Friday, 30 July 2021
JFGT (20210730-11:36:25 to UTF-8) ART 121 en => it
Banks Montserrat. Offshore accounts in Montserrat
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Financial sector Montserat smallest of all six United Kingdom Overseas Territories, and in comparison with other areas offshore activities are the least developed, except for banking services. Despite the decline in financial services since the last major eruption in Montserat function 11 licensed offshore banks, although in 200 there were 15. Two banks - Royal Bank of Canada and a local bank - the Bank Montserat - are licensed to operate in the domestic market, where they carry out domestic and international operations.

Offshore Banking

Offshore Banking in Montserat regulated by the Offshore Banking Act and the Financial Services Commission Act 2001 Offshore Banking Act establishes the regime for licensing of offshore banks, and also regulates other issues, including:

- Capital and reserves, restrictions of economic activity, profits and accounting, and auditing and audit;

- Management of bankruptcy, liquidation and reorganization, as well as other matters of general and administrative.

Act on the Financial Services Commission shall establish the conditions of the Commission, its functions and powers, enters the office of Chairman and directors of the Commission, specifies the rules governing membership of Directors, describes the activities of the Commission, management of the activities, funding sources, issues of confidentiality and authority to publish rules and well as other matters of general and administrative.

The Governor has the constitutional responsibility for the activities of offshore banks, and as a governing entity has the right to issue regulations under the Act, an offshore banking activities. Financial Services Commission is responsible for supervision, but does not have sufficient administrative capacity to implement comprehensive control of offshore banks, particularly in the current inspection of their activities on the ground. In September 2002, the Financial Services Commission and the Eastern Caribbean Central Bank signed a Memorandum of Understanding to partial removal of the restriction. The Commission has also recently signed a memorandum of understanding with four regulatory authorities in the countries of Central and South America. Several visits to foreign offices of offshore banks have been implemented, but none of these banks have not been subjected to inspection, and only recently started to introduce measures to strengthen control over the activities of such banks.

The Eastern Caribbean Central Bank

The Eastern Caribbean Central Bank (ECCB) was established in October 1983, this bank for a group of eight island economies: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines. Appointment of ECCB is to maintain the stability of the Eastern Caribbean dollar and the integrity of the banking system with the aim of balanced growth and development of member states. Monetary policy is characterized by:

- The issuance of a single common currency, whose movement between member countries is not limited to;
- A common pool of foreign exchange reserves, and
- Existence of a Central Monetary Authority which decides on the Union's monetary policy.
The objectives of the Bank are:
- Regulate the availability of money and credit;
- To promote and maintain monetary stability;
- To promote credit and exchange conditions and a sound financial structure conducive to the balanced economic growth and development of territories of the Member States of the Union;
- Active economic development of territories of the Member States of the Union with measures that are consistent with other objectives of the Bank.

The governing bodies of the Eastern Caribbean Central Bank are the Monetary Council and Board of Directors. The Monetary Council - the supreme decision making body, composed of one minister from each government participating countries. Council is to provide guidelines and recommendations to the Bank on matters of monetary and credit policy. The Board of Directors consists of ten directors, the chairman and deputy chairman, and one director from each of the eight participating governments. The Board of Directors is responsible for policy and general administration of the Bank, while the chairman and chief executive officer responsible for operational management

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