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Move to Automated Exchange of Information Causing Issues for Financial Services Practitioners

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Bahamas, September 18th, 2017 – Nassau – The DPM was Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest said among the issues financial services practitioners are contending with is the move to automatic exchange of information, particularly for matters related to taxation in other jurisdictions.

The initial standard in this regard was the Exchange of Information on Request, espoused by the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes, DPM Turnquest said at the Securities Industry Act, 2011 and Investment Funds Act, 2003 Annual Briefing hosted by the Securities Commission of The Bahamas at the British Colonial Hilton, Thursday, September 14, 2017.

He said The Bahamas implemented a number of key legislative initiatives to ensure the legal and regulatory framework as well as supporting processes and procedures were in place to satisfy the Exchange of Information on Request standard.

“These involved, among other things, ensuring reliable accounting records were maintained and accessible, and that the beneficial owners of entities, structures and legal arrangements were identified and properly maintained.

“The legislative initiatives included the International Tax Cooperation Act, 2010, which facilitated the implementation of international tax agreements and tax information sharing under those agreements.   The Government also implemented a series of legislative amendments including amendments to the International Business Companies (IBC) Act, the Partnership Limited Liability Act and the Segregated Companies Act, amongst others, in 2011, and the IBC Accounting Records Order of 2016, to meet the information exchange standards.   After having undergone the Global Forum’s most recent review – the Phase 2 review, the jurisdiction is assessed as Largely Compliant.”

The DPM said the Foreign Account Tax Compliance Act or FATCA was adopted by the United States Congress in 2010, and of course, The Bahamas made the necessary legislative and procedural changes to meet the FATCA requirements.

He explained that by September 2014, the G20 and leaders of the Organisation for Economic Cooperation and Development had endorsed the Common Reporting Standard or CRS.

The CRS facilitates automatic exchange of account information, on a confidential basis with information from financial institutions being exchanged annually.   According to an OECD June 2017 report, some 101 jurisdictions had committed to implementing this newest standard on tax transparency and undertaking actual information exchanges by 2017 or 2018.

“You would be aware that the Government is committed to adopting the multilateral approach to sharing information under the CRS regime.   We simply cannot afford, nor do we wish to have, the reputation of being the ‘last tax haven standing’ as the Head of the OECD’s Global Forum Secretariat on Transparency and Exchange of Information for Tax Purposes, Monica Bhatia, referred to the jurisdiction prior to the Government’s commitment to the Multi-lateral approach.”

DPM Turnquest said, “We must protect our sector from the fallout of blacklisting, and we want to be singled out for markers such as excellence in service, being business friendly, and product innovation–not for being a place to hide or launder illicit funds of any kind.   Undoubtedly, this will impact reporting requirements and hence compliance costs in most, if not all, financial institutions.”

PressRelease: BIS

Caribbean News

TCI records first case of Cholera; Minister says Response Plan Ready

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By Dana Malcolm

Staff Writer 

 

#TurksandCaicos, June 5, 2023 – The Turks and Caicos has recorded its first case of cholera.  The update came from the Ministry of Health and Human Services on Monday June 5th.

The positive result came from a stool sample sent from the Cheshire Hall Medical Centre.

The case appears to be an imported one as the individual had recently travelled to Haiti which is struggling to deal with a major outbreak of the disease.

Beset with vomiting, diarrhea and dehydration, the person was tested for the viral illness.

Cholera is spread through contact with the feces of an infected person.  This can occur when sewage isn’t treated properly and comes in contact with drinking water, or where sources of water are not properly treated.  Drinking or eating food prepared with contaminated water can cause the disease to spread.

The US National Library of Medicine says If left untreated, cholera has a 25-50% mortality rate.  Treatment reduces this dramatically to less than 1%.

Minister of Immigration Arlington Musgrove had told Magnetic Media that the Department of Immigration had implemented a new system to check for cholera infections which had also been in use for any irregular migrants from Haiti.

The National Security Council, NSC had also instructed the Ministry of Health to secure a cache of cholera vaccines for the country’s protection should they become necessary.

Shaun Malcolm, Minister of Health and Human Services today said, “The TCI’s National Cholera Preparedness and Response Plan was updated with stakeholder involvement in 2022 and a number of training sessions were undertaken for frontline workers on Infection Prevention.”

There was no mention, however, of whether the Turks and Caicos Islands was able to secure the vaccines recommended for stockpiling by the NSC.

