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Western Hemisphere > Anguilla

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  • Type: Journal Issue x
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Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2024 Staff Report for the 2024 Article IV Consultation on Common Policies of Member Countries of the Eastern Caribbean Currency Union-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2024 Article IV Consultation with member countries on common policies of the Eastern Caribbean Currency Union (ECCU) discusses that the economies have registered a strong recovery after successive external shocks. Fiscal and external balances have improved, but public debt and current account deficits remain high. The financial system has been stable and liquid, although it continues to be confronted with asset quality weaknesses and rising risks in the non-bank financial sector. Longstanding structural challenges affecting private investment and employment create a drag on growth going forward. The regional priority is to rebuild buffers while protecting the fiscal space for priority public investment and social spending. Social policies and institutional labor market reforms would help improve competitiveness by addressing structural constraints to employment and labor productivity. Concerted efforts to address gaps in core economic data improve transparency and strengthen resource capacity for data collection would support calibration of economic policies.
Keywords:
ECCU country; asset quality; ECCU member-country government; ECCU member country; CARTAC TA mission; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit bureaus; Credit; 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