Financial services supervision in St Vincent restructured

St Vincent Prime Minister Dr Ralph Gonsalves

Tuesday, November 4, 2003

KINGSTOWN, St Vincent: The former Offshore Finance Authority (OFA) is now officially referred to as the International Financial Services Authority (IFSA) of St Vincent and the Grenadines.

This new development in St Vincent's financial services sector was announced at a launching ceremony held on Mustique under the theme "Exploring the New Financial Environment".

Deputy Governor of the Eastern Caribbean Central Bank, Errol Allen, in his introductory remarks called on stakeholders in the international financial services sector in St Vincent to prepare themselves to respond to future challenges if the sector is to remain a viable entity in the country.

Prime Minister Gonsalves in his welcoming address to a number of local and regional representatives stated that St Vincent and the Grenadines is at a critical juncture in the international financial services sector. 

Dr. Gonsalves outlined that the efforts by Government to restructure the sector over the past two and a half years was a long and hard struggle, which included the enactment of a series of legislative reform initiatives to govern the regulated sector. 

Meanwhile efforts are being made to boost the marketing of the International Financial Services Authority (IFA). According to Prime Minister Gonsalves, Mrs Susan Joachim is heading a new investment promotion agency. 

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