Five Eastern Caribbean states Regional that offer Citizenship by Investment (DBI) programmes are close to enacting laws to create a regional regulator.
This development comes amid mounting pressure from the United States and the European Union over security concerns.
The Organization of Eastern Caribbean States Commission says the new law will be enacted in September by all five of the countries with CBI programmes: Antigua & Barbuda, St. Kitts-Nevis, St. Lucia, Dominica, and Grenada.
It says the law will mark the end of an intense and historic period of engagement and cooperation on these programmes, which are vital to the financial stability and resilience of the member states.
Under the CBI initiative, the five countries offer citizenship to foreign investors in return for making a substantial investment in the socio-economic development of these countries.
The OECS Commission says the CBI countries have strongly affirmed their commitment to a collective fight to safeguard their respective financial systems against threats from illicit finance flows from money laundering, fraud, terrorist financing and proliferation financing.
It adds that all new CBI applicants are required to submit biometrics as part of efforts to enhance the security of their programmes.
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