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.

(Saint Kitts and Nevis Ministers of Cabinet with Representatives of the Eastern Caribbean Central Bank)

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.

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