ECCB 2017-2018 Annual Report and Statement of Accounts

ECCB ANNUAL REPORT 2017/2018

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The Bank continued work on the development of Phase 2 of the National Automated Clearing House Association (NACHA) Preauthorised Payment and Deposit (PPD) project also referred to as Electronic Funds Transfer (EFT). The implementation of this project is expected to modernise the payment system and to deliver a secure, efficient and more cost effective alternative by which funds can be moved across the Eastern Caribbean Currency Union (ECCU). The Bank has commenced dialogue with other regulators in the financial sector to address recent requests for licenses of payment models influenced by recent technology. Promote Development of Financial Sector to Increase Citizen Access to Credit and Other Financial Services The FIRST Project and the Eastern Caribbean Partial Credit Guarantee Corporation The FIRST project for diversification of the financial system in the ECCU was completed in September 2017. The main objectives of the project were to: •  • accelerate activities for the establishment of the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) and the regional credit bureau; •  • draft guidelines on Insolvency Reform; •  • conduct a diagnostic assessment of the secured transactions legal framework in the Organisation of Eastern Caribbean States; •  • draft an Investment Act; and •  • report on the relaunch of the SME Market Segment of the Eastern Caribbean Securities Exchange (ECSE).

Considerable effort was made towards the establishment of the ECPCGC which is designed to increase access to financing by MSMEs in an effort to spur growth in the ECCU, consistent with Goals 2 and 4 of the Bank’s Strategic Plan 2017-2021. Advocate for the Establishment of a Single Financial Space Legislative Reform The Bank made significant progress in the implementation of a Legislative Reform Programme aimed at enhancing the resilience of and diversifying the financial sector of ECCU, thus advancing the single financial and economic space. Amendments to AML/CFT Legislation The Bank sought the cooperation of the Ministries of Finance and the Attorneys General in coordinating a comprehensive review of the AML/CFT legislation in each member territory. Draft amendments were prepared and bilateral meetings were held with most territories. The amendments were dispatched to member governments. One member territory had passed the amendments earlier. The Bank made significant progress in the implementation of a Legislative Reform Programme aimed at enhancing the resilience of and diversifying the financial sector of ECCU, thus advancing the single financial and economic space