TCIG Signs UK FATCA
The Turks and Caicos Islands were among several British Overseas Territories signing an Intergovernmental agreement to implement the UK version of the Foreign Accounts Tax Compliance Act (FATCA) at the Joint Ministerial Council in London, November 26 and 27, 2013
The signing of the UK FATCA Style IGA is another milestone step by TCI to associate with many of the developed and developing financial services centers that it is taking the required responsible approach to be a part of the global efforts in combating tax evasion and financial crimes. The USA FATCA IGA is in an advance stage of negotiations with an expected initialing to be reaching shortly.
In recognition of the transparency measures being agreed as the new global standard and the likely impact of non-compliance, the Turks and Caicos Islands Government has agreed and published an Action Plan to prevent the misuse of legal individuals, institutions and arrangements in line with the standards and requirements of the Financial Action Task Force (FATF). This is a matter of good corporate governance as well as a means to tackle a wide range of illicit activity. Further strengthening of the current legislative and administrative framework will be undertaken to ensure proper regulation and supervision of the corporate sector. By the second quarter of 2014 many of these reforms are expected to be completed. The result is to have a well regulated financial service industry compliant with the global community in reporting and the sharing of information with tax authorities.
At the G8 Summit held in Northern Ireland in June, British Prime Minister David Cameron committed agreed to promote transparency and cooperation; and to establish and open to the public, a central registry of company beneficial ownership,. This simply means that the legal person behind the corporate veil of the company will be disclosed for tax purposes.
The UK Prime Minister also announced his intention to seek the cooperation of Crown Dependencies and Overseas Territories establishing the new global standard.
These actions, in addition to the signing of the Tax Information Exchange Agreements and the Convention on Mutual Administrative Assistance in Tax Matters sets the stage for global standards to combat tax evasion, counter terrorism and prevent money laundering.
Michael Misick will be back in the TCI before Jan 6th,2014
RTC News obtained an update on the extradition of Former Premier of the Turks & Caicos from the Acting AG of the TCI Rhondalee Knowles.
Mrs. Knowles said, “Having had a number of queries, I wish to provide the following update on the extradition of Michael Misick.
The SIPT wished to ensure that Mr. Misick would be back in the Turks and Caicos Islands in time to participate, if he wished, in the Plea and Directions hearing involving his co accused that is to start on 6th January 2014.
It was not until 18th December that confirmation was received from the Brazilian authorities to the British Embassy that the necessary formalities have been completed, the TCI authorities now have to make the necessary arrangements to bring Mr. Misick to the TCI. This is being done as soon as possible but is unlikely to now be done before the Plea and Direction Hearing.
The arrangements for Mr. Misick’s return will be made in accordance with normal policing practice. Those arrangements will be in complete compliance with his human and legal rights,” Mrs. Knowles added.
Financial Services Commission (FSC) announces new policy of Capital Enhancement at Annual General Meeting.
Financial Industry Professionals and Regulators came together for the FSC 2013 Annual General meeting on 13th December in Providenciales and used the annual gathering to exchange ideas on how best to achieve a higher level of performance and growth for the Industry. During the course of the meeting, presentations were made and discussions held on a number of issues facing TCI and Caribbean financial services industry.
Managing Director Kevin Higgins provided details of a new policy for Capital Enhancement while presenting the FSC Vision for 2014. Commenting on the forthcoming policy, Mr Higgins said that the policy was designed to strengthen TCI banks operations in line with international standards. He added that those standards were being constantly raised and that in a jurisdiction like the TCI, a lack of financial infrastructures such as a central bank was bringing a pressing need for banks to hold more capital.
An earlier presentation by Regulatory Consultant, Mr Munro Sutherland to Financial Industry Professionals on Basle II outlined the new International Monetary Fund standards for banks in the Caribbean region. He stressed that the current standards supported the requirement to build up the levels of capital within banking institutions and that they represented a significant change in the way bank’s business risks were better understood and addressed.
