What are the chances of success here?

[Assasin]

Downtown Kingston International Financial Centre to go ahead








The Government has moved to get the much vaunted development of downtown Kingston into an International Financial Centre.
Cabinet recently approved a draft of a Bill to move the process forward.
The Information Minister Daryl Vaz outlined what the bill will seek to do in promoting the development of the International Financial Centre.
"The bill provides for the creation of the Jamaica International Services Authority as a body, charged with the development, viability and sustainability of the International Financial Services Sector under the direction of a board to be appointed by the Minister of Finance," Mr. Vaz said.
Since the Government took office it had targeted the redevelopment of Downtown Kingston into an International Financial Centre even though some wonder if pressures from the United States for greater disclosure from offshore financial centres would stymie those efforts.

[Karl]

Downtown Kingston International Financial Centre to go ahead

The Government has moved to get the much vaunted development of downtown Kingston into an International Financial Centre.

Cabinet recently approved a draft of a Bill to move the process forward.

The Information Minister Daryl Vaz outlined what the bill will seek to do in promoting the development of the International Financial Centre.
"The bill provides for the creation of the Jamaica International Services Authority as a body, charged with the development, viability and sustainability of the International Financial Services Sector under the direction of a board to be appointed by the Minister of Finance," Mr. Vaz said.

Since the Government took office it had targeted the redevelopment of Downtown Kingston into an International Financial Centre even though some wonder if pressures from the United States for greater disclosure from offshore financial centres would stymie those efforts.

The pace of development and the scope of the development is directly related to the amount of effort the GOJ puts into making it happen.

Hey...the plans are nothing new - As are our silly politicians they change names and the people who they take for fools should now believe the current incumbent gets all praises for conceptualiztion and to end product.

Why should it not succeed?
The US and others may slow the process...but if the GOJ, that enternal living being, has its heart in the right place...then from concept...through to whenever and whichever regime it will be done!

[Assasin]

Karl this is the first time it went past the talking stage. That is the big difference, somebody actually doing something.

there are many forces against this. the fact that we are not know for our good financial management, the fact that the US and other first world country is fighting hard to get rid of many of these Offshore financial institution.

Like most thing in life there is a chance for success and a chance for failure. I guess you have said the same thing about MANY things in Jamaica.

[Gamma]

IMF can help here but given the alphabet soup of interested parties CFATF FATF, OECD, said IMF .... we will have to significantly improve the corruption perception in order to get legit business. the CCJ thing might also play a role.

[1of1]

it is possible?

[Willi]

Financial centres going out of business or scaling back everywhere.

As soon as you are a US tax resident, the banks here close yuh account and force you to the the money elsewhere...even for Swiss citizens!

[Jawge]

Well given your party's record on confidentiality, small wonder you doubt the chances.

Willi is confidentiality the key to banking? Thanks.