St Vincents Banks
St. Vincent and the Grenadines (SVG) is found in the Caribbean, 1600 miles southeast of Miami and 100 miles from Barbados. SVG is comprised of a group of 18 small islands of which ST. Vincent is the largest. At the present, SVG is an independent parliamentary democracy, with a legal system based on common law. Its currency is the East Caribbean Dollar (XCD) and is linked to the USD, at an exchange rate of about 2.7 XCD=USD 1.00. This currency is managed is managed by the western Central Caribbean Bank, with headquarters in St. Kitts. SVG’s population is over 105 thousand. The economy transitioned from depending on sugar to depending on bananas; however, tourism is now the main source of income. The government has dealt with improving the SVG’s reputation as a Center for financial services. The International Authorities for financial services was created by Parliament for instituting a new administration system and controlling the offshore financial services industry.
The most important sectors are banking, trust funds, securities, and mutual funds. There are more than 9 thousand international trading companies registered in SVG. Historically, SVG has maintained strict client confidentiality, even after it approved the law for information exchange in 2002. After the new legislation was approved by the SVG, the FATF eliminated it from the “grey list” esteemed the steps taken by this country to avoid money laundering as very positive.
Offshore Banks of St. Vincent:
International Authority for Financial Services
Telephone: + (784) 456-2577
E-mail: [email protected]
Web: http://www.svgifsa.com/
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