IFSC legislation to be reviewed :: Mmegi Online

The Botswana International Financial Services Centre (IFSC) has engaged London-based international law firm, Clifford Chase, to review its legislation, aimed at creating a modern and flexible statutory framework that will position the country as a medium to long-term preferred financial and business services centre in the southern African region.

Clifford Chase, which has done similar reviews in financial services hubs like Dubai, will partner with local firm Armstrong Attorneys to establish new, integrated legislation.IFSC Chief Executive, Alan Boshwaen, said at a media briefing on Tuesday this week that the review is a vital major intervention that will raise the competitiveness of Botswana.
"The last review was 10 years ago, which is a long time for the financial services sector that changes rapidly," Boshwaen said. "So we need to respond with modernised legislation."

The need to revise the centre's governing legislation was strongly recommended by the BOCCIM National Business Council as contained in resolutions 9 and 10 of the 2008 conference. The Ministry of Finance and Development Planning is also said to be playing a major role in the legislation review that Boshwaen said should pass in the first quarter of 2010.

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