Financial Crime World

Here is the rewritten article in markdown format:

Pan-Caribbean Financial Centre Set to Revolutionize Region’s Economy

==============================================

Kingston, Jamaica - A historic vision for a Pan-Caribbean Financial Centre has been unveiled, aimed at creating a globally competitive and well-diversified financial hub that will propel economic growth across the region.

The proposed Centre will provide a wide range of financial products and services, catering to international and regional businesses, small and medium-sized enterprises (SMEs), and the general public. Backed by a modern information technology infrastructure, this revolutionary initiative is expected to deliver rapid, high-quality, and cost-effective financial services options.

Key Components

  • A diverse range of financial institutions
  • Efficient payments system
  • Timely and reliable information
  • Strong regulatory framework
  • Well-educated workforce with international recognition

Government’s Role

The government’s role in this initiative is crucial, serving as both facilitator and developer. In its facilitating capacity, the government will establish the necessary legal and institutional infrastructure to support the Centre. As a developer, it will participate in the market under specific circumstances, such as where there are social needs or market imperfections.

Recommendations

To achieve this vision, experts recommend the following policy measures:

  • Upgrading the legislative framework to ensure a sound legal basis for financial sector activity.
  • Adopting International Financial Reporting Standards (IFRS) and requiring all companies to report according to these standards.
  • Establishing a single Regulatory Authority with powers to regulate the entire financial sector.
  • Reviewing the taxation regime to ensure competitiveness and remove tax-induced distortions.
  • Liberalizing telecommunications infrastructure to keep pace with technological developments.

Sector-Specific Recommendations

For the banking sector, experts recommend:

  • Accelerating efforts to amend the Financial Institutions Act (1993) to enhance supervision and strengthen the Central Bank’s enforcement powers.

As the region prepares to take this bold step towards economic transformation, one thing is clear: the Pan-Caribbean Financial Centre has the potential to revolutionize the way we do business, create new opportunities, and drive growth across the Caribbean.