 |
|
|
|
|
|
Reports from the Turks and Caicos Islands Gazette
|
|
|
|
|
|
|
|
|
|
|
| AN INDEPENDENT REVIEW OF BRITISH OFFSHORE FINANCIAL CENTRES: A GOVERNOR’S OFFICE PRESS RELEASE |
GRAND TURK, Turks and Caicos Islands; Thursday, August 13th, 2009 – We welcomed the visit of Mr Michael Foot to visit the Territory on 9-12 August 2009 as part of his Independent Review of British Offshore Financial Centres.
The TCI authorities are fully committed to sound regulation of the financial services sector and to meeting internationally agreed standards of regulation, cooperation and transparency. We believe that this provides the only basis for sustainable long-term development of the sector. As a small and vulnerable jurisdiction, we also see Mr Foot’s Review as an opportunity for ensuring that policies framed by the UK Government and international community are well informed and evidence-based.
We believe that the Independent Review will help establish a much fuller appreciation of the TCI financial centre and its relationship with the UK. As TCI seeks to return its economy to a sound growth path, the Review will enhance our understanding of how best to safeguard the stability and improve the competitiveness of this important sector, to mitigate and if possible avoid financial crises and to co-operate productively with our international partners.
This is an industry where reputation is everything. It is important that the international reputation of the TCI financial services sector is based soundly on fact. If the TCI financial services sector is to succeed we must ensure that the laws and the implementation of the law stands up to international scrutiny. The Review will inform TCI regulatory policy-making as we seek to allocate limited resources and develop workable rules and implement supervisory practices that comply with international good practice.
Mr Foot’s personal experience of working in the Caribbean offshore financial sector gives him a great advantage in identifying specific opportunities and challenges which face the TCI against the backdrop of the global recession and growing international pressure to strengthen financial supervision and regulation. We therefore look forward to the recommendations in Mr Foot’s final report.
END |
|
|
|
|
|
|
|
|
|
|
