PM Terrance Drew invites ECCB representatives to attend Cabinet meeting 

Prime Minister of St Kitts and Nevis- Dr Terrance Drew, invited the representatives of the East Caribbean Central Bank (ECCB) for the meeting with the Cabinet of the country.

PM Terrance Drew invites ECCB representatives to attend Cabinet meeting 
PM Terrance Drew invites ECCB representatives to attend Cabinet meeting 

St Kitts and Nevis: Prime Minister of St Kitts and Nevis- Dr Terrance Drew, invited the representatives of the East Caribbean Central Bank (ECCB) for the meeting with the Cabinet of the country. The meeting will feature a discussion on the legislative agenda for the Eastern Caribbean Currency Union (ECCU). 

Prime Minister Terrance Drew took to Facebook and stated, “An invitation was extended to representatives of the Eastern Caribbean Central Bank (ECCB) to attend Cabinet today to discuss the legislative agenda for the Eastern Caribbean Currency Union (ECCU) which remain outstanding in Saint Christopher (Saint Kitts) and Nevis to date.” 

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He added that the Eastern Caribbean Currency Union remain great in St Kitts and Nevis so far. 

The legislative agenda included the following: 

  • Enactment of Eastern Caribbean Central Bank Agreement (Amendment) Bill
  • Enactment of Banking (Amendment) Bill
  • Issuance of Banking (Licences) Regulations
  • Issuance of Banking (Abandoned Property) Regulations
  • Enactment of Eastern Caribbean Securities Regulatory Commission Agreement Bill
  • Gazetting of Payment System (Eastern Caribbean Automated Clearing House System) (Amendment) Rules, 2021
  • Decision on transfer of AML/CFT regulation for entities licensed under the Banking Act to ECCB and Enactment of Amendment to AML/CFT legislation after completion of 2020 Mutual Evaluation and 
  • Enactment of Investment Funds Bill

PM Terrance Drew stated that there is a great need for legislation which will help to ensure the robust, diversified, and resilient financial sector and advance the economic development of member countries while effectively managing risks within the ECCU.

The presentation was made before the Cabinet by Merlese O’Loughlin, Director, Legal Services Department, ECCB, who stated that “One of the largest strategic threats to our plan for regional development is a delay in the passage of important legislation. The timely and successful execution of legislation is essential to our member countries’ long-term stability and economic growth.”

Prime Minister Drew gave the Governor of ECCB, Timothy N. J. Antoine, the assurance of the Cabinet of Ministers and the Attorney General’s Office, that the legislation will be brought before Parliament in quick order.