STEP Barbados optimistic about the future
Friday July 22 2011 | 06:18 AM

THE Society of Trust and Estate Practitioners (STEP) Barbados, has unveiled both a new executive committee and an outline of its plans for the coming year and beyond. 

The branch’s plans include increasing the number of students undertaking STEP qualifications by joining forces with the Barbados International Business Association (“BIBA”) to drive membership and partner with government to ensure that Barbados has a legislative framework to enable it to compete globally in the rapidly changing international financial services industry. 

STEP Barbados was also recently involved in this year’s STEP Caribbean Conference (CC11). 

STEP is the worldwide professional body for practitioners in the fields of trusts and estates, executorship and related issues. STEP aims to promote the highest professional standards through education and training leading to widely recognised and respected professional qualifications.

The conference, which is a leading annual gathering of the who’s who of private client business from the Caribbean and around the world, was held in May in Bermuda and was a phenomenal success, being completely sold out with 27 speakers as well as members of the press attending.
The [STEP Caribbean Conference Committee] is now looking ahead to CC12 with Gold sponsorship already being sold out and only two Silver sponsorships left. 

STEP Barbados Chairman Roland Jones has highlighted the organisation’s two successful conferences and the work undertaken with the BIBA on a membership drive.

“I am very proud of how far our branch has come, and look forward to tackling the issues facing Barbados with the Peer Review, slow progress for legislation and therefore product offering, as well as TIEAs and our ability to keep up with the other increasingly competitive jurisdictions,” said Jones.

STEP Barbados is anticipating the move internationally to make tax evasion a criminal offence.
He said that the OECD Phase One reviews have been published and the OECD has also launched an in depth study of trusts, to which study STEP has contributed. 

“At the same time, FATF are conducting a detailed review of Recommendation 33 and, after that, Recommendation 34 (trusts). STEP will be making a response to FATF consultations in this area. 
According to Jones, “It is clear that it is becoming increasingly imperative for us, as a branch, to assist competent authorities in preparing and responding to international initiatives and questionnaires”.

He said that in the context of the Barbados Peer Review, “we expect that, given the resources available through STEP Worldwide, we should be able to provide assistance for future reviews and negotiations and maintain Barbados’ reputation as a compliant and co-operative jurisdiction, committed to transparency and tax reform and supportive of international standards”.