Saint Lucia Welcomes First International Bank

by Carla Johnson, Investors Offshore.com

23 November 2001

The government of St Lucia was in celebratory mood this week as it announced the opening of the the jurisdiction's first offshore bank, and reaffirmed support for the international fight against terrorist money laundering.

The addition of Bank Crozier International to the island's financial services sector, which has been in operation for nine months, and is already home to 117 IBCs, three insurance companies, one mutual fund, and three international trusts, marks a significant step in St Lucia's progress towards becoming a well-established and respected international business centre.

CEO of Bank Crozier International, Peter Yohansein applauded the government for maintaining the island as a clean and well-regulated jurisdiction: 'We recognise the strong quality of Saint Lucia's offshore banking jurisdiction,' he commented on Monday. 'We are aware that this jurisdiction has not been identified as one that supports criminal activities in its financial system...It is my intention and the intention of every member of staff to ensure that Saint Lucia maintains this status.'

Also speaking at the bank's official launch, the Permanent Secretary in the Ministry of Finance, Dr Bernard La Corbinerre observed that as a late entrant to the field of financial services, the jurisdiction had benefitted from the opportunity to observe the mistakes of others, and could now take advantage of the latest technology in order to run a thoroughly modern operation.

Meanwhile, Saint Lucia's Financial Services Minister, Hon. Philip J. Pierre reaffirmed the jurisdiction's support for the international anti-money laundering initiative, saying that the jurisdiction would never sacrifice its good reputation on the altar of economic expediency, and revealing that the government had recently taken action to further increase the powers of the island's Money Laundering Authority.

However, he added that although supportive of the international initiative, the government does share some of the reservations held by the President of the Caribbean Development Bank, Sir Neville Nicholls, who has repeatedly questioned the motivations behind the OECD campaign against money laundering and tax evasion.

'Saint Lucia will cooperate in the fight to protect the world's financial architecture, but will continue in its quest to improve the quality of life for its people,' promised the Financial Services Minister.

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