In 2002, the Government of Trinidad and Tobago identified the need for the reform of the domestic financial system as part of its objective of achieving developed country status by the year 2020. A White Paper on the Reform of the Financial System of Trinidad and Tobago was prepared and subsequently laid in Parliament on June 30th 2004. The White Paper sets out the Policy Framework and Reform Initiatives that will be pursued in establishing Trinidad and Tobago as the Pan-Caribbean Financial Center (PCFC) of the ACS region.