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CHURCHES DEADLINE TO REGISTER WITH FINANCIAL SERVICES COMMISSION NEARING

Providenciales, 13 Jan 2015 – Churches convened yesterday and it was not specifically for a time of prayer; the group was for the third or fourth time meeting the Financial Services Commission which now has jurisdiction over these entities financially thanks to that new law which calls for all nonprofit organizations which includes: civic, charity and church bodies to register and report.

Paul Coleman, head of the Compliance Unit of the FSC chaired that meeting yesterday of the Providenciales Ministerial Fellowship which aimed to explain further to the church pastors how the FSC expects them to comply with a new piece of legislation which gives the FSC power to laud over the books and financial operations of the churches within the country. There are believed to be around 70 churches in Providenciales, well over 100 nationwide. Like the other groups, the church is finding the adjustment to this new procedure frustrating and in some cases, unheard of and intrusive to the work of the Body of Christ.

Nonetheless, with an investment of around $1,500 to incorporate and pay the registration fee of the FSC all churches in the country are expected to comply by the end of February.

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