With financial services touted as an engine for investment in the Caribbean, a major focus of the conference is the challenges smaller economies face in attracting sound investments.
Sponsored by the Caribbean Latin American Action (CLAA), the conference will run December 2 – 5 at Loews Miami Beach Hotel, Miami Beach. The CLAA has scheduled three timely and relevant sessions on the financial services industry in the Caribbean Basin, which in the wake of the USA Patriot Act and recent Bush Administration efforts on economic integration takes on new importance and urgency.
Regarding the USA Patriot Act, Prime Minister Perry Christie urged the Bahamas Institute of Chartered Accountants, at its annual seminar Tuesday, to become familiar with the rules of the USA Patriot Act, as it tenet could have profound effects on The Bahamas.
The United States, through the 2001 Act brought pressure to bear on The Bahamas’ Financial Services Industry, in response to the Organisation for Economic Cooperation and Development anti-money laundering initiatives.
At the Miami conference, the first session would focus on:
“Offshore Financial Industry: Compliance, Regulation, and Survival” and will deal with questions of compliance to new anti-money laundering regulation, as well as issues of the survivability of the industry in the long term.
According to a CLAA spokesman, “Even before 9/11, there was a drive to improve Offshore banking regulation in countries in the region. Since 9/11, it has become more important to harmonise the interests of the OECD and Offshore countries in the Caribbean Basin.” Issues on the agenda include technical assistance for compliance and the establishment of an integrated regulatory regime for the Caribbean.
The second, titled: “The Future of Correspondent Banking and Trade Finance in the post-Patriot Act Environment” will examine the critical issue of trade finance in the region, an important part of which has been correspondent banking. New regulations in the United States, including the USA Patriot Act, pose new challenges to correspondent banking and trade finance in the region which must be addressed in the interests of the international anti-money laundering effort and international trade in the region.
The third session, “Regional Stock Exchanges: Integration and Capitalization” will address challenges smaller economies face in attracting investment, highlighting the use of regional stock exchanges as a potential solution.
According to a CLAA spokesman, “With the Bush Administration’s focus on a free trade agreement with the region, integrated and efficient capital markets become crucial to attract foreign investment and make the region economically competitive.” The session will address the challenges of currency and regulation that face these small capital markets as they compete with other regions and countries to attract foreign investment.
Sessions will be chaired by Sir Courtney Blackman, former Governor of the Barbados Central Bank; John Rodriguez, Senior VP Latin America North, Wachovia Bank NA; and Robert Sherretta, President, International Investor, LLC, respectively. Confirmed discussants include Yolanda Suarez, Chief of Staff of Stanford Financial Group; Financial Services Minister Allyson Maynard-Gibson of The Bahamas; Susan Galli, Senior Anti-Money Laundering Coordinator of Citibank; Gary Awai, Assistant General Manager of RBTT Bank; Roy Johnson, Chairman of the Jamaica Stock Exchange; and Walter Kerschbaum, Vice President of Euronext NV. Additional industry sessions to be hosted at the Conference include energy, telecommunications, agribusiness and financial services.
Organised by CLAA, a non-profit advocacy group that promotes free trade and private sector oriented solutions to hemispheric problems; the conference will also gather a unique blend of business and government leaders from throughout the region.
In April 2001, US President George Bush publicly unveiled his “Third Border” initiative designed to enhance diplomatic, economic, health, education and law enforcement cooperation & collaboration with the nations of the Caribbean.
“CLAA has wholeheartedly embraced this concept and expanded it to include the entire Caribbean Basin, our traditional sphere of influence. This represents the central focus of our future efforts to promote private sector-led economic development and to improve the well being of the people living in the region,” the oganisation said.
By Lindsay Thompson, The Nassau Guardian
