Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

153 and ship registration. 85 During 1984, the first exempt insurance company was registered while efforts continued to attract other kinds of business. The Bank co-sponsored, with the Institute of Chartered Accountants of Barbados, a workshop on foreign sales corporations and assisted with the preparation of the Foreign Sales Corporations Act. By year-end, 100 companies were incorporated under this Act. The US-Barbados Double Taxation Treaty ratified, by the US Congress in December 1985, was the culmination of efforts by the Bank and other agencies to get the US Government to recognise the offshore sector. During March 1986 the Bank organised a two-day seminar to familiarise interested parties with essential aspects of the treaty. By the mid-1980s, the Bank was the principal point of contact on matters pertaining to the offshore financial sector. It came as no surprise, therefore, when “Teddy” Griffith was named in June 1986 as chairman of the newly-formed Exempt Insurance Advisory Committee. Later in the year Griffith made a presentation on offshore financial services at the Miami Conference on the Caribbean. At the end of 1986, there were 650 companies registered in the offshore business sector; these included 150 IBCs, 220 foreign sales corporations, 46 exempt insurance companies, 18 insurance management companies, 13 shipping companies and four offshore banks. Bottom Left: Yolande Bannister conversing with Bruce Zagaris, adviser to the Barbados Government. Bottom Right: David Deane, Manager of the Insurance Corporation of Barbados and Attorney David King. Top: Governor Blackman addressing an Exempt Insurance conference in 1983. Chapter 5: Some Notable Developments