News from Financial Services Dept.- Anguilla News


News from Financial Services Dept.
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Below are two press releases from the Financial Services Department of the Government of Anguilla. They are ramping up their efforts to capitalize on the ACORN on-line company registry.

Anguilla launches its marketing drive for first quarter of 2000.

The programme of promotional activities of the Anguilla Financial Services Association (AFSA)/Government of Anguilla (GOA) Marketing and Promotional Committee for the first quarter of the year has been released. The committee, which is tasked with ensuring that Anguilla is marketed as a reputable financial services jurisdiction, has decided to attend three conferences which it hopes will continue to position Anguilla at the higher end of the market.

Two members of the committee, Mr. Claudel Romney, KPMG Senior Partner in Anguilla and Mr. Alan Jones, the Registrar of Companies, will attend the Offshore Jurisdictions Conference in Toronto, Canada on the 24th and 25th January. Mr. Romney will give a presentation entitled Anguilla: Opportunities as an Emerging Financial Centre while Mr. Jones will present a live demonstration of the ACORN system. In February, Mr. Jones along with Mr. Lynn Bell, Chairman of Hansa Bank, will attend the Offshore E-Commerce conference in Miami between the 22nd and the 24th. Mr. Jones will again demonstrate the ACORN system while Mr. Bell will conduct a workshop entitled Realising the Internet Initial Public Offering (IPO) Dream: Take your offshore e-business public. Mr. Bell is considered an authority on the use of offshore jurisdictions for the conduct of e-commerce business and has done much to promote Anguilla as a destination for e-commerce activities.

Mr. Jones will again demonstrate the ACORN system at the Shorex-Europe Exhibition in London from the 27th to 31st March. These conferences will attract lawyers, bankers, financial planners and other financial service professionals who are considered innovators in the field. In commenting on the programme, Mr. John Lawrence, Director of Financial Services, noted that "it is important that the name of Anguilla be kept at the forefront of the offshore industry and that service providers be made aware of what Anguilla as a jurisdiction can offer. These conferences are part of an ongoing programme of visits by AFSA and GOA which started with the coming on line of the ACORN system."

The Committee plans to increase its marketing drive following the completion of the Review of Financial Regulation in the Caribbean Overseas Territories and Bermuda which is currently being conducted by KPMG (Leeds, UK).

Anguilla launches its financial services legislative programme for 2000.

The Director of Financial Services, Mr. John Lawrence (email: [email protected]), has announced a programme of new legislation that he hopes will be enacted this year to ensure that the island's financial services legislative and regulatory regime is on the cutting edge of the industry in terms of innovation and internationally accepted standards of regulation.

Scheduled for consideration by the House of Assembly during the first half of this year once it resumes meeting following the March 3rd General Elections, will be the following pieces of legislation:

a Proceeds of Criminal Conduct Bill and supporting Regulations (together with Guidance Notes for the private sector);
an amendment to the International Business Company (IBC) Ordinance to permit the optional registration of charges;
and an amendment to the Limited Partnership Ordinance to permit, inter alia, a general partner to be non-Anguillian or a non-Anguillian entity.

Also planned are revisions to the Trusts & Offshore Banks Ordinance, which is now divided into three parts, covering issues affecting offshore banking, trust companies and those pertaining to both.

In addition, there is to be a revised Company Management Ordinance which will bring it more into line with provisions pertaining to trust companies. The revision of provisions of offences and penalties for failure to comply under each piece of financial services legislation is also being considered.

Scheduled for consideration for the second half of 2000 are:

a Financial Services Act to create an independent regulatory body as called for in the recently published White Paper to establish the structure and powers of the Anguilla Financial Services Commission.
A Bill to replace the 1968 Insurance Act and new offshore insurance legislation
Commercial litigation legislation to provide a procedure for pleading and litigation in commercial proceedings
A Securities Act to provide for the regulation of securities within the Organisation of Eastern Caribbean States which is being drafted under the auspices of the Eastern Caribbean Central Bank.

In commenting on the extensive legislative programme, which is the result of the work of the Anguilla Financial Services Association (AFSA)/Government of Anguilla (GOA) Legislation Committee, and Mr. Richard Carpenter, a UK based consultant, Mr. Lawrence noted that "a lot of preparatory work on the above legislation was undertaken during 1999 and its coming to fruition should further help Anguilla in its onward development as a recognised financial services jurisdiction." Mr. Lawrence added that he wished to thank those members of AFSA who had given their time and resources to assisting the Government of Anguilla with this legislative work.

Government of Anguilla, Financial Services Department
The Secretariat, The Valley, Anguilla, British West Indies
Tel: (264) 497-5881/3881 Facsimile: (264) 497-5872/8053
E-mail: [email protected] Website: www.anguillaoffshore.com

Revised: 2000/2/18