Trinidad and Tobago has leveraged the economic success of its oil and gas economy to sustain its emergence as the hub of the Latin American and wider region for financial services. The country is a preferred destination for the issuance of debt instruments (over USD 12 billion as at June 2014); several international capital markets players to have a footprint; and a pool of well-trained, Capital Market-savvy professionals.
With credit ratings from Standard and Poor’s and Moody’s placing Trinidad and Tobago as the fifth and eighth best in the Western Hemisphere respectively, after countries such as the U.S., Canada and Chile – the international market responded overwhelmingly to the issue of a bond of USD 550 million. This demonstrated that there is heightened confidence in the nation’s economy.
In the last year, a new Securities Act and expanded insurance regulations have been put in place to support the continued development of the financial sector, while a Financial Intelligence Unit exists to deal with anti-money laundering and terrorism financing.
Best practices will drive future growth
Already recognised as the financial centre of the Caribbean with USD 12 billion worth of debt being issued in the market for governments of the region, Trinidad and Tobago holds great potential for international expansion. In this regard, the focus for the Trinidad and Tobago IFC has been on the development of transformative IFC-specific legislation, based on the best, most relevant, international standards and practices. The Company has also sought out and built strategic international partnerships to enable this country to achieve listings on leading IFC indices such as the Global Financial Centres Index, which would result in greater awareness of this country’s investment opportunities. The best-in-class, investor-protection legislation developed by the Trinidad and Tobago IFC will create a fully transparent, robust yet flexible and responsive framework that will further drive the growth of the financial sector. This legislation, based on standards used by emerging IFCs such as the Dubai International Financial Centre, will create a unique authority with a business development arm, a financial services branch, and a court to expeditiously address any disputes. Those institutions operating within the authority would function under specific rules and laws, and the court would adjudicate according to those laws. The Trinidad and Tobago IFC Authority would be managed by members of a board with oversight from a Trinidad and Tobago IFC Council that consists of relevant government ministers. Through market research and consultation, it was established that this framework is what is required to create the ideal business environment to attract international financial institutions, making T&T a game changer in the global marketplace.
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Crowe Horwath Jamaica and Crowe Horwath TT is one of the largest public accounting, consulting, and advisory firms in Caribbean . Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services. Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
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