Prime Minister Andrew Holness has reaffirmed his administration’s commitment to transforming Jamaica into an international financial services centre (IFSC), a vision first articulated in 2009.

Speaking at the Jamaica Stock Exchange (JSE) Regional Conference on Investments and Capital Markets, Holness acknowledged the delays in realising this goal but noted the government’s determination to finalise the necessary legislative framework.

“From my first time in Cabinet in 2007, by 2009, we said we were going to establish Jamaica as an international financial services centre. To this day, it has not happened,” Holness admitted. “But as I stand here today, it is our intention to ensure that we complete the legislative framework to make this a reality.”

Holness outlined the significant progress made in enacting key legislation to support this initiative, including the Partnership (General) Act, the Partnership (Limited) Act, the Trust Act, the Trust and Corporate Services Providers Act, and the Segregated Accounts Companies Act. The final piece, the Limited Liability Companies (LLC) Act, is currently being refined to align with global standards.

“This act aims to provide a more business-friendly framework than the Companies Act,” Holness explained. “We are making this new act familiar to the global community, reflecting the government’s commitment to creating a modern business environment that supports both local and foreign enterprises while ensuring compliance with international standards.”

The Jamaica International Financial Services Authority (JIFSA), established in 2011, has been instrumental in these efforts. Tasked with promoting and developing Jamaica as a centre for international financial services, JIFSA has been working to create a robust legislative framework, formulate a competitive tax regime, and prepare domestic institutions to operate efficiently within the global financial landscape.

While acknowledging the progress made, Holness was candid about the challenges that have delayed the initiative.

“I can’t blame it totally on bureaucracy. Much of it is policy-driven. Sometimes governments say they’re going to do it, but lack of commitment and intervening circumstances get in the way,” he said.

Despite these setbacks, the prime minister highlighted the potential benefits of establishing Jamaica as an IFSC, including job creation, increased government revenue, real estate development, and diversification of the economic base. He noted that Jamaica’s well-educated professionals, robust education system, and established financial institutions position the country favourably to offer sophisticated financial services.

– Karena Bennett