Wednesday, 27 October 2021
Banks of Saint Lucia. Offshore accounts in St. Lucia
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In early 2006, in St. Lucia had four offshore banks, 1,884 international business companies, 43 international trust, 17 international insurance companies, two offices for the transfer of funds, three mutual fund administrator, nine registered agents, and three registered trustees (for services) and in the aggregate 30 domestic financial institutions. The law on the collection of financial information № 17 in 2002 established the Department of gathering financial information (FIU) in St. Lucia, which started its work in October 2003, the FIU provides for the collection of necessary information for the investigation of possible violations of law in accordance with the law on criminal investigation 1993 Act and the Prevention of Money Laundering.

Failure to provide information FIU is a crime, punishable by fine or imprisonment for up to ten years. The law on the collection of financial information allows the FIU to provide the resulting information to foreign government agencies, collect financial information. Programme against Money Laundering in the Caribbean (CALP) has provided training Division gather financial information (FIU). In September 2003 the law was changed, and the financial administration of St. Lucia has merged with the FIU. In 2005, the FIU received 85 reports of suspicious money transactions. So far in Saint Lucia has not been sentenced in connection with the prosecution of money laundering.

The Government of Saint Lucia established a Committee on Financial Services in 2001, this committee meet monthly aims to protect the financial services sector of St. Lucia, and includes the Finance Minister, the Attorney General, the Solicitor General, the director of public service of criminal punishments, the head of the Committee on Financial services, registrar, business companies, the High Commissioner of Police, Deputy Permanent Secretary, Ministry of Commerce, head of special police forces, the Comptroller of the tax administration and others. In 2003 the government announced its intention to establish a comprehensive regulatory service for the control of traditional and offshore financial institutions, which until then regulate the government itself. Eastern Caribbean Central Bank regulates the domestic banking sector. Financial legislation of Saint Lucia, aimed at combating terrorism and terrorist financing will soon be adopted by Parliament. In 2002, St. Lucia has signed the Pan-American Convention against Terrorism, which provides for measures to combat terrorist financing. In Saint Lucia the lists of terrorists and terrorist organizations subject to all financial institutions. Today on St. Lucia were not found to terrorists or terrorist organizations. The Government does not implements any initiatives aimed at suppressing the activities of charitable and nonprofit organizations.

As a member of the Caribbean section of the ad hoc Finance Committee on Money Laundering, St. Lucia, has passed the first round of mutual evaluations of the commission immediately before hosting the offshore banking sector, and a second round in September 2003, St. Lucia is a member of the Expert Group on combating money Money Pan American Commission on Drug Abuse (OAS / CICAD). In February 2000, in St. Lucia and the United States entered into force the Treaty on mutual legal assistance. Also in St. Lucia is an Agreement on mutual exchange of tax information with the U.S.. The government cooperated with the United States Government in investigating financial crimes. St. Lucia is a member of the UN Convention on Drugs in 1988, and September 26, 2001 signed but not yet ratified the UN Convention against Transnational Organized Crime. The Government of Saint Lucia has not signed the UN International Convention for the cessation of terrorist financing. Currently, St. Lucia created a unified regulator of the financial sector (SRU). Such authorized by the Cabinet agency will begin work in the fourth quarter of 2006, the main task of this body will be strengthened and improved regulation and supervision of all financial institutions that are not licensed under the Banking Act, as soon expected to pass a comprehensive law on banking activities.

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.

Financial Institutions
Some banks operating in St. Lucia:

- Bank of Nova Scotia s (Bank of Nova Scotia)
- Karibian First International Bank (formerly Barclays Bank Plc ╩) (First Caribbean International Bank (formerly Barclays Bank Plc))
- RBBT Bank Ltd. Karibian. (RBTT Bank Caribbean Ltd)
- Royal Bank of Canada (Royal Bank of Canada)
- The Bank s St. Lucia (Bank of St.Lucia)
- Bank Crozier International Ltd. (Bank Crozier International Ltd.)

 
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