Recent developments in the offshore financial services industry coupled with present and future implications from past initiatives have caused quite a stir throughout the Caribbean. At the recently held general meeting of Anguilla Financial Services Association (AFSA), members considered how these events could impact Anguilla. The group convened at the Malliouhana Hotel in Meads Bay.

The members discussed at length the various initiatives impacting the industry from the Patriot Act to the EU Savings Tax Directive with particular focus on the recent events in the Cayman Islands where a sting operation involving an undercover British MI6 agent has gone awry. “The latest developments in the Cayman Islands are a timely godsend which would strengthen the argument that control of the Anguilla Financial Services Sector needs to be returned to the representatives of the people,” commented Palmavon Webster, President of AFSA and Managing Partner of Webster Dyrud Mitchell. There has been much debate over the past 24 months regarding the governance of Anguilla’s Financial Service Department. AFSA believes that local rule is in the best interest of the jurisdiction.

Special recognition was given to Alex Richardson, immediate past President of AFSA and Joe Brice who were largely responsible for working with the Government of Anguilla to secure a co-sponsorship for the Society of Trust and Estates Practitioners (STEP) Annual Caribbean Conference to be held in St. Thomas in May. Mr. Brice and Mr. Richardson both expressed their desire for Anguilla to host the 2004 STEP Caribbean conference. “We are hoping to secure Anguilla as the venue for next year’s conference which will have a direct impact on increasing the jurisdiction’s profile in the offshore financial services industry.” AFSA is confident that this will be one of many joint projects with the Government of Anguilla that will result in wide-reaching benefits to all stakeholders, including the people of Anguilla, as increased revenues generate other interesting opportunities for the jurisdiction.

- Press Release

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