His Excellency Governor Peter Beckingham in his first attendance to the FSC AGM offered remarks and reported on the UK Government’s Joint Ministerial Conference he attended with the Premier and other Ministers in London in November. He communicated the UK's recognition of TCI over dependence on the North American market and on the tourism sector and reiterated the need to emphasise diversification of the Islands’ economy. He ended his remarks by sharing UK’s acknowledgement of the critical importance of growing the already established TCI financial services sector.
AGM attendees also heard a presentation by Managing Director of British Virgin Islands Financial Services Commission on the strategy behind BVI's success culminating in the recent opening of a satellite office in Hong Kong. Further updates on the FSC's progress were given during the course of the day. They included information on the computerising of the company registry, the implementation of a regulatory regime for company managers and the registration of Designated Non Financial Businesses and Professionals.
Crime & Incident Reports for December 23rd,2013
The Royal Turks and Caicos Islands Police Force are investigating a number of incidents reported between Saturday December 21, 2013 and Monday December 23, 2013 within the districts of Providenciales, including:
• (6) Burglary: Preliminary investigations revealed that during the commission of these Burglaries, two Sony digital cameras, a baby’s bag containing a wallet, passport and a Blackberry cell phone, a quantity of clothing, a quantity of bed sets, a black Toshiba laptop, a Sony camera, a sum of cash and a purple & brown color purse which contained a sum of cash, two credit cards and one debit card were stolen.
• (1) Malicious Damage to Property: Early investigations revealed that during the commission of this crime a vehicle was damaged and broken into. Nothing was reported stolen but the complainant is making further checks to be sure.
• (1) Motor Vehicle Interference: Preliminary investigations revealed that a male was discovered breaking into a parked vehicle. The vehicle owner approached the male and he ran away with a suitcase containing a quantity of clothing and a wallet containing a number of identication cards. A suspect was later arrested in connection with this report and further investigations are being made.
The Royal Turks and Caicos Islands Police Force are also investigating a number of incidents reported between Saturday December 21, 2013 and Monday December 23, 2013 within the districts of Grand Turk, including:
• (1) Handling Stolen Goods: Preliminary investigations revealed that a male was discovered in possession of a stolen IPhone and arrested in connection with a report made on Sunday December 22, 2013.
• (1) Burglary: Initial investigations revealed that during the commission of this crime, a black watch was stolen.
• (3) Theft: Early investigations revealed that during the commission of these crimes a sum of cash, Blackberry Q10 cell phone and a black Toshiba laptop were stolen.
• (1) Malicious Injuries to Property: Preliminary investigations revealed that it was allegded that a male used a heavy duty tractor to damaged the top of a vehicle. Investigations continue.
The Royal Turks and Caicos Islands Police Force are also investigating an incident reported between Saturday December 21, 2013 and Monday December 23, 2013 within the districts of South Caicos, including:
• (1) Robbery: Early investigations revealed that during the commission of this crime a sum of cash was stolen. An arrest has been made in this matter and investigations continue.
If you have any information about any criminal activity, please call 911 or Crime Stoppers anonymously on 1-800-8477. Tips can also be submitted anonymously in English, French or Spanish on either www.crimestoppers.tc or on Facebook as a fan of Crime Stoppers Turks & Caicos. Crime Stoppers tips are received in the USA.
DIGICEL ACQUIRES SUBMARINE FIBRE ASSETS ACROSS THE CARIBBEAN REGION
Digicel today announced that it has reached an agreement with the Guadeloupe-based Loret Group and with Caribbean Fibre Holdings to acquire a submarine fibre network across the Caribbean region.
Digicel will acquire Middle Caribbean Network, Southern Caribbean Fibre, Antilles Crossings and a number of related assets from Global Caribbean Fibre.
This deal will provide Digicel with a wholly owned submarine fibre optic cable network of approximately 2,100km providing capacity from Trinidad to Guadeloupe.
