Hutson proposes regulation of international service providers
Thursday February 10 2011 | 05:08 AM

Barbados recognises the need for professionals providing services to the international sector to be appropriately regulated and governed.

St. James Central MP and Minister of International Business and International Transport George Hutson noted the above, as he debated the International Corporate and Trust Service Providers Bill, 2010 this week in the House of Assembly.

“The whole question of direct foreign investment into Barbados is a critical part of the development of our economy and persons, for various reasons in the international sector, may try to hide some of the activities that may come into conflict with the law, such as the laundering of money and the financing of terrorist actions. Those activities can also take the form of property transactions, etc. So we find that there is the need to ensure that those persons who provide services to the industry, are able to do the various due diligence checks etc. to ensure that the integrity of Barbados is maintained,” Hutson commented.

“The intention of this Bill is to provide a licensing and regulatory framework for persons who act on behalf of companies and societies that apply for licenses to operate as international business companies and societies and to perform services related to the regulation of international trust operations,” he further explained.

“This Bill also allows for the application of high standards of conduct, ethics and competence in the provision of international financial services and to ensure that service providers adhere to modern internationally accepted standards of best practice. It identifies a number of area providers should adhere to,” he added.

“We want to make sure that our international service providers are going to be practising and carrying out their responsibilities under the Act, with the whole question of exhibiting high standards of ethics and good governance within their own practice. So the director of international business is directed to be able to administer that and to supervise the practices of the various international service providers,” Hutson said.