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Commonwealth Secretariat press release

Commonwealth Secretariat Financial Services Meeting in St Lucia

25 April 2002

The first-ever gathering of international standards-setting bodies and developing countries is discussing prospects for the international financial services sector.

The two-day meeting, 'A New Partnership for the International Financial Services Sector: Prospects and Challenges', ends today, 25 April 2002. It is hosted by the St Lucia Government and chaired by Mr Winston Cox, Commonwealth Deputy Secretary-General.

The meeting is addressing international co-operation on taxation; money laundering and combating financing for terrorism; banking and financial supervision; sustainable capital markets; and regional financial co-operation and integration.
Participants include senior officials from Commonwealth countries, international standard-setting organisations and donor bodies. They are discussing concrete proposals about the specific needs of small and developing countries in meeting international standards, where these exist, diversifying their financial services sectors and promoting the overall development of their economies.

Opening the meeting, Mr Cox said that this was the first time the key international standard-setting institutions and affected jurisdictions had met as a group to discuss the challenges and prospects facing the international financial services sector. "We are convinced that this event will be the starting point of an important new partnership on the development of the sector. The Commonwealth is very proud to have convened this meeting."

Bernard Lacorbinière, Permanent Secretary of the St Lucia Ministry of Finance, stressed that it was important for the rules of the game to apply equally across all countries, whether OECD or non-OECD. "The somewhat hackneyed though in this case apt phrase which springs to mind is 'level playing field'", he said. He also noted that the issue of harmful tax practices was distinct from money laundering and the two should not be confused, as this could lead to poor policy making.

Notes to Editors:
The international financial services sector (IFSS) in many Commonwealth countries and jurisdictions has come under increasing scrutiny by international financial institutions (IFIs). There is growing pressure on many governments to upgrade their supervisory, administrative and regulatory capacity so as to comply with international standards and norms.

Many smaller jurisdictions have either to implement costly adjustments, endangering their IFSS's competitiveness and long-term viability, or to forego financial activities that underpin economic development. Both cases threaten their countries' development strategies.

Some Commonwealth countries have been concerned about the legitimacy of the process and in particular the perceived absence of a level playing field.

Participating countries are St Lucia (hosts), Anguilla, The Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Grenada, Isle of Man, St Kitts & Nevis and Vanuatu.

Developing country organisations represented include the CARICOM Secretariat, Caribbean Development Bank (Dr Compton Bourne, CDB President), Eastern Caribbean Central Bank (Sir Kenneth Venner, Governor) and Caribbean Regional Technical Assistance Centre (CARTAC). The International Tax and Investment Organisation (ITIO), which has just concluded its own separate meeting in St Lucia, is also participating.

Standards-setting and donor bodies at the meeting include the Organisation for Economic Co-operation and Development (OECD), International Monetary Fund, Financial Stability Forum, World Bank, UK Foreign and Commonwealth Office and Canadian International Development Agency.

The meeting follows the mandate given by Commonwealth Finance Ministers to the Commonwealth Secretariat to take forward the dialogue between developing and developed country members on the implications of international financial services initiatives.


For further information: please contact Dr Indrajit Coomaraswamy, Director, Economic Affairs Division, Commonwealth Secretariat on +44 (0)20 7747 6251.
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