NIA CHARLESTOWN NEVIS (March 05, 2014) –International Banking on Nevis will be guided by new legislation – the Nevis International Banking Ordinance 2014, when it becomes law. It was read for the first time, at the first sitting for the year of the Nevis Island Assembly on March 05, 2014.
Premier of Nevis and Minister of Finance in the Nevis Island Administration (NIA) Hon. Vance Amory, tabled the legislation but when it becomes law, it will replace the existing Nevis Offshore Banking Ordinance Cap.7.05.
The Nevis International Banking Ordinance 2014 will enable international banking to be carried on by international banks from within Nevis; encourage the development of Nevis as a responsible international financial centre and provide for matters incidental thereto or connected therewith.
Moments after the first reading, the Assembly was adjourned without the assigning of a day for the next sitting. Therefore, the proposed legislation would have to be debated, and read two more times in the Assembly before it becomes law.