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February 06, 2006

New financial legislation to be implemented in St Kitts and Nevis in March 2006,, would affect all government’s financial transactions since it would be used by both Nevis and St. Kitts.

The new legislation would replace the Financial Act and supporting legislation the Financial Legislation, which has been used in St Kitts and Nevis for a number of years.

The move is in keeping with a decision by governments in the Organisation of East Caribbean States (OECS) to upgrade and amend the existing financial regulation which most have already implemented in their island.

A key difference between the old and new legislation is the devolution of responsibility for accountability which over the years had been with the Permanent Secretary in the Ministry of Finance.

Under the new legislation accountability would be with the Permanent Secretary of each ministry since they have responsibility for all matters relating to the activities of their ministry.

The old legislation made no provisions for payment to government through credit cards, bank drafts or cheques, and Treasurer of the Nevis Island Administration Mr. Colin Dore says that even though they had functioned that way over the years in accepting anything which was legal tender it was not stated in the old Act.

The new act will basically replace all of those with one word legal tender. So anything which is legal tender within the financial structure would be accepted as payment to government within the act.

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