Anguilla
The Judicial Committee of the Privy Council has granted leave for judicial review to the National Bank of Anguilla (Private Banking and Trust) Ltd and Caribbean Commercial Investment Bank Ltd, both in administration, against the Chief Minister of Anguilla and others. This decision, issued on March 24, 2025, overturns previous rulings by the High Court and Court of Appeal, allowing the appellants to challenge their exclusion from a 2016 financial rescue package.
The appellants, both offshore banks incorporated in Anguilla, are wholly owned subsidiaries of domestic institutions. During a financial crisis in 2013, the Eastern Caribbean Central Bank placed their parent banks into conservatorship and later devised a resolution plan with the Government of Anguilla. The appellants were excluded from this plan, leading them to seek judicial review of the decision.
The Privy Council's ruling emphasizes the importance of procedural fairness and the right of affected parties to challenge governmental decisions impacting their interests. By granting leave for judicial review, the court acknowledges that the appellants have an arguable case warranting further examination.
This development could have significant implications for Anguilla's banking sector, potentially affecting the operations and stability of financial institutions on the island. Stakeholders are advised to monitor the proceedings closely, as the outcome may influence future regulatory and financial decisions within the jurisdiction.
For more details, refer to the official press summary provided by the Judicial Committee of the Privy Council.
