St Helena : St Helena Ex-Co Approves Financial Services Policy Statement
Submitted by Saint Helena Herald (Juanita Brock) 21.02.2007 (Article Archived on 07.03.2007)
Executive Council has approved the St Helena Government Financial Services Policy Statement which is designed to help SHG prevent activities such as money laundering or the financing of terrorism.
Press Release
Executive Council Approves
Financial Services Policy Statement
Executive Council has approved the St Helena Government Financial Services Policy Statement which is designed to help SHG prevent activities such as money laundering or the financing of terrorism.
Consultation on this matter has taken place with the Foreign and Commonwealth Office, the Department For International Development and the Banking Supervisor, and, like the Executive Council, they were all keen for St Helena to have the relevant policy statement and legislation in place.
This should protect the reputation and financial integrity of St Helena and promote confidence in the emerging local financial sector.
The policy states SHG’s intention to introduce legislation to prohibit the provision of financial services in or from St Helena without a licence and such licences will only be issued to fit and proper persons whose business is strictly limited to the provision of services to the local community. This will allow for the development of domestic financial services, which can meet the needs of the Island.
The legislation will create a new Supervisory Authority which will oversee the regulation and supervision of banking and financial services. This authority will have wide-ranging powers to license and supervise activities under the legislation. They will also be able to investigate and take enforcement action against those suspected of breaches of the legislation.
In addition the legislation will include measures to ensure that financial products are marketed and transacted in an appropriate manner.
The relevant legislation will be coordinated through the Attorney General’s Chambers and will need to be approved by Legislative Council.
A copy of the Financial Services Policy Statement will be posted on the St Helena Government Website: www.sainthelena.gov.sh and copies have also been placed in the Public Library.
Public Relations/Information Office
Office of the Chief Secretary
21 February 2007
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