St Vincent & Grenadines Government Appoints New Offshore Finance Authority Board

by Mandy Robinson, Tax-news.com, London

30 April 2001

The newly elected St Vincent and Grenadines government has announced plans to appoint a new board to head its Offshore Finance Authority. Prime Minister Dr Ralph Gonsalves informed the local press that the board will be chaired by Fiscal Adviser Christian Martin, and other members will include the director-general of finance and planning, Maurice Edwards, and Deputy Governor of the East Caribbean Central Bank, Errol Allen. Dr Gonsalves said: 'We're presenting an antiseptic offshore authority,' and he explained that the government was 'working out a particular arrangement' for a fifth member of the board who would 'strengthen the transparency of the Offshore Finance Authority.'

When in opposition, Dr Gonsalves' United Labour Party (ULP) severely criticised many facets of the Offshore Authority's functions and called for several pieces of legislation to introduced or reformed to enhance the Authority's powers. It is expected that the appointment of the new board is the first of the new government's many initiatives to improve regulation of its offshore sector.

Dr Gonsalves also stated that his government was taking on board previous criticisms made by the European and US governments and multinational agencies, saying 'the Europeans and the Americans said they didn't want persons who are involved in any private business either in the offshore business or in other forms of private activity. I say fine, because nobody can quarrel with the integrity of the members now serving on the board, including the acting offshore inspector. The confidentiality is not being affected here, all that we are doing is to have a much better regulated offshore centre.'

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