ABI Trust seeks establishment of STEP Branch in Antigua

ABIT continues its efforts to raise awareness among Government, lawyers and accountants in Antigua and Barbuda about the benefits of offshore trust services.  As part of this exercise, ABI Trust organised a first of its kind STEP Promotion Seminar at the City View Hotel Conference Room on 18th July 2006. The Society of Trusts and Estate Practitioners (STEP) is a professional body that provides education, training, representation and networking for its members.  STEP members are mainly specialists in trusts, estates, executorship, administration and related taxes.

STEP has more than 80 branches worldwide including 9 in the Caribbean.  Countries with branches have benefited from access to unique educational and professional opportunities as well as enhanced reputation in the sector. Two of the objectives of the seminar were to enhance the profile of Antigua and Barbuda as the ideal location for the proposed Leeward Islands STEP branch and to encourage more local practitioners to pursue the STEP qualification.  

The Seminar convened legal, banking, and accounting practitioners; Government officials; and a representative from STEP to dialogue on the way forward. The Managing Director of ABI Financial Group, Mr. McAllister Abbott spoke of the seminal importance of sensitisation exercises such as these and pledged the full support of his organisation to invest in the development of the trust industry in Antigua and Barbuda. Sylvia Camacho O’Mard, attorney-at-law and chairman of ABI Bank Ltd. also gave her commitment to using the resources of ABI to facilitate the process of expansion of the industry as much as possible.

In his opening remarks, the Minister of Finance and the Economy of Antigua and Barbuda, Dr. Hon. Errol Cort, reiterated his Government’s commitment to expanding offshore financial services as a strategic partner to tourism and pledged his willingness to work closely with the private sector to achieve this partnership.

Alice Roberts, a STEP Member and a Chartered Accountant involved in the offshore sector in Antigua and Barbuda since 1986, indicated that Antigua and Barbuda is an ideal location for the establishment of a STEP branch because it is the most centrally located of the Leeward Islands, already has several persons who have completed the STEP qualification and several others who are currently pursuing the qualification; and has a host of professionals - lawyers and accountants.  She also pointed out that having lots of STEP graduates and a branch is not enough. “We must see the potential for generating more business … [and this] needs the commitment of government as well as the private sector”.

Presentations were also made by the Financial Services Regulatory Commission and the Stanford Trust Company Ltd. who presented papers entitled “The supervisory and regulatory framework for international trust companies and trust service providers” and “Towards the development of a strong trust sector” respectively.

The Keynote speaker was Mrs. Hélène Anne Lewis, Chairman of STEP BVI and the one responsible for the development of STEP in the Caribbean. Her presentation, followed by a question and answer period, traced the development of STEP, its vision, objectives, governance and organisation. She enumerated some of the main benefits of membership and spoke to the case for the establishment of a branch in Antigua.

ABIT will continue to play the leading role in promoting the Antigua and Barbuda business environment as a competitive financial services centre and in ensuring that its clients benefit from first class professional service in all their trust and corporate administration needs.