Address on the formation of the St. Lucia branch of the Society of Trust and Estate Practioners

Nicholas John, president of St. Lucia's STEP branch

Hon. Minster,
Philip J. Pierre,
Mr. Christopher Mckenzie,
STEP Council Member,
Colleagues,
Invited guests,
Ladies and gentlemen.

It is my pleasure, and a privilege, to welcome you to the official launch of the branch of the Society of Trust and Estate Practitioners in St. Lucia.

This organisation is well known, and often referred to, as STEP. In St. Lucia this is NOT to be confused with a programme recently introduced by the Government to create short term employment for the unemployed, which is also commonly referred to as STEP.

Approximately two years ago St. Lucia was launched as a centre for international financial services. It was recognised then that it was certainly not the easiest of times to enter the industry, with most of our neighbours already providing such services and with the mounting pressure being put on such centres by the OECD, FATF and the G 8 countries.

At the same time the users of these centres were becoming ever more demanding in terms of what they expected of both the centres and the service providers operating within them.

Establishing a sustainable successful financial centre operating within the highest international standards was, and continues to be, the objective of those of us involved in the industry here in St. Lucia.

We set about trying to achieve that objective by;

(1) Introducing a comprehensive and modern suit of legislation which took into consideration the concerns of the international financial community,

(2) Establishing a model which clearly separated the various arms of the industry, namely regulation, registration, promotion and the private sector,

(3) Putting in place internationally accepted regulatory requirements, such as minimum due diligence procedures and "know your client" principles, to be followed by service providers, and

(4) The requirement that service providers be suitably qualified, competent and meet "fit and proper" standards.

Adequate professional education and training,

Forming strategic alliances with experienced experts and professionals around the world,

Joining and participating in the various programmes of established, reputable organisations, and

Generally keeping abreast of the developments and ever changing needs of the industry.

In the last quarter of 2001, the service providers in St. Lucia formed the International Financial Services Association of St. Lucia. This was followed by the establishment of a local branch of the Offshore Institute.

The establishment of a branch of the Society of Trust and Estate Practitioners in St. Lucia is the achievement of yet another milestone in our quest to make the St. Lucia's international financial services product one that is second to none.

The Society is a professional body for the trust and estate profession worldwide. Members come from the legal, accounting, corporate trust, banking, insurance and related professions. They are involved, at a senior level, in the planning, creation, management of and accounting for, trusts and estates, executorship administration, and related taxes.

Through meetings, seminars, lectures, and the exchange of technical papers and reports, members share information, knowledge and experience, and benefit from the network of contacts that membership provides.

Through the establishment of this branch of the Society it will be our objective:

(1) To provide a forum for individuals drawn from the legal, accounting, corporate trust and related professions, especially those involved in the field of international financial services,

(2) To discuss aspects of tax, accounting, administration, statute and case law which are of general concern,

(3) To advance knowledge and learning in respect of trusts, estates and allied subjects, and encourage and promote the study of trusts and estate practice and to educate members of the public including practitioners,

(4) To undertake research and make suggestions and representations of a technical, non political nature to Government to improve the law relating to and practice of trusts and estates.

(5) To maintain requisite standards for practitioners by way of education and training.

The immediate benefit to be gained from membership of the Society will be by and through participation in events organised by the branch. In particular, members will be able to meet people engaged in similar work to themselves drawn from different firms and professions, to discuss matters of common interest and to learn how such matters are viewed from differing perspectives. Other general benefits will be,

The raising of the public profile of trust and estate work as a profession in its own right,

The possibility of being able to study for and obtain a specialist qualification, and

The advancement of one's knowledge and learning.

In conclusion, the establishment of this branch of the Society in St. Lucia will offer local service providers an opportunity to better equip themselves for the discharge of the services that they provide to both the local and international community.

As a practitioner and President of the St. Lucia International Financial Services Association, I welcome this initiative and I am confident that it will provide tangible benefits to our St. Lucian professionals who choose to become affiliated.

I wish to thank each and every one of you for coming to the launch this afternoon, but in particular Mr. Christopher Mc Kenzie who made a special trip from the BVI and the Minister for Commerce, Tourism, Investment and Consumer affairs, who deputised for the Minister of International Financial Services.

I thank you.