ECCB 2017-2018 Annual Report and Statement of Accounts

ECCB ANNUAL REPORT 2017/2018

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ECCB Sponsors Electronic Conveyancing System Project Facilitating the efficiency in land registration, improvements in land use by governments and easier valuation and taxations systems

Electronic Conveyancing System Project Team: L-R: Team Leader, John Elue Charles; Senior Expert in Land Conveyancing, Anthony J. B. Commodore; Senior Expert in Land Registry Administration, Catherine Faustin; General Consul, St Kitts and Nevis, MacClure Taylor

The Bank has taken the initiative to sponsor the consultancy for the Eastern Caribbean Currency Union (ECCU) Electronic Conveyancing System Project. This initiative, which was launched in November 2017, is expected to facilitate the enhancement of the sub- region’s competitiveness through an overhaul of the land registration systems within the ECCB member countries. It is intended to provide a framework for a more modernised arrangement, which is expected to yield greater predictability and simplicity in the property transfer system. The project is also aimed at facilitating the efficiency in land registration, improvements in land use by governments and easier valuation and taxations systems. The two main phases of the project are: Phase 1  – identification and review of current laws and regulations with respect to land registration in the ECCU; and Phase 2  – revision, modernisation and drafting of harmonised land legislation for the ECCU based on the parcel system of registration that is more responsive to modern financial and commercial practices. The ECCB is working with a team of consultants

from the Charles Juris Chambers of the Commonwealth of Dominica to execute the project.

Over the period November 2017 to January 2018, the consultancy team held in-country consultations with stakeholders in the private and public sectors, with the aim of obtaining an understanding of the land systems in each island. The team completed Phase 1 of the Project in March 2018 - the Desk Review and Field Research aspect of the Project. The work involved an assessment of the legislative framework for land transactions in each member territory; and an analysis of the administrative and business practices at the land registries. To date, the team has produced an Interim Report, documenting the work completed and outlining recommendations that would guide the drafting of a Harmonised Registered Land Bill.  The Report was presented and discussed at a two-day meeting of Land Registrars and Chief Parliamentary Counsels/Legal Drafters hosted by the ECCB over the period 12-13 March 2018. Work on Phase 2 of the Project, which focuses on the drafting of the legislation, has commenced.