The Editor, Sir:

I was delighted to read in The Gleaner and would like to congratulate Senator Don Wehby, Minister without Portfolio in the Ministry of Finance and the Public Service, on getting up a special advisory committee to explore the development of an International Financial Services (IFC) Centre in Jamaica.

Although it is somewhat late in the day due to the fact that several other Caribbean countries and elsewhere had established international finance companies legislation many years ago, I still firmly believe as I have for many years that with one significant amendment to our International Finance Companies Act (IFC) and, if properly promoted, Jamaica can become a very important financial centre.

Today, our financial infra-structure is many times more sophisticated than when I left New York in 1983, having served for 23 years promoting economic develop-ment for my country.

Additionally, the world has become a global village, with two huge economic powers emerging, namely China and India.

Notwithstanding these changes, we still have many many advantages which would attract companies to establish offshore financial operations.

Amend the act

Our IFC Act which has been on the books for many years should be amended to set clear criteria for compliance. The act as it now reads gives the Minister of Finance sole discretion to approve my company under the IFC act.

However, the gravamen is that he does not under the act have to give approval to a company when it might set up, but can at the end of the year give his disapproval. Hence, no companies have been established under this act.

An amendment to this act should set clear criteria for compliance, so approval can be given when a company applies for the benefits under the act.

In the mid-1980s, I formed a company named Foreign Sales Corporation Management Limited. However, it never fulfilled its mission as other countries had virtually swept the field of potential clients, as Jamaica was dilatory and did not enact the necessary amendment to the legislation. (However, there were a small number of companies established.)

It is essential that the leadership in Government and in the many private sectors work closely together to stimulate economic activity for the development of the country.

I am, etc.,

WILLIAM G. WHITING

19 Seymour Avenue

Kingston 6