Starting Business can assist with bank account opening across a wide selection of jurisdictions. Learn about the St. Vincent banking system, and view the details on opening a St.Vincent offshore bank account in the information provided below.
The financial sector in Saint Vincent and the Grenadines is comparatively small and is made up of domestic and international banks, general insurance companies, mutual funds and mutual fund managers.
The International Financial Services Authority (IFSA) was created by Parliament to institute a new system to manage, direct control and supervise the offshore financial services industry in St. Vincent and Grenadines. Its role is clearly defined by the governing stature – The Saint Vincent and the Grenadines Offshore Finance Authority Act, 1996. The business of The Authority is under the direction of a five-member board of directors. The International Financial Services Authority has been charged with these particular duties:
The Eastern Caribbean Central Bank (ECCB) was established in October 1983. It is the Monetary Authority for a group of eight island economies namely – Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St. Vincent and Grenadines. The mission of ECCB is to maintain the stability of the EC dollar and the integrity of the banking system in order to facilitate the balanced growth and development of member states. The monetary arrangements are characterized by:
The purposes of the bank are:
The governing bodies of the Eastern Caribbean Central Bank are the Monetary Council and the Board of Directors. The Monetary Council is the highest decision making authority. It is comprised of one Minister appointed by each Government of the participating countries. The function of the Council is to provide directives and guidelines on matters of monetary and credit policy to the Bank. The Board of Directors is comprised of ten Directors – the Governor and Deputy Governor, and one Director appointed by each Government of the eight participating countries. The Board of Directors is responsible for policy and general administration of the Bank, while the Governor, the Chief Executive, is responsible for the day-to-day management and operations.
St. Vincent and Grenadines has implemented a package of legislation aimed at detecting, preventing, and prosecuting money laundering and other serious crimes as well as confiscating the profits of crime. The legislative measures reflect international best practices and take account of the 40 Recommendations of the Financial Action Task Force (FATF) on money laundering and the 19 Recommendations of the Caribbean FATF. The relevant laws are:
On 20th June 2003 St. Vincent and Grenadines was removed from the FATF Blacklist. With this clean bill of health St. Vincent and Grenadines has become a world-class international financial service center, characterized by integrity, confidentiality and innovation.
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