Last updated: 14:05 / Wednesday, 4 May 2016
For Latin America

Trinidad & Tobago Set to Become a Premier Financial Centre

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Trinidad & Tobago Set to Become a Premier Financial Centre
  • They are working on partnerships to improve their strong regulatory environment, the rule of law, transparency and co-operation with the international community
  • In 2015 Trinidad & Tobago signed a memorandum with the TFSA and they are working closely with the law firm Herbert Smith Freehills
  • They are a member of the Commonwealth Enterprise & Investment Council

Trinidad & Tobago continues to make great strides towards becoming a recognised international financial centre. To be a successful financial centre these days there are a number of factors that a location simply must get right. Factors like a strong regulatory environment, the rule of law, transparency and co-operation with the international community are all in the news at the moment and are vital in becoming a successful centre. They are also critical in building a strong reputation. In order to get these factors in place, Trinidad & Tobago has forged some strong international partnerships which are informing the country's development as an international financial centre.

In 2015 Trinidad & Tobago signed a memorandum of understanding with the Toronto Financial Services Alliance (TFSA) to help work collaboratively with other international financial centres to promote robust and transparent regulatory frameworks. Janet Ecker, President and CEO of the TFSA said that amongst other benefits "The memorandum will help strengthen Trinidad & Tobago's position as an emerging financial centre and will support increased investment from international financial companies."

Trinidad & Tobago has also been working closely with the widely respected international law firm Herbert Smith Freehills (HSF). Andrew Roberts, a partner at HSF, said: "We are delighted to be helping Trinidad & Tobago ensure that their regulatory systems meet the expectations of the international community. Trinidad & Tobago's commitment to offer the highest standards of regulatory oversight is very encouraging."

Trinidad & Tobago has recently become a member of the Commonwealth Enterprise & Investment Council (CWEIC) a membership organisation based in London that promotes trade and investment by facilitating engagement between Government and the private sector throughout the Commonwealth. John Pemberton-Pigott, the CWEIC Director of Programmes, remarked that "Businesses require a set of values under which trade and investment can take place - transparency; good governance; respect for the rule of law; enforceable physical and intellectual property rights; equal opportunities and a diverse workforce. Lord Marland, Chairman of the CWEIC said that "our relationship offers Trinidad & Tobago a great opportunity to reach out to the Commonwealth financial community to promote itself as the premier financial centre for Latin America."

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