St Vincent's NIPI Launches Newsletter

by Amanda Banks, Tax-News.com, London

15 March 2004

St Vincent and the Grenadines-based organisation, National Investment Promotions Inc. has launched a new newsletter, focusing on the jurisdiction's finance centre.

In the February edition of the newsletter, NIPI examined the changes undergone by the finance sector of recent times, including St Vincent's removal from the FATF's money laundering 'blacklist' in June 2003, and the rebranding of the St Vincent Offshore Authority as the International Financial Services Authority (IFSA).

Welcoming these events, the NIPI newsletter went on to rubbish claims that the repeal of the Confidentiality Act in response to the changing international climate on this issue had led St Vincent and the Grenadines to lose its competitive edge, explaining that:

"On the contrary the repeal of the Act was one of the single most important acts for the survival of the industry. People now seek a jurisdiction that has a stable investment climate and where they can find the professional services and customer care that they seek."

Meanwhile, writing with regard to the way forward for the jurisdiction, NIPI observed that:

"The long-term prospects for the industry are very good. The industry has proven its sustainability and viability in the worst of times. There should be no doubt that in better times, when there is neither blacklisting nor major economic recession, this industry will be a substantive economic force."

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