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Western Hemisphere > Anguilla

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Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2016 Discussion on Common Policies of Member Countries-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This IMF Staff Report for the 2016 Discussion on Common Policies of Eastern Caribbean Currency Union (ECCU) Member Countries highlights that the regional recovery in ECCU is gaining ground, supported by continued low oil prices, strong tourism arrivals, and robust citizenship-by-investment receipts. Risks to the near-term outlook are balanced, but growth in the ECCU continues to be hindered by weak competitiveness, banking sector fragilities, susceptibility to natural disasters, and large public debt. The Executive Directors have encouraged the authorities to press ahead with sound macroeconomic policies and structural reforms to decisively address these issues and strengthen the conditions for robust long term growth.
Keywords:
ISCR; CR; Anguilla CARTAC; country authorities; ECCU; aggregate; discussion; ECCU price aggregate; ECCU well; FAD tax mission; ECCU aggregate; CARTAC framework; Natural disasters; Commercial banks; Interest rate parity; Caribbean; Global
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: Report on Observance of Standards and Codes — Basel Core Principles for Effective Banking Supervision—Offshore Banking
International Monetary Fund
This paper contains a summary assessment of adherence to the Basel Core Principles for Effective Banking Supervision with respect to the offshore sector of St. Vincent and the Grenadines. The St. Vincent and the Grenadines Offshore Finance Authority Act, 1996, and the International Banks Act, 1996, set out the framework for offshore bank supervision in the jurisdiction. The Offshore Finance Authority (OFA) has reportedly enjoyed substantial operational independence. However, it is recommended to enhance OFA’s role and legal independence on matters such as the power to set prudential rules administratively.
Keywords:
ISCR; CR; bank; OFA; bank auditor; OFA examiner; rule; bank management contact; IBA amendment; examination procedure; a number of suspect bank; bank policy; bank basis; Offshore financial centers; Basel Core Principles; Capital adequacy requirements; Bank supervision; External audit; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Financial System Stability Assessment, including Report on the Observance of Standards and Codes on Banking Supervision
International Monetary Fund
This Financial System Stability Assessment on the Eastern Caribbean Currency Union (ECCU) reviews overall stability assessment. The fiscal position of the governments in the region has deteriorated sharply in recent years. A source of strength of the ECCU has been the large historical presence of strong foreign banks. However, the structure of the banking industry is changing with the entry of more aggressive regional banks, and the share of privately owned banks has increased. The limited activity of the organized ECCU securities markets reflects the small number of securities available for trading.
Keywords:
ISCR; CR; bank; enforcement power; bank auditor; ECCB Acts; bank management; draft contingency plan; ECCB currency arrangement; ECCB faces reputation risk; demand liability; bank affiliate; faces reputation risk; bank regulator; request bank; ECCB act; reputation risk; ECCB reserve; Offshore financial centers; Commercial banks; Loans; Securities; Caribbean; Global
Cover IMF Staff Country Reports
Anguilla-Overseas Territory of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector—Review of Financial Sector Regulation and Supervision
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.
Keywords:
ISCR; CR; company manager; due diligence; draft Financial Services Commission; ECCB member country; CFT requirement; company registration; company service; disciplinary action; law enforcement authority; money laundering Reporting Authority; CFT regime; CFT law; foreign currency; UK Government white paper; CFT system; Anti-money laundering and combating the financing of terrorism (AML/CFT); Offshore financial centers; Money laundering; Terrorism financing; Caribbean