St Helena: Bank Services and Financial Services
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps his Department is taking to provide (a) financial and (b) technical support to enable the British Overseas Territory of Saint Helena to deliver (i) financial and (ii) banking services to non-residents.
Answered by Stephen Doughty
The Foreign, Commonwealth and Development Office (FCDO) continues to work closely with the Government of St Helena to strengthen its financial sector and banking services, which have been identified as potential growth sectors.
The FCDO provides financial assistance to St Helena through annual financial aid, which supports essential public services and economic development initiatives. This includes funding to help modernise the island's financial infrastructure.
The FCDO has facilitated access to technical expertise across the UK Government to help St Helena improve its financial regulatory framework. This includes support for compliance with international standards and enhancements to the island's banking services.
The FCDO will continue to engage with the Government of St Helena to explore further opportunities for support. The St Helena Financial Services Regulatory Authority is actively involved to ensure robust oversight.
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