Published 20 February 2023
Buckie Got It, St Kitts Nevis News Source
ECCB Given Audience with Cabinet to Discuss Legislation
Basseterre, St. Kitts and Nevis, February 20, 2023 [Press Secretary’s Office]: The Prime Minister of St. Kitts and Nevis, Hon. Dr. Terrance Drew extended an invitation to representatives from the Eastern Caribbean Central Bank (ECCB) to attend Cabinet today to discuss the legislative agenda for the Eastern Caribbean Currency Union (ECCU) which remain outstanding in Saint Christopher (Saint Kitts) and Nevis to date.
The legislative agenda included:
- Enactment of Eastern Caribbean Central Bank Agreement (Amendment) Bill
- Enactment of Banking (Amendment) Bill
- Issuance of Banking (Licences) Regulations
- Issuance of Banking (Abandoned Property) Regulations
- Gazetting of Payment System (Eastern Caribbean Automated Clearing House System) (Amendment) Rules, 2021
- Decision on transfer of AML/CFT regulation for entities licensed under the Banking Act to ECCB and Enactment of Amendment to AML/CFT legislation after completion of 2020 Mutual Evaluation
- Enactment of Eastern Caribbean Securities Regulatory Commission Agreement Bill; and
- Enactment of 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 presentation was made before the Cabinet by Ms. Merlese O’Loughlin, Director, Legal Services Department, ECCB, who stated that “One of the largest strategic threats to our plan for regional development is a delay in the passage of important legislation. The timely and successful execution of legislation is essential to our member countries’ long-term stability and economic growth.”
Prime Minister Drew gave the Governor of ECCB, Mr. Timothy N. J. 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.