What was asked of residents is that they “seek medical treatment immediately if they suspect they or their family members are infected.”

The patient is now in stable condition and responding to treatment, informed the Health notice.

The government has sent the sample off to the Caribbean Public Health Agency, CARPHA to determine which strain of the virus is present.

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Caribbean News

Wal Registre’s Impressive Rise at BTC

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PROVIDENCIALES, Turks & Caicos Islands: When Wal Registre started his career at Beaches Turks and Caicos (BTC) on October 25, 1997 as a bartender, little did he know that 25 years after, he would have risen to the post of payroll administrator within the same organisation.

The Raymond Gardiner High School graduate was always good at accounting and mathematics and had the dream of excelling in the hospitality industry in an area that would best fit his passion and academic strength.

Having been promoted to bar supervisor in 1999, Wal’s vision for growth was still active as he recognised that being a team member at Beaches Turks and Caicos would allow him to excel beyond his comfort zone. Following the completion of a number of courses with the Sandals Corporate University (SCU), he transitioned to the Cost Control unit in the Accounting Department as the cost control clerk.

Wal pointed out that his ability to grow within the company was largely due to his commitment to excellence. The SCU courses that were offered gave him the added training needed to build on what he was able to learn on the job and from his mentors.

“At BTC, training is very important to each employee. There are many opportunities for professional development and with the guidance from the Learning and Development team, and the leaders within the company, team members can truly grow,” Registre added.

One of Wal’s colleagues, Janet King, noted, “Wal’s commitment serves as an example to every team member here. His ability to grow from an entry level position to where he is now shows that everyone can succeed once they put their minds to it.”

While expressing his commitment to his profession, Wal’s dedication and discipline are traits that he values and chooses to pass on to those he leads. In sharing his advice to younger professionals seeking to enter the industry, he noted, “this organisation believes in quality work life balance that will allow each team member valuable time with family. This period helps me to maintain a bond with my family and explore the world. Training within this company is available for everyone and the ability to grow professionally is dependent on each person having the right attitude to grow.”

 

Release: BTC

Photo Captions

Header:Wal Registre, Payroll Administrator at Beaches Turks and Caicos makes final checks as he goes through documents at his desk at the resort

Insert: Anna Francis, Accountant in the Finance department at Beaches Turks and Caicos and Wal Registre, Payroll Administrator at the resort pause from discussing work related items to smile for the camera

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Special Needs Unit Students at Thelma Lightbourne Primary School recognised by BTC

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PROVIDENCIALES, Turks & Caicos Islands –  Parents and students from the Special Education Unit at the Thelma Lightbourne Primary School were recently recognized by the Beaches Turks and Caicos team during a special session at the institution as part of autism awareness activities.

Children’s Activities Manager Fedeline Julien shared, “educating students, parents, teachers and other adults about the best practices of dealing with children with autism is needed especially in our homes and schools. Children who are autistic do things differently and should be treated with patience and care.”

Robin Cox Foster, principal of the school said, “the partnership between Beaches Turks and Caicos and our school is always welcome. As the only resort on island that is an autism certified centre, they were readily available to share with our students and their parents. The involvement of the Sesame Street character, the presentations from the Kids Camp team to the parents allowed those present to appreciate their roles in being change agents for autism.”

Caring for a child with special needs was highlighted as an opportunity to create a closer bond between child and parent/caregivers.

Walter Moore, who has a son on the spectrum shared, “being able to deal with the many challenges of a special needs child will assist parents in being more patient and creative in how they care for a child. My son and I are best friends. He is comfortable talking with me about anything and I have to learn how to respect his likes and dislikes and create an environment that makes him happy.”

Beaches Turks and Caicos’ Kids Camp is an Advanced Certified Autism Centre which ensures that team members have the required knowledge, skills, temperament, and expertise to cater to all children. The resort offers age-specific programmes for infants, toddlers, pre-teens and teens.

 

Release: BTC

 

Photo Captions:

Header: Tanya Swann (left), Director of Sales, Groups and Conventions at Beaches Turks and Caicos introduces the team of volunteers who were present while Robin Cox-Foster, school principal looks on

1st Insert: Walter Moore (left) Beaches Turks and Caicos team member shares a moment with his son (right) and Sesame Street character Sesame Street

2nd Insert: Some members of the Beaches Turks and Caicos Sandals Foundation team share a moment at the Thelma Lightbourne Primary School during a presentation to the institution

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