MAJOR REVIEW OF INTERNATIONAL BUSINESS AND FINANCIAL SERVICES SECTOR BEING UNDERTAKEN

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Minister of Economic Affairs and Development, Mia Mottley (at right), speaking with President and Chief Executive Officer of Amphora Life Insurance Company Limited, Wayne Fields (at left).

Recognising the growth of the international business and financial services sector as being critical to improving the quality of life of people in this country, Government has undertaken a major review of the strategic direction of this sector.

Word of this came from Minister of Economic Affairs and Development, Mia Mottley, as she officially opened the Amphora Bank and Trust Corporation and Amphora Life Insurance Company Limited recently.

Stating that a joint policy working group chaired by Mrs. Carol Nicholls had already submitted a preliminary strategic plan for this sector which is now being reviewed by the Ministry with a view towards publication, Ms. Mottley said that there had also been extensive consultation with various regulatory entities in Barbados such as the Royal Barbados Police Force, the Corporate Affairs and Intellectual Property Office, and the Immigration Department.

“We recognise that we need to deconstruct all of our processes and reconstruct with a view to understanding why we do what we do and if what we are doing is for the reason that we need to do it.  We will not in any way seek to compromise the integrity of this jurisdiction because we believe that in the same way this country has come to be regarded for its commitment to the rule of law, democracy and transparency internationally,  that we should ensure all aspects of our business and our economy continue to have that reputation,” she said.

It is in this regard, Ms. Mottley added, that Government wanted to establish a charter with the international business sector which would set out certain guidelines as to what it believed to be appropriate.

“…I trust and hope that by the end of this year, we would have settled that charter, such that, those of you who do business within this sector can say that this jurisdiction is serious about being able to attract more persons of integrity and quality, and that we recognise  the only way we are going to build on the legacy which we inherited is by being a little better and a little quicker on each occasion, while still being true to ourselves,” she said.

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