The Financial Services Commission in Anguilla held its inaugural annual meeting with its private partners in the industry on December 11 at the Library Resource Centre at which there was much discussion on achievements so far, and the way forward in regulating and developing this area of business on the island.

L-R: Mr. Denis Cross, Mr. Niguel Streete and Mr. Lanston Connor

Minister of Finance, Victor Banks, who gave the opening remarks, commended the Financial Services Commission (FSC) and the Anguilla Financial Services Association (AFSA), the umbrella private sector body, for coming together to discuss matters of mutual interest and he underscored the need for the development of the island’s offshore business.

An overview of the work of the Anguilla Financial Services Commission was given by its Director, Niguel Streete, who succeeded the retired Mr. John Lawrence. Mr. Streete, who has extensive training and experience in financial sector supervision, development and policy formulation, gave an update on the Commission’s work over the year. He also spoke of plans for 2008 with emphasis on licensing, legislation, policy initiatives, enhanced monitoring, and a pending mutual evaluation exercise.

His presentation was followed by an interactive session involving participants from the floor.

Mr. Streete, Palmavon Webster, Mr. Keithley Lake and Mr. Val Banks

The overview of the Commercial Registry’s Operations was delivered by Registrar Lanston Connor. It was based on the financial and operating performance of the Registry and its upcoming work programme. The session reviewed the Registry’s policy initiatives with respect to bulk trading and restrictions on company management. Connor’s presentation also covered promotional trips and ACORN’s performance, upgrades and user group.

This was also followed by an interactive session. The next agenda activity was a panel discussion which covered such topics as Banking, Insurance and Company Management as part of an update on the financial services sectors.
Following another interactive session, an address entitled “The Way Forward for AFSA” was delivered by President of the organisation, Palmavon Webster. She gave a review of AFSA’s operations and its plans for the coming year, with particular emphasis on membership, its strategies for sustainable development, and plans for the development of Anguilla’s financial services industry.

There was a final interactive session before the closing remarks by the Chairman of the Anguilla Financial Services Commission, Dennis Cross, who resides in the United Kingdom, having lived and worked in the Caribbean for many years.

The meeting, which is to be an annual event, has as its objective the fostering of greater cooperation and coordination between the key players in the financial services industry.

| Printer-friendly page | Send this article to a friend |

World News