ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

o o o o o o

The Bank made significant progress in its efforts to complete the implementation of the Legislative Reform Programme aimed at enhancing the resilience of the ECCU financial sector.

During the year, the Bank made significant progress in its efforts to complete the implementation of the Legislative Reform Programme aimed at enhancing the resilience of the ECCU financial sector. As a result of its continued engagements with the respective member governments to secure promulgation of outstanding legislation, the enactment of legislation proposed by the Bank is approximately 75.0 per cent complete in member countries. The Bank places on record its appreciation to the member countries for their efforts in ensuring the passage of these pieces of legislation and will continue to work with the remaining member countries to ensure the completion of the legislative regime in the Currency Union. Banking (Amendment) Act During the year, the Bank continued to consult with member governments towards facilitating the enactment of the Banking (Amendment) Bill in all ECCU member countries.

money laundering and counter financing of terrorism for financial institutions licensed under the Banking Act. To date, four member countries have passed the amendments conferring that authority on the Bank. Saint Vincent and the Grenadines under its Anti Money Laundering and Terrorism Financing Regulations issued under the Proceeds of Crimes Act 2013, had already named the ECCB as the AML/CFT supervisory authority. Banking (Licences) Regulations The Bank continued to follow up with member governments on the Banking (Licences) Regulations intended to operationalise the general provisions under the Act which deal with the application for a license to carry on banking business and the application for a license for a financial holding company. To date, the Regulations have been issued by six (6) member countries. Banking (Abandoned Property) Regulations The Bank has revised the captioned Regulations for consistency with the rules governing the processing of abandoned property under the Banking Act, 2015. The Regulations are intended to replace the current Regulations dealing with abandoned property. Importantly, in relation to the administration of abandoned property in safe deposit boxes, the contents are to be handled by the Ministry of Finance.

To date, the Bill has been enacted by six member countries.

Amendments to AML/CFT Legislation The Bank continued to support member governments in enacting amendments to the existing Anti Money Laundering/Counter Financing of Terrorism legislation which facilitates a shift in the supervisory and regulatory responsibility to the Bank, for anti

The draft Regulations were submitted to Member

51