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Nevis Takes Steps to Enhance Financial Integrity
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In an effort to strengthen its financial services sector and address international concerns, Nevis has introduced several amendments to its legislation. The island’s government is committed to maintaining a reputation for integrity and stability, while also ensuring that it remains a viable and attractive destination for international investors.
Jurisdiction Amendments
One of the key changes is the introduction of new requirements for qualified foreign trusts (QFTs) seeking registration in Nevis. Under the amended legislation, QFTs must submit an application in a specified form, accompanied by a certificate from a licensed trustee company or barrister/solicitor, certifying that the trust meets certain criteria.
- Stricter rules regarding fraudulent conveyance are introduced to limit the ability of individuals to transfer assets illegally and protect the integrity of Nevis’ financial system.
Response to International Concerns
Nevis has faced criticism from international bodies such as the Financial Action Task Force (FATF) for its perceived lack of progress in combating money laundering. In response, the island has:
- Established a joint task force with St. Kitts to address these concerns.
- Enacted several pieces of legislation aimed at strengthening financial services regulation.
- Repealed existing legislation and introduced comprehensive provisions to combat money laundering through the Proceeds of Crime Act, 2000.
The Financial Services Commission Act establishes a new regulatory body, responsible for overseeing financial services in Nevis. Additionally, the island has:
- Separated its marketing and promotion functions from regulation and supervision.
- Appointed a regulator with expertise in law, banking, and finance to implement a sound regulatory framework.
Conclusion
Nevis’ efforts demonstrate its commitment to maintaining a reputation for integrity and stability. The island’s financial services sector is recognized as a thriving entity, anchored on the island’s stability, well-planned modern legislation, and implementation of protective regulations.
As Nevis continues to work with relevant international partners and service providers, it remains poised to offer services to astute international investors seeking to maximize their opportunities in the ever-changing global marketplace. The government is confident that its offshore financial services sector will continue to grow, while maintaining its watchwords of quality, efficiency, innovation, and integrity.
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