The Government is creating the legislative and regulatory environment to position Jamaica as an international business and financial services hub, says Prime Minister, the Most Hon. Andrew Holness.
He was addressing the launch of the Quantas Financial Group at the Jamaica Pegasus Hotel in New Kingston on January 11.
Prime Minister Holness said that while some measures have already been put in place, other pieces of legislation are being considered to ensure compliance with international financial obligations and regulations.
He noted that Jamaica boasts a relatively well-developed financial sector, but this must be bolstered by a legislative framework that is in keeping with international standards.
“It is not yet a complete framework. There is still some finetuning to do, especially to ensure that it aligns with international financial regulations. But this is being done… it is still the intention of the Government to create, promote and develop Jamaica in the international business space,” he said.
Prime Minister Holness said that the Jamaica International Financial Services Authority (JIFSA) is playing an important role and has already done a lot of work towards establishing Jamaica as an international business and financial centre.
Established by statute in 2011 to market and promote Jamaica as a jurisdiction for international financial and business services, JIFSA’s mandate is centred on stimulating economic growth and encouraging investments in the local economy.
Under JIFSA, the Partnership General Act and its associated regulations, and the Partnership Limited Act and regulations were passed in 2017, while the Trust Act was passed in 2019 to replace the outdated law and update the duties of trustees.
In addition, the Government has passed the Trust and Corporate Services Providers Act and the associated regulations, which were gazetted in April 2022.
This Act seeks to promote and maintain high standards of conduct, ethics, and competence in the provision of international, corporate and trust services.
Prime Minister Holness said the legislation also allows for professional service providers to act as fiduciary intermediary between their clients and the Companies Office, and creates even more opportunities for firms operating in the financial space to take advantage of this regulatory environment.