Call for regional financial policy body

Local and regional officials in the financial services sector are being urged to be more proactive when it comes to addressing issues affecting the sector.

“We usually sit and wait for others to make the decision for us,” said Minister of Industry and International Business Donville Inniss. “We only answer when we are asked a question; and even then we answer late,” he added.

Inniss made the comments at the recent Caribbean Banking and Caribbean International Financial Services Sector Workshop in Curaçao.

The workshop was a precursor to the Global Forum of the Organization for Economic Cooperation and Development (OECD) scheduled for Bridgetown tomorrow and Friday.

Likening the rules set by international establishments to a form of neocolonialism, Inniss said: “Each of these institutions has its own set of rules, and we are constantly trying to play by them so that we don’t lose our correspondent banking relationships
or don’t get blacklisted. We need to change this.

“We have to build regional partnerships and identify issues and solutions long before international entities ask us any questions. We must start sending the message that we are knowledgeable, responsible and engaged,” said Inniss.

During the seminar, participants were encouraged to push for a regional secretariat to be established that would advocate and formulate policies for the region.

In his contribution, board member of Florida International Banker’s Association (FIBA), Wayne Shah, agreed that the Caribbean should be more engaged and present at various discussions while ensuring it played by the rules.

“The Caribbean needs to work on a coordinated response. The Caribbean financial services sector should partner with countries in Latin America and other regions to get the mainstream media in the US to cover their plight in its true light,” said Shah. (PR/MM)

2 Responses to Call for regional financial policy body

  1. Tony Webster October 29, 2015 at 9:47 am

    We already have something called a CARICOM secretariat. While I know not what it actually does, ( apart from arranging HOGS conferences) and what exactly it achieves to confirm its raisin d’etre, I would bet all the cash which I do not have on my bank account, that ANOTHER regional body, is not the cost-effective way ” forward”.

    Indeed, it is with some alarm, and disappointment, that I note a clear and sustained ( read, strategy) on the part of our own most prominently-speaking ministers of this government, adopting a new tactic ( or strategy) to ascribe founding a new regional body here, there, and every-where, upon which to rest the responsibility for solving urgent local difficulties….when there is no real reason to duck the task of solving these ourselves. In several cases, It is also clear that such regional action is so un-likely…that it all amounts to just parking the the broken-down a convenient side-road…to rest and to rust until the starter’s gun again sounds.

    Yes, Webster’s third law…strikes again:
    1. Observe.
    2. Analyse.
    3. Come to your own conclusion!

  2. Dwayne Jordan October 29, 2015 at 7:15 pm



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