BASSETERRE, St. Kitts, CMC – A senior official of the Eastern Caribbean Central Bank (ECCB) is urging member countries of the Organisation of Eastern Caribbean States (OECS) to ensure their “long-term stability and economic growth” by passing quickly various pieces of banking legislation.
“One of the largest strategic threats to our plan for regional development is a delay in the passage of important legislation,” Merlese O’Loughlin, the ECCB director Legal Services Department, told members of the St. Kitts-Nevis cabinet.
“The timely and successful execution of legislation is essential to our member countries’ long-term stability and economic growth,” she added.
A government statement said that Prime Minister Dr. Terrance Drew had extended an invitation to the ECCB, which serves as a central bank for the sub-regional OECS grouping, to attend Cabinet on Monday “to discuss the legislative agenda for the Eastern Caribbean Currency Union (ECCU) which remain outstanding in St. Kitts -Nevis to date.”
The statement said that the outstanding legislation includes the enactment of the Eastern Caribbean Central Bank Agreement (Amendment) Bill, issuance of Banking (Licences) Regulations, the decision on the transfer of AML/CFT regulation for entities licensed under the Banking Act to ECCB as well as the enactment of the Eastern Caribbean Securities Regulatory Commission Agreement Bill and the Investment Funds Bill.
“The legislation is necessary to support a robust, diversified, and resilient financial sector and advance the economic development of member countries while effectively managing risks within the ECCU,” the statement said.
It quoted Prime Minister Drew as giving ECCB Governor Timothy Antoine “the assurance of the Cabinet of Ministers and the Attorney General’s Office that the legislation will be brought before Parliament in quick order.”
The ECCU groups the islands of Antigua and Barbuda, Dominica, Grenada, St. Kitts-Nevis, St. Lucia, St. Vincent, and the Grenadines.
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