Rosaria on Antillean Int. Financial sector

During his opening speech at the Round Table Conference for the Antillean International Financial sector (RTC-F), state secretary Alex Rosaria (Finance, PNP) emphasized that there is no local reason or room for panic among financial service providers, because this sector doesn’t only have a solid foundation, but partly thanks to a good diversification, it also endured the ravages of time. He also mentioned the first class supervision that guarantees the integrity.

“I admit that just watching over the integrity of the international financial service providers’ sector, doesn’t give the guarantee that nothing will happen here. But without reliability, a permanent development of this sector is not possible.”
Two matters that continue to need attention, is finding and taking of market positions that are perfect for the unique structure of the financial service provider sector, ‘because that is our strong part’ and persisting ‘in the course taken with the accompanying actions’ to achieve an international prime position for this Antillean sector.

Considering the expectation that integrity of all participants in financial markets will be high on the international agenda and will carry a weight in finding solutions for the current crisis situations, Rosaria argues for doubling the focus and effort on three areas: black list, marketing, and treaties.

“We must pay more attention to eliminating the label ‘tax paradise’. Despite everything we are doing to get rid of this, twelve countries have still put us on their black list. A good thing is that we are working since recently with Isle of Man on this. We will know more in January.”
Speculations about the so-called Obama-initiative against tax paradises must stop. “Fact is that we have an agreement with the US. I can only applaud that country’s intention to take actions against tax paradises. But they must know or be told that we are no tax paradise.”

Rosaria says that he blames the putting of the Antilles on the black list on not knowing our systems. It has been proven that mainly the younger generations elsewhere are not familiar with the Antillean financial service sector and ‘unknown, unloved’. “We will therefore involve the Dutch embassies and together with the sector, invest more in information about our sector as one of high quality and integrity.”

“We should not only continue entering fiscal agreements, but also intensify them. We have agreements with Jamaica, Colombia, Israel, and Brazil in the pipeline. This means that we are open and transparent and we do everything to combat debatable practices and improper use.” He urges the representatives of Fiscal Affairs, the Bank of the Netherlands Antilles, the Curaçao International Financial Services Association, the International Financial Group of Curaçao, and the Association of International Bankers in the Netherlands Antilles that the integrity question ‘must also play a big part in your company’, because, “a non integer behavior in your company can harm our entire sector.”

(Source: National newspaper Amigoe)

21 November, 2008