A central regulatory body is on the cards to monitor the activities within the banking sector and the credit union movement in Barbados, the government has announced.
Barbadian Minister of Economic Affairs, Trade, Industry and Commerce, David Estwick said that proposals to introduce a regulatory body had been given conditional approval from the cabinet and would now be subject to an evaluation, hinting that the regulatory board would be in place before the end of 2009.
Estwick said that a regulatory body would become increasingly necessary with the roll out of the CARICOM Single Market and Economy, observing that increased movement of capital across the region heightened the need for intensified regulation.
“Within CARICOM, there are provisions for cross-border trading and cross-border movement of capital as we give credence to the CSME, in particular, the rules of establishment that allow for the free movement of capital. So, therefore, this requires that we look very closely at the organisational structure that we have in place to ensure that we have a comprehensive, central, regulatory body.”
Pointing out that the financial sector is already subject to adequate regulation, Estwick noted that further regulation of the credit union movement would allow for greater protection of members’ deposits.
“We want to look at a central entity that will be able to deal with a lot of the non-traditional instruments involved in investment and trading that may have caused some of the problems that now exist within the United States,” he explained.
“Thus, we have to be very careful with the systems we put in place under our central financial structure, we must ensure the regulation will facilitate the new instruments of investment and capitalisation,” he concluded.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment