Investments

St. Kitts – Nevis To Setup Financial Action Task Force

Basseterre, St. Kitts – Nevis
February 19, 2008 (CUOPM)

St. Kitts and Nevis, which undergoes its second mutual assessment by the Caribbean Financial Action Task Force (CFATF) in September, has reconvened meetings of the Local Financial Task Force.

The Federation’s Financial Secretary, Mrs. Janet Harris said the assessment will be carried out in September this year and the local committee has been mandated to analyze and review the Federation’s legal, regulatory and enforcement frameworks where Anti-Money Laundering “AML” and the Counter Financing of Terrorism “CFT” are concerned.

The Task Force was first established to address deficiencies within the Federation’s AML/CFT regime, which led to its black listing.  This body is comprised of key officials in the Federal Government and the Nevis Island Administration, whose departments play a major role in detecting and deterring money laundering and terrorist financing.

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Nevis Premier Discusses Economic Outlook

Charlestown, Nevis
February 13, 2008
Washington-based International Monetary Fund (IMF) Deputy Managing Director Mr. Murilo Portugal has expressed concerns about the debt management challenge faced by Nevis Island Administration (NIA).
 
This concern was among others raised when Premier of Nevis and Minister of Finance the Hon.  Joseph Parry and his Financial Secretary Mr. Laurie Lawrence held discussions with an IMF high level delegation on Sunday February 10, 2008, at the Royal St. Kitts Marriott Hotel.
 
In an interview with the Department of Information on Monday February 11, 2008, Mr. Lawrence said the NIA acknowledged its debt situation and several instruments would be implemented shortly to alleviate the situation.

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OECS Leaders To Discuss Economic Union

Basseterre, St. Kitts – Nevis
February 12, 2008 (CUOPM)

St. Kitts and Nevis‘ Prime Minister Hon. Dr. Denzil L. Douglas is among OECS Heads of Government appointed to a sub-committee to refine the Economic Union work programme.

During the recent meeting of the 46th Meeting of the OECS Authority in Roseau, Dominica, sub-regional leaders were engaged in extensive discussions on the next steps towards the OECS Economic Union and stressed the urgent need to begin the proposed consultations on the draft Economic Union Treaty, beginning with engagements with governments, ruling and opposition parties, non-governmental organisations and other interest groups with a view towards mobilising the widest possible support for the objectives and goals of the Economic Union.

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Soft Landing Forecast For ECCU Economy In 2008

Basseterre, St. Kitts – Nevis
February 12, 2008 (CUOPM)

The number two man at the International Monetary Fund (IMF) is pleased with the Eastern Caribbean Currency Union (ECCU)  governments’ commitment to fiscal consolidation, with important reforms to place fiscal balances on a firmer footing underway in many countries-including through the introduction of value-added taxes and efforts to overhaul government expenditures, focused on enhancing efficiency of capital spending and civil service reform.

“These efforts will be key to lowering debt levels and strengthening the currency union,” said Deputy Managing Director at the Washington-based financial institution, Murilo Portugal.

Portugal, who was on his first visit to the Eastern Caribbean region as Deputy Managing Director of the International Monetary Fund attended the 61st Meeting of the ECCB Monetary Council met with Prime Ministers, Finance Ministers, and the Governor of the Eastern Caribbean Central Bank.

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St. Kitts And Nevis Economy Growing According To IMF

Basseterre, St. Kitts – Nevis
February 12, 2008 (CUOPM)

Deputy Managing Director at the Washington-based International Monetary Fund (IMF), Murilo Portugal says macroeconomic outcomes in St. Kitts and Nevis have strengthened markedly in recent years.

The IMF official, who was in St. Kitts to attend last week’s meeting of the Eastern Caribbean Central Bank Monetary Council held talks with St. Kitts and Nevis Deputy Prime Minister Hon. Sam Condor and Premier of Nevis, Hon. Joseph Parry.

In a statement on his discussions with the local authorities, the IMF official noted that “growth has rebounded, foreign direct investment accelerated, and fiscal balances improved” in St. Kitts and Nevis.

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