Montserrat: Members of Cabinet met on Thursday May 12, 2022 for their weekly discussions on matters pertaining to the Government of Montserrat, and Montserrat as a whole.
The 2019 Procurement Regulations were discussed and reviewed during the Cabinet meeting. Cabinet members agreed to share the proposed regulations and consult with Permanent Secretaries to obtain feedback.
Additionally, a meeting will be arranged between Cabinet and the review consultants to discuss the new proposed regulations.
Presentation – her majesty’s treasury initial findings following audit of governance framework
Cabinet received a presentation by the HM Treasury who was invited to assess Montserrat’s technical compliance ahead of the Financial Action Task Force, FATF mutual evaluations in 2024.
The upcoming evaluation is expected to analyse the implementation and effectiveness of measures by local institutions to combat money laundering and terrorist financing. Cabinet noted that Montserrat has work to do to prepare for the evaluation in 2024.
Cabinet was informed of technical support the HM Treasury can provide to Montserrat in the form of knowledge sharing, assistance with creating an action plan to ensure FATF delivery and sharing of existing legislation in other OT territories. The team also recommended the creation of a local working group to oversee progress on actions.
FATF is an intergovernmental organisation founded by the G7 to develop policies to combat money laundering and terrorism financing. It aims to set standards and promote effective implementation of legal, regulatory and operational measures for fighting threats to the integrity of the international financial system. Additional information on the work and objectives of the FATF can be found here https://www.fatf-gafi.org/.
Premier reports on overseas duties
Cabinet noted as successful, the Premier’s recent overseas engagements in the United States; the first being the April 25-28 Seatrade Cruise Global Conference in Miami where Premier, Joseph E Farrell held discussions with cruise ship agents. Cabinet noted an interest from at least two new high-end ships which are planning to make calls on Montserrat in the upcoming season.
Cabinet also discussed the Premier’s participation in the 2022 Bankers Association for Finance and Trade (BATF) Global Annual Meeting in Washington, DC (May 1-4, 2022) where a round table discussion with more than 50 banks was facilitated. Notably, the Premier, who is also Minister of Finance used the opportunity to have discussions with institutions including the Bank of America about the challenges Montserrat is facing in relation to correspondent banking.
Upcoming Overseas Duties are as follows:
Cabinet noted the scheduled participation of the Premier and the Ministry of Agriculture in the upcoming Agri Investment Forum and Expo from May 19th – 21st in Guyana.
Cabinet also noted the expected participation of the Premier in a one-day CARICOM meeting to discuss climate financing. This meeting is cared for May 22, 2022 in Guyana.