Vanuatu Government Calls For Pacific Association Of Offshore Financial Regulators
Vanuatu's Minister for Finance, Joe Carlo,
has called upon the authorities of other small pacific island countries
to consider creating a Pacific Forum Island Nations Association of Regulators
of Offshore Financial Services. During a recent meeting of the Registrars
of Financial and Banking services in Port Vila, Mr Carlo argued that most
pacific islands are struggling to cope with the pressure from organisations
such as the OECD which is threatening to strip Vanuatu of its major income
as a tax haven. 'The problems we face are the same yet often little effort
is made to take a common stand on some of these issues as a group,' he
said. Vanuatu embarked upon a Draft Charter to
establish a Pacific Forum Island Nations Association of Regulators of
Offshore Financial Services in 1999 but it has not yet come to fruition. 'It is now time that serious thought
be given to this idea in the light of increasing international pressures to
enable our regulators to share in a common forum for the benefit and
growth of our financial centers,' added Mr Carlo. .
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