Inflation in the ECCB member countries tends to be in line with that in the United States and other major countries, mainly reflecting the openness of the economy and the monetary discipline associated with the regional currency union. Measured by the 12-month change in the CPI, inflation in Dominica increased from zero at end-1999 to 1 percent at end

International Monetary Fund. Western Hemisphere Dept.

corporations other than those licensed under the Banking Act) is crucial. The ECCB is currently working in implementing a new reporting system for commercial banks that is envisaged to address the recommendations made by the April 2007 data ROSC mission. It is expected that the new reporting system would be implemented in 2016–2017. Financial Soundness Indicators (FSI) : The ECCB compiles financial soundness indicators (FSIs) for its member countries, including St. Kitts and Nevis. However, due to confidentiality reason, dissemination of FSIs for the ECCB member countries

International Monetary Fund

supervision of insurance intermediaries. The FSD is responsible for the supervision of insurance companies. 29. Securities/Funds . The Eastern Caribbean Securities Exchange is based in the ECCB in St. Kitts. ECCB member countries have introduced a Securities Act and ten subsidiary Regulations. The authorities plan to introduce mutual funds legislation in an effort to diversify the offshore sector. 30. Anti-Money Laundering . The principal legislation consists of the Proceeds of Criminal Conduct Act, the Money Laundering Reporting Authority Act, the Drug Trafficking

International Monetary Fund
Anguilla is in the process of strengthening its legal and supervisory framework, which includes the creation of an operationally independent regulatory body, the Financial Services Commission. Priority should be given to improving the system for suspicious transaction reports, enhancing the customer due diligence requirements for introduced business, and conducting onsite inspections of company and trust service providers. The aim is to issue regulatory and industry codes that broadly meet the recommended best practices as contained in the draft Offshore Group of Banking Supervisors’ Statement.
International Monetary Fund

indebtedness to this bank was therefore welcomed, as was the commitment to eliminate government domestic arrears. Directors welcomed the Dominican authorities’ intention to support fully the ECCB’s efforts to strengthen financial sector regulation and supervision in the region, and their plans to strengthen the oversight of the financial system, with support from the ECCB, and to review the offshore financial sector. They commended the authorities’ intention to participate in the Financial Sector Assessment Program of ECCB member countries in 2003. Directors noted the

International Monetary Fund

project will need to involve private sector participants, and the authorities preference is for a BOT (build, operate and transfer) arrangement. With respect to the offshore financial sector, the authorities recognize the potential that offshore financial service provision can play in diversifying economic activity, but they also recognize the importance of a strong regulatory and supervisory framework. In this context, as noted in the staff report, the authorities have delegated supervisory responsibility to the ECCB (the first ECCB-member country to do so). A new