The Eastern Caribbean Central Bank (ECCB) has updated Citizenship by Investment Programme (CIP/CBI) stakeholders on progress toward establishing a regional regulator that would supervise, regulate and license the five CIP/CBI programmes in Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Saint Christopher (St Kitts) and Nevis, and Saint Lucia. Acting as chair of the Interim Regulatory Commission appointed by the five countries, ECCB Governor Timothy N. J. Antoine said a second draft agreement and bill has been submitted to the Heads of Government. Over the past three months, consultations were held across the industry, including with governments, opposition leaders, local agents, developers, financial intelligence units and banks, alongside engagement with the United States, the United Kingdom, the European Union and regional Attorneys General. The Interim Regulatory Commission has also submitted a list of policy issues and is developing a risk assessment and protocols. The proposed regulator would set and enforce common standards on areas including due diligence, marketing, outsourcing and stakeholder engagement, with a single enabling law modelled on the harmonised approach of the ECCU Banking Act to reduce legal loopholes, regulatory arbitrage and unfair competition. The draft is expected to be shared with CIP/CBI stakeholders in June for review and comment, finalised by end-July and submitted in final form in early August. Governor Antoine indicated that political support is critical and that Heads of Government intend to take the framework to Parliament for enactment before the end of the year.

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