JIS News

Story Highlights

  • Seven pieces of legislation have been drafted to facilitate the establishment of financial entities inside the proposed International Financial Services Centre.
  • The Minister was making contribution to the 2014/15 Sectoral Debate in the House of Representatives on Wednesday, May 21.
  • Setting up the International Financial Services Centre requires very little physical infrastructure, if any.

Seven pieces of legislation have been drafted to facilitate the establishment of financial entities inside the proposed International Financial Services Centre.

“All seven draft Bills, are now with the Office of the Chief Parliamentary Counsel, where priority is being given to four of the Bills, which we expect to table within the first half of this financial year,” Minister of Industry Investment and Commerce Hon. Anthony Hylton said.

The Minister was making contribution to the 2014/15 Sectoral Debate in the House of Representatives on Wednesday, May 21.

Mr. Hylton noted that setting up the International Financial Services Centre requires very little physical infrastructure, if any.

“Private sector financial institutions stand to benefit greatly, and direct employment prospects for the long term could be as high as 15,000 local professionals.

Potential estimated revenues to the Government could be as high as US$300-million per annum, according to a KPMG study,” he stated.

He added that Jamaica will be known far and wide as having one of the best financial services centres in the world.

“This is our commitment and promise to the people of Jamaica,” Mr. Hylton said.