Jamaica government clears the way for the International Financial Services Authority
Thursday February 10 2011 | 05:52 AM

The government has cleared the first major hurdle in establishing a major hub for international financial services in Jamaica.

The House of Representatives has approved a bill which if passed into law will see Jamaica as a major centre for those services.

The bill which was piloted in the House on Tuesday by Industry and Commerce Minister, Karl Samuda, sets up a framework for the creation of a central authority to be called the Jamaica International Financial Services Authority.

That body will among other things be responsible for establishing and maintaining international linkages aimed at positioning Jamaica for international financial services.

Mr. Samuda scoffed at suggestions that Jamaica is a long way off from achieving this plan.

“I hear the Spokesman on National Security suggesting that it is overly optimistic, unrealistic says the former Minister of Finance. The fact of the matter is that these other nations you are speaking to about in our region don’t have the size of the professional cadre that we have, we are larger than all those put together,” Mr. Samuda said.

The bill will now be sent to the Senate for approval.