ANGUILLA--The Executive Council agreed at its recent meeting to establish a Task Force chaired by a senior member of the staff of the Ministry of Finance in its bid to meet the highest international standards for financial services

A joint statement issued by Governor Alistair Harrison and Chief Minister Hubert Hughes announced the setting up of the Task Force and stressed the importance of the financial services sector to Anguilla. At present the sector is responsible for approximately six per cent of employment and generates about 12 per cent of Anguilla's GDP.

The new Government has pledged to ensure that Anguilla is firmly established on the "white list" of the Organisation for Economic Cooperation and Development (OECD) and to update the institutional, legal and regulatory framework governing the international financial services sector in Anguilla. The Governor, who has oversight of the financial services sector, fully supports the aims and is working in partnership with the Government.

The Chief Minister is due to sign Tax Information Agreements with Germany and Australia to bring the total number signed to 13 and to comply with OECD requirements. There are also discussions with French authorities for the signing of an agreement.

The Task Force membership will include staff of the Ministry of Finance, the Governor's Office, the Anguilla Financial Services Commission and the Attorney General's Chambers. It will develop a scorecard recording Anguilla's compliance with international standards and a timeline for action. It will review the recommendations of the Foot Report in relation to financial regulation, fighting financial crime, and improved tax transparency.

The Task Force will consult fully with representatives of the industry and is expected to report back to the Executive Council in three months.