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| The probe into the FSRC was launched after Sir Allen Stanford and former administration at CEO at the Commission, Leroy King, were charged in connection with the financier's alleged US$8 billion fraud earlier this year.(File photo) | |
ST JOHN'S, Antigua, November 26, 2009 - The Antigua and Barbuda government is tightening financial regulations.
Governor General Dame Louise Lake-Tack said given the imperatives of the country's off-shore financial sector in these challenging economic times, and the urgency demanded in the tackling of crime, the United Progressive Party government recognised the need for a shift in priorities and emphasis to secure the continued well-being and safety of its citizens and residents.
"Following its imminent receipt of the report expected from the investigation into the structure and workings of the Financial Services Regulatory Commission (FSRC), my Government will be seeking amendments wherever necessary to the legislative and regulatory frameworks that buttress our off-shore financial regime," she said this week in her Throne Speech which was boycotted by the opposition Antigua Labour Party.
The probe into the FSRC was launched after Sir Allen Stanford and former administration at CEO at the Commission, Leroy King, were charged in connection with the financier's alleged US$8 billion fraud earlier this year.
Dame Louise identified the International Business Act, The Money Laundering (Prevention) Act, and The Proceeds of Crime Act as those pieces of legislation which would be reviewed.
"There may also be a need to consolidate for ease of reference, some of these legislative enactments, given the numerous amendments made over the years," she said.
The Governor General added that it could not be disputed that the allegations of grave financial offences made against Sir Allen, through his Antigua-based Stanford International Bank, with the alleged complicity of King, have compromised the country's regulatory integrity.
"As such, our Companies Act, Banking Act, Insurance Act, Co-operative Societies Act, and our Money Services Business Act will be reviewed and, where necessary, amended to ensure that effective systems are statutorily provided for monitoring and ensuring strict regional and international compliance with antimony laundering requirements," Dame Louise said.
Sir Allen is in jail in Texas awaiting trial, while King remains in Antigua awaiting extradition to face charges in the US for his alleged involvement in the illegal activities.
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