Jamaica has contracted the consultancy arm of auditing firm KPMG to undertake an assessment of the local market for the establishment of an international financial services centre (IFSC).

According to Minister without Portfolio in the Ministry of Finance Senator Don Wehby, several potential investors have already indicated their readiness to invest in Jamaica, once the offshore centre is operational.

Market conditions

Jamaica Trade and Invest (JTI), which is acting as the secretariat for the IFSC project, said KPMG Consulting "has been tasked to assess the market conditions and recommend the legislative and regulatory adjustments required."

"Phase one of the undertaking will involve the engagement of public- and private-sector stakeholders so as to encourage their taking up of opportunities in a Jamaican IFSC," Senator Wehby said in the JTI-issued release.

An IFSC advisory committee is already in place, headed by tax expert Eric Crawford, a partner in PricewaterhouseCoopers.

The Government has allocated $15 million to fund phase one of the project.

KPMG is expected to complete its assessment of the market and recommend a proper regulatory and legislative framework by July 14.

john.myers@gleanerjm.com