Regulation
The Centre will embrace positive regulation through independence, responsiveness, efficiency and transparency. An internationally recognised regulatory authority is presently being established to regulate the Centre with complete independence from political and commercial influences, and the Centre itself. A new legal framework is currently being proposed to the Congress of the Dominican Republic to grant an enabling law which will permit the formation of a new jurisdiction in 2006. The centre's regulatory framework is being tailored directly to guidelines laid down recently by the Financial Action Task Force, an intergovernmental body formed to combat money laundering. The centre's regulatory arrangements – outline proposals for which are being drawn up by Patton Boggs, a Washington law firm, and Deloitte Consulting in London – would be separate from those that already apply to the Dominican Republic's domestic financial system. According to Mr. Bucher, "Instead of an auditor coming in once a year you’ll have constant live and real-time monitoring of transactions."
Read more about this topic: Independent Financial Centre Of The Americas
Famous quotes containing the word regulation:
“Nothing changes my twenty-six years in the military. I continue to love it and everything it stands for and everything I was able to accomplish in it. To put up a wall against the military because of one regulation would be doing the same thing that the regulation does in terms of negating people.”
—Margarethe Cammermeyer (b. 1942)
“Lots of white people think black people are stupid. They are stupid themselves for thinking so, but regulation will not make them smarter.”
—Stephen Carter (b. 1954)
“Nothing can be more real, or concern us more, than our own sentiments of pleasure and uneasiness; and if these be favourable to virtue and unfavourable to vice, no more can be requisite to the regulation of our conduct and behavior.”
—David Hume (1711–1776)