FOR IMMEDIATE RELEASE FROM:

THE TURKS AND CAICOS ISLANDS
GOVERNMENT INFORMATION SERVICE (TCI-GIS)

Office of Public Service Management

Grand Turk,

Turks and Caicos Islands

Tel: (649) 946-2801

Web: http://www.tcgov.tc

GRAND TURK, Turks and Caicos Islands; Thursday, October 29th, 2009 – Earlier today in the UK, the British Government published the ‘Final report of the independent Review of British offshore financial centres’ by Michael Foot. The report covers the three Crown Dependencies (Guernsey, Isle of Man, and Jersey) and the six Overseas Territories (Anguilla, British Virgin Islands, Cayman Islands, Gibraltar, and Turks and Caicos Islands). The Foot Review forms part of the British Government’s work to help Territories consider the long-term opportunities and challenges that they face in the light of the current global economic crisis.

The report makes a number of recommendations. These include improvements in the quality and extent of financial planning and the need to have frameworks in place to ensure the ability to respond to external economic shocks; recommendations for meeting current and emerging international standards for financial services industry; and, the need for robust and independent regulatory authorities.

The Turks and Caicos Islands’ Ministry of Finance welcomes the report and supports its recommendations. Progress is being made to meet these across a number of fronts, including the Financial Stablisation Plan and measures to deliver it, the negotiation of international tax information exchange agreements, commitment to meet international standards for preventing money laundering, and work by the Financial Services Commission to strengthen its role. Furthermore, the report underlines the importance of recent tough budget decisions and ongoing action by the Ministry to rebuild the TCI’s economic base and action to ensure longer-term sustainable economic development.

TCI faces significant challenges in matching up to and keeping pace with international standards; it is essential that it continues working towards this goal if it is to secure future growth in the financial sector. These are difficult challenges ahead and Michael Foot’s report helpfully illustrates what is expected by the international community.

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