From Antigua Observer Observer

Another trade union has joined forces with the Antigua & Barbuda Workers Union (ABWU) in its quest to have critical concerns regarding the controversial Banking Act of 2015 addressed.

In announcing the stance taken by his organisation, General Secretary of the Antigua & Barbuda Free Trade Union (ABFTU) Stafford Joseph said yesterday: “This is one of the situations in which everyone must come on board whether or not you work in the financial sector because all of us save our monies in the banks, ” he said.

Bankers, financial experts and trade unionist who reviewed the law have said it is unconstitutional and unlawful and will deprive Antigua & Barbuda of untold sums in licenses fees.

The ABWU was the first union to publicly object to the legislation said it contravenes with certain provision within the Antigua & Barbuda Labour Code and has threatened to mobilise its members to protest outside Parliament if Prime Minister Gaston Browne fails to accede to a request for a meeting to discuss the proposed law.

Joseph said his union also has similar concerns .

“There is another area section 166 of the Act, where it is noted that the law takes precedent over any other Act and we are of the view that this will have a severe impact on a particular section of the Labour Code which speaks to bankruptcy and liquidation of the business,” Joseph said.

Section 166 of the proposed Act states, “The provisions of the Companies Act or any law on or relating to company bankruptcy, re-organisation, insolvency or liquidation shall not apply to the liquidation of a licensed financial institution under this Act.”

But, said Joseph, “We are independent countries; we have to work along with international bodies but not to deny people of their rights and benefits that they work hard for.”

The Banking Act 2015 seeks to provide for the regulation and supervision of banking business, the establishment of a single banking space, the ownership structures for licensed financial institutions, the licensing of financial holding companies, the corporate governance of licensed financial institutions, the framework for the official administration of licensed financial institutions and for the incidental and related matters.

Some of the changes in the new legislation include removing the authority from the minister of finance to issue licences for banks and financial institutions and giving that authority to the Eastern Caribbean Central Bank.

Under this new guideline, a licence tha is given to a bank authorises that bank to operate throughout the entire Eastern Caribbean Currency Union.

Photo taken from: Asiabusinesssetup.com

For more on this story go to: http://antiguaobserver.com/another-trade-union-wants-concerns-about-banking-act-addressed/