Last Updated on February 21, 2023, 2:05 AM AST by Anthony Morris
The Prime Minister of St Kitts and Nevis, Dr Terrance Drew, invited representatives from the Eastern Caribbean Central Bank to the Cabinet sitting held on Monday, February 20, 2023. During the sitting, the Federal Cabinet of St Kitts and Nevis, headed by Dr Terrance Drew, engaged in fruitful discussions regarding the Eastern Caribbean Currency Union (ECCU).
Prime Minister Dr Drew took to his social media account to share some glimpses into the proceedings of the Federal Cabinet. Dr Terrance Drew also took the opportunity to tell the people of St Kitts and Nevis that the topic of their discussion was to confer on a legislative agenda for the ECCU.
The federal Cabinet of St Kitts and Nevis, along with the Eastern Caribbean Central Bank officials, deliberated the decision on the transfer of AML/CFT regulation for entities licensed under the Banking Act to the Eastern Caribbean Central Bank.
The Cabinet headed by PM Drew, along with the ECCB representatives, discussed the issuance of Banking (Licences) Regulations, the Gazetting of the Payment System (that is, the Eastern Caribbean Automated Clearing House System) (Amendment) Rules, 2021 and the Issuance of Banking (Abandoned Property) Regulations.
The Cabinet and ECCB discussed the Enactment of the Eastern Caribbean Securities Regulatory Commission Agreement Bill, the Eastern Caribbean Central Bank Agreement (Amendment) Bill
and the Banking (Amendment) Bill, Amendment to AML/CFT legislation after completion of 2020 Mutual Evaluation and the Investment Funds Bill.
Here, Prime Minister Dr Terrance Drew elaborated on the necessity of the legislation. He noted that the laws would help support a robust, diversified, resilient financial sector. It will also assist in advancing and advancing member countries’ economic development while effectively managing risks within the ECCU.
Merlese O’Loughlin, Director, Legal Services Department, ECCB
made the presentation before the Cabinet. During the presentation, she declared that a delay in the passage of important legislation is one of the largest strategic threats to our plan for regional development. Along the same lines, she noted that it is important for the member countries’ long-term stability and economic growth that the legislation in question can be executed timely and successfully.
Prime Minister Terrance Drew assured the Governor of ECCB, Timothy N. J. Antoine, on behalf of the Cabinet of Ministers and the Attorney General’s Office, that the government will bring the legislation before Parliament in quick order.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
