BlackList Flawed-SVG Officially off OECD Blacklist after Update
March 10, 2006

BlackList Flawed-SVG Officially off OECD Blacklist after Update

This country’s Executive Director of the International Financial Services Authority (IFSA), Louise Mitchell, has expressed relief at a disclaimer which exonerates the name of St.Vincent and the Grenadines from the Organization for Economic Co-operation and Development (OECD) 2000 Black List. {{more}}

Mitchell told SEARCHLIGHT on Wednesday, March 8, the OECD recently issued a press release stating that the 2000 Blacklist “should be seen in its historical context”.

The Executive Director said she is very relieved because the initial report continues to be used as a tool against the development of St.Vincent and the Grenadines. She claimed that even though St.Vincent and the Grenadines had been removed from the Black List, the list had not been updated to reflect the positive changes that had been made. This country was officially removed from the OECD Black List in 2002.

Up until recently, the OECD’s 2000 Progress Report still stood as an independent document. This, said Mitchell, was the infamous “black list” that cast a negative light on the financial systems of the country.

Mitchell, pointing out one of the negative impacts the report had on the image of St.Vincent and the Grenadines, explained that some countries were reluctant to do business with this country after observing that St.Vincent and the Grenadines still remained on the lists.

“Institutions would rely on it as an authoritative document,” said Mitchell.

She explained that the disclaimer weakens the validity of the original report.

In a press release on March 2, Mitchell said: “Countries such as St.Vincent, together with their non-OECD sister states, have tirelessly lobbied the OECD for a removal of this harmful list. Finally our efforts have paid off in having the OECD publicly acknowledge that the list is flawed.”

Mitchell added: “The placing of a disclaimer on this list is a welcomed response to the tremendous efforts and resources that St.Vincent and other non-OECD countries have put towards ensuring that financial systems are regulated in accordance with best international practices.”