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International Monetary Fund

offshore banks in Anguilla. Thus, the report provides key input for the development of an action plan to move towards full compliance with the Core Principles. Institutional and macroprudential setting, market structure—overview 36. Under the Constitution the Governor has overall responsibility for international financial services in Anguilla, including the power to issue regulations under the various regulatory laws. Responsibility for the supervision of offshore banks currently rests with the FSD. A draft Financial Services Commission (FSC) Act has been

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

induction of new ECSRC commissioners. A draft Financial Services Commission Act in Montserrat, sponsored by CARTAC, has been submitted to the authorities. CARTAC is currently assisting Grenada with the setting up of the Grenada Authority for the Regulation of Financial Institutions (GARFIN). CARTAC has assisted with the development of prudential reports for nonbanks in the ECCU and recently conducted training on the supervision of offshore mutual funds for St. Kitts and Nevis and St. Lucia and on the supervision of securities firms for the ECSRC. During 2008, the CARTAC

International Monetary Fund

agricultural, industrial and development bank of Dominica was conducted with bank examiners from the Caribbean and outside experts. Other efforts to build capacity within the supervisory offices include a CARTAC-sponsored attachment of Barbados insurance supervisors to St. Lucia, to conduct the first ever insurance company inspection; and a CARTAC sponsored attachment from Dominica to conduct the first ever inspection of a credit union in Montserrat. A draft Financial Services Commission Act in Montserrat, sponsored by CARTAC, has been submitted to the authorities. CARTAC

International Monetary Fund
This paper discusses key findings of the 2006 Regional Discussions on the Eastern Caribbean Currency Union. Fiscal revenues have improved, but there has been only a modest improvement in the fiscal and debt positions. Tax revenues have strengthened with the uptick in economic activity, administrative efforts, and tax reforms. The financial system has been resilient, but additional efforts are needed to strengthen the supervisory framework in the face of emerging risks. Progress continues to be made in implementing the Financial Sector Assessment Program (FSAP) recommendations, but there is a need to ensure enforcement of the new regulatory framework.
International Monetary Fund

that sector. An inspection of an agricultural, industrial and development bank of Dominica was conducted with bank examiners from the Caribbean and outside experts. Other efforts to build capacity within the supervisory offices include a CARTAC-sponsored attachment of Barbados insurance supervisors to St. Lucia, to conduct the first ever insurance company inspection; and a CARTAC sponsored attachment from Dominica to conduct the first ever inspection of a credit union in Montserrat. A draft Financial Services Commission Act in Montserrat, sponsored by CARTAC, has

International Monetary Fund
Over the last decade, the Eastern Caribbean Currency Union (ECCU) macroeconomic performance has deteriorated relative to the rest of the Caribbean. Tourism accounts for three-fifths of exports, and the import content of consumption and investment is high. The ECCB-operated quasi-currency board arrangement (CBA) has continued to deliver price and exchange rate stability. The region has strong social indicators, but poverty, health, and crime remain concerns. Despite the implementation of ambitious revenue reforms, limited progress has been made toward fiscal consolidation. Credit has continued to expand rapidly.
International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) countries financial system has increasingly come under stress particularly through weakly supervised nonbank and offshore financial sectors with knock-on effects to domestic banks. The staff report focuses on ECCU’s 2009 discussion on common policies of member countries on economic development and policies. In response, ECCU authorities have accelerated the establishment of national Single Regulatory Units and the passage of harmonized legislation to strengthen then regulation and supervision of nonbanks and offshore institutions.