KINGSTON, Jamaica – Jamaica is to play a major role in the Caribbean Community’s (CARICOM) efforts to streamline regulatory mechanisms for regional financial institutions, following the collapse of the Colonial Life Insurance Company (CLICO) in several Caribbean countries.
Prime Minister Bruce Golding said Monday night, that Jamaica will be assisting CARICOM in establishing a College of Regulators, which will involve financial regulators from all Caribbean countries, to streamline and synchronise the regulatory systems for financial institutions within the region.
“Jamaica is offering its assistance because we are, perhaps, ahead of the other Caribbean countries in terms of the strength of sophistication of our regulatory mechanism. We have offered to make available our own experience and expertise in that regard,” Mr. Golding said.
He was speaking to JIS News following his return from the 20th Inter-Sessional Meeting of CARICOM’s Heads of Government in Belize, which ended on Saturday.
CLICO’s operations has collapsed in several Caribbean countries, including The Bahamas, Belize and Guyana and have either been liquidated or brought under emergency state control. The collapse could result in losses of almost US$2 billion.
Mr. Golding also expressed concern that the regional audit, which is needed to speed up the process of establishing the CARICOM Single Market and Economy (CSME), is still incomplete.
“We need to see who is complying and who is not, why they are not complying and why the dream still seems so far away from achievement,” the Prime Minister said.
He pointed out that a report is to be made to the Heads of Government in time for their next meeting in Guyana.
