St. Vincent Offshore Bank Account

st. vincent bank account

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 St. Vincent Banking System

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 Regulatory Authority

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:

  1. To administer and oversee the process of licensing Registered Agents, Private Trustees, Financial Fiduciaries, and Registered Trustees and regulate the activities of Registered Agents and their services to ensure compliance.
  2. To administer and oversee the licensing, regulation and supervision of International Banks.
  3. To appoint, and to supervise the activities of, the Executive Director.
  4. To oversee the activities of the Registrar of IBCs and the Registrar of International Trusts.

Eastern Caribbean Central Bank

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 issuance of a single common currency, the flow of which is unrestricted among its members.
  • a common pool of foreign exchange reserves; and
  • the existence of a Central Monetary Authority which decides on the Union’s monetary policy.

The purposes of the bank are:

  • to regulate the availability of money and credit;
  • to promote and maintain monetary stability;
  • to promote credit and exchange conditions and a sound financial structure conducive to the balanced growth and development of the economies of the territories of the Participating Governments;
  • to actively promote through means consistent with its other objectives the economic development of the territories of the Participating Governments.

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.

Anti Money Laundering Legislation

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:

  • Mutual Assistance in Criminal Matters Act, Act No. 45 of 1993
  • Proceeds of Crime and Money Laundering (Prevention) Act, 2001
  • Proceeds of Crime and Money Laundering Regulations, 2002
  • Financial Intelligence Unit Act, 2001
  • Exchange of Information Act, 2002

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.

Local Banks:

  1. Bank of Nova Scotia
  2. First Caribbean International Bank
  3. Bank of St. Vincent and Grenadines
  4. RBTT Bank Caribbean Ltd

International Banks:

  1. Loyal Bank Limited
  2. European Commerce Bank
  3. Euro Pacific Bank
  4. Commercial Holding Bank Ltd.
  5. B2B Bank Limited

For further information on the offshore bank account opening services we provide, Contact Us today.