Digicel has also entered into a transaction with Global Caribbean Fibre and Global Caribbean Network to provide submarine fibre capacity from Guadeloupe to Puerto Rico with onwards connectivity to the mainland United States.
With these new capabilities, Digicel is underpinning its commitments to delivering best network, best service and best value and will once again be at the forefront of driving competition and consumer choice in the region.
In total, Digicel has secured access to a robust network comprised of 15 submarine segments with a reach of some 3,100km across the Caribbean region. Digicel will also have extensive onwards capacity on other submarine networks connecting locations such as Miami, Paris and New York.
The financial terms of the contract are not being disclosed and the transaction is subject to regulatory approval.
Digicel Group CEO, Colm Delves, said; “We are always looking for new ways to ensure that we deliver choice and innovation to our valued customers. The acquisition of this submarine network secures significant additional broadband capacity for Digicel. This additional capacity is central to our continued drive to offer innovative services and products to our customers in a data hungry world.”
Cuba to eliminate currency pegged to US dollar
The Cuban Convertible Peso (CUC) will be eliminated in the process to reestablish a one-currency system on the island, confirmed VP Marino Murillo, during a plenary session of the Cuban Parliament on Friday.
Tourists currently use a convertible peso roughly equal to a U.S. dollar while most Cubans are paid in ordinary pesos worth about four cents. Many goods are easier to find in government stores that exclusively accept convertible pesos, a mechanism designed to keep the flow of the special currency under government control.
The dual system has created special privileges for Cubans who work in tourism, and resentment among those who don't.
The government of President Raul Castro pledged in October to gradually unify the two currencies in order to prevent shocks like spikes in inflation. Many Cuban economists said the process would take years.
On Friday, Vice-President Marino Murillo told parliament that the peso pegged to the dollar, known as the CUC, would eventually disappear, the first time the government has explicitly said that. He promised that savings in the convertible pesos would retain their value until the change took place.
"People who have the convertible Cuban peso (CUC), whether in the banks or kept at home, will not lose any financial capacity when the dual monetary system is eliminated," said Murillo.
He did not say when the change would go into effect. The double monetary system was established in 1994 amid an economic crisis sparked by the fall of the Soviet Union, which heavily subsidized Cuba for decades.
It was designed to allow Cuba to receive hard currency needed for international trade from the outside world while insulating the rest of the communist economy from market influences.
In October, the official newspaper Granma said that the government's first step would be to allow several businesses that currently accept only convertible pesos, or CUCs, to do business in ordinary Cuban pesos, or CUPs.
The official exchange rate will remain in effect, Granma said, meaning the goods themselves will remain out of reach for Cubans without access to the foreigner exchange-driven economy, which includes millions of dollars a year in remittances from relatives in the United States and other countries.
St. Lucia in top ten wealthy Caribbean nations based on Gross National Income
The World Bank has named Saint Lucia among the top ten wealthy Caribbean nations based on Gross National Income (GNI). St. Lucia was ranked seventh with a GNI of $6,530.
In its 2014 World Development Report, the World Bank used the GNI to measure the wealth of Caribbean nations.
The GNI per capita is the gross national income of a country divided by its total population. It is also the sum of value added by all resident producers, plus any product taxes not included in the valuation of output.
According to the report, St Lucia’s educated workforce and improvements in roads, communications, water supply, sewerage and port facilities have attracted foreign investment in tourism and in petroleum storage and transshipment.
The report states that St. Lucia has been able to attract overseas business and investment, especially in the offshore banking and tourism industries.
It adds that Saint Lucia’s manufacturing sector is the most diverse in the Eastern Caribbean, and the government is trying to revitalize the banana industry.
Christmas Message from Prime Minister of St. Maarten, the Honorable Sarah Wescot-Williams.
