Sabrina N Gordon, Business Reporter

Eric Crawford, offshore centre committee chair, led a team that is advising Senator Don Wehby on how to target offshore business. - file

The Eric Crawford-led advisory committee has wrapped up its review of local markets and the regulatory environment that is to guide Jamaica's strategy for drumming up business for its planned offshore financial centre.

And the Ministry of Finance is now recruiting what it calls a chief implementation officer (CIO) whose job will be to build and lead the team that will give effect to the plans.

The Finance Ministry said Jamaica would be going after targeted business.

"Instead of taking a 'build it and they will come' approach - going into the market without a well-defined plan - Jamaica is adopting a more targeted strategy, driven by an awareness of its best potential placement in the market," the Ministry said in a statement.

Crawford's report provides an overview on critical legislative and regulatory implications for the establishment of the IFSC.

Legislative changes

"The bulk of the legislative changes will have to do with the tax regime that is chosen. The majority of the regulatory changes will deal with Jamaica's anti-money laundering and counter-terrorism financing framework" said Senator Don Wehby, minister without portfolio in the finance ministry, and the official responsible for getting the offshore centre off the ground.

The special advisory committee was set up October last year by Minister Wehby to make recommendations on the viability of an International Financial Services Centre in Jamaica.

Crawford is a noted tax expert and partner of Pricewaterhouse-Coopers.

Wehby suggested that there could be further refinement of the report.

"While the report suggested products that Jamaica could target, the final products will be determined by consultation with potential clients," said Wehby.

Recommendations

Don Wehby, Minister without Portfolio in the Ministry of Finance and the Public Service, was given the job to get Jamaica's offshore centre up and running. - Rudolph Brown/Chief Photographer

Among the recommendations was the targeting of stock exchange and electronic financial products, and special investment vehicles such as trusts and international business companies.

Niche markets such as sports and entertainment and copyright financing, as initially proposed by Dr Trevor Thomas, an international tax expert, were suggested to kick-start the IFSC.

Wehby has already met with potential investors, who have submitted concept papers and indicated their willingness to enter into public/private partnerships with the government to assist in the funding of the projects.

The ministry, however, released no specifics on where the talks were trending.

Its next move is to hire the CIO, and appoint an implementation committee, Wehby said.

"The CIO will coordinate and supervise all the processes involved in the establishment of Jamaica IFSC," said Wehby.

"The implementation committee will assist and advise the CIO in his functions."

The CIO's job will be four-fold: cooordinate and supervise the processes involved in the start up of the IFSC; direct the design, implementation and monitoring of the IFSC strategic plan and programs; develop and monitor strategic goals for the IFSC; and the selection of staff for the IFSC organisation.

The CIO, to be appointed by September, will report to Wehby.

sabrina.gordon@gleanerjm.com