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Date: 16 Mar, 2012
Source: Invest Barbados

In his Opening Remarks, Governor of the Central Bank, Dr. DeLisle Worrell Governor, underlined the importance of cementing the Barbados’ international reputation as a premier financial centre by attracting only the best run companies to our shores.

The Governor of the Central Bank observed that the conference was taking place “at an extremely challenging time for the international business and financial sector (IBFS). In addition to the adverse effects of ongoing global uncertainty, we have to cope with swiftly changing international regulatory guidance, and with changes in law and practices abroad that may affect Barbados’ competitive position in the market. We have had to confront major changes in the IBFS sector before, and we will overcome them on this occasion, just as we have done in the past”.

To ensure success, the Governor urged participants both in the private and public sectors to be proactive. He noted that Barbados has already “embarked on the process of strengthening our framework of regulation of the financial sector, to ensure that it stays abreast of the most current guidance and best practices”.

Dr. Worrell explained that the Central Bank of Barbados was in the process of coordinating an exercise which will lead to a comprehensive review via an IMF/World Bank Financial Sector Assessment Programme (FSAP) during 2013.

Governor Worrell indicated that the Central Bank will work with all stakeholders to ensure that “the FSAP certifies Barbados as being on par with the foremost international financial centres worldwide”.