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PDM Chairman calls new British law discriminatory, a major financial blow to TCI’s No.2 industry

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Captured from video of House of Commons presentation by Sir Alan Duncan

#London, England – Wednesday May 2, 2018 – Newly ratified legislation in the UK House of Commons may mean the British will move in like bulldogs to further clamp down on the overseas territories when it comes to public disclosure of beneficial owners of companies.

Though the Minister of State for Europe and the Americas, Sir Alan Duncan has somberly expressed his misgivings about forcing changes in legislation of the OTs, he stood powerless against the vote in Parliament which overwhelmingly supported forcing countries like the Turks and Caicos, Cayman Islands, Bermuda, British Virgin Islands, Gibraltar and Anguilla to alter laws to comply with the UK-amended Sanctions and Anti Money Laundering Bill.

“We are concerned however, that the economic impact on imposing public registers on the overseas territories will be significant, but furthermore, the Overseas Territories are separate jurisdictions, with their own democratically elected governments.  They are responsible for their own fiscal matters and they are not represented in this Parliament.  Legislating for them without their consent, effectively disenfranchises their elected representatives.  We would have preferred to work consensually with the overseas territories to make their registers publicly available…”

Sir Alan continued at the House of Commons on Tuesday with a presentation explaining the ‘bossy’ ultimatum which will have to be leveled at the OTs, despite his apprehension about the economic impact: “We do not want to legislate directly for them nor do we want to risk damaging our longstanding constitutional arrangements which respects their autonomy. However, we’ve listened to the strength of feeling of this House on this issue and accept that it is, without a doubt, the majority view of this House that the overseas territories should have public registers ahead of it becoming the international standard as set by the Financial Action Task Force, FATF.”

The Bill was accepted on Tuesday in London and calls for the legal framework of the overseas territories to be changed by the year 2020.

The Turks and Caicos, just this past February finally managed to push through the House of Assembly, a bill which makes beneficial owners of companies public on a need to know basis only.

This requirement of the Companies Ordinance has been hotly contested since 2013, when the now five-year-old Association of Companies Management Agents (ACMA) was established within the TCI.

ACMA had drafted a list of legal concerns and qualified recommendations for consideration by the Turks and Caicos Financial Services Commission; Magnetic Media is told that only a few of the long list of suggestions was picked up in the law, which it seems, will now be made to undergo further change for even wider disclosure of who owns what.

The PDM Administration, through its Party Chairman has chimed in as the conversation is growing and eliciting vociferous outrage about the obligation, sure to threaten as much as 90% of business done by company management firms.

Hon. Douglas Parnell summed up the foreboding policy as bold-faced robbery and vexing discrimination.

“This new move discriminates against all UK Overseas Territories by threatening to use constitutional force by Order in Council to cause