Dear Fellow Citizens of St. Maarten,
I again have the privilege to wish each and every one of you a blessed and joyous Christmas. I hope that you will be able to spend this holiday with your friends, families and loved ones and that you may be able to share in the joy which this season brings with it. At Christmas we remember firstly the birth of Christ that heralded the salvation of mankind. This is why we celebrate.
I hope that you will also take a moment to reflect during this festive season on those amongst us who are not as fortunate in being surrounded by friends and family; who due to whatever circumstances may not be able to spend this Christmas the way they would like to spend it. Those who are ill, lonely or destitute. I urge you in any way you can to exhibit a sense of compassion and community, not only this Christmas, but throughout the year.
Christmas is a season for merriment and cheer and I hope this is celebrated and enjoyed by all. We have a rich holiday culture here on St. Maarten and I encourage all to celebrate what makes Christmas special for us.
I would like to wish all a very Merry Christmas; may you spend it joyfully and safely, and let us join together in the spirit of Brotherhood, Peace and the Unity which exemplifies this most joyful of Holidays.
From the Cabinet of the Prime Minister
Christmas Message from the Leader of the Opposition Andrew Holness
Christmas is the celebration “of God’s amazing grace, in that He loved each of us so much that He sent His only begotten Son as the manifestation of the way to truth, hope and redemption”.
This is the essence of Christmas regardless of religious traditions. This is the time of year when we collectively reflect on certain themes: peace and love but is also a festive time.
It is a time when we radiate the feelings of goodwill friendliness and generosity to all.
It is a time when we radiate the feelings of goodwill, friendliness and generosity to all. During this festive season however let us not forget that Christmas is not always a happy time for everyone.
There are many vulnerable persons who are at risk, our brothers and sisters who are poor and in need; the aged, the infirm, the disabled and the homeless.
As we remember the Christ child, let us remember our children.
Let us pledge to protect them from abuse, neglect and exploitation.
Let us ensure that they are properly guided and educated particularly at the early childhood and primary levels of our educational system. Only then can we be assured that they will be placed in a position to contribute meaningfully to the future development of our country.
This Christmas let us hug them, show them that we care and make them happy.On behalf of my family and the Parliamentary Opposition, I want to extend greetings and best wishes for the season to all Jamaicans at home and abroad.
On behalf of my family and the Parliamentary Opposition, I want to extend greetings and best wishes for the season to all Jamaicans at home and abroad.
Let us be happy but above all else be safe.
Merry Christmas!
Jamaicans among top 10 nationals deported in 2013
The United States Immigration and Customs Enforcement (ICE) agency says Jamaicans were among the top 10 nationals deported in 2013.
In announcing the year-end removal numbers on Thursday, ICE said the top 10 deportees were from Latin America and the Caribbean.
One thousand, one hundred and nineteen Jamaicans were deported in fiscal year 2013 while 2,462 nationals from the Dominican Republic were also deported.
The immigration agency said Mexico continues to be the leading country of origin for those removed, followed by Guatemala, Honduras and El Salvador.
The figures for Mexico show 241,493 deportees; Guatemala 47,769; Honduras 37,049; El Salvador 21,602; Ecuador 1,616; Brazil 1,500; Colombia 1,429; and Nicaragua 1,383.
ICE said 98 per cent of the agency’s total removals were convicted criminals, recent border crossers, illegal re-entrants, or those previously removed in line with agency’s enforcement priorities.
These figures highlight ICE’s ongoing commitment to primary immigration enforcement missions:”the apprehension of criminal aliens and other immigration violators in the interior of the United States; and the detention and removal of individuals apprehended by ICE and US Customs and Border Protection (CBP) while attempting to unlawfully enter the United States,” ICE said.
ICE’s acting director, John Sandweg, said the 2013 numbers make clear that “we are enforcing our nation’s laws in a smart and effective way, meeting our enforcement priorities by focusing on convicted criminals while also continuing to secure our nation’s borders in partnership with CBP.”
Source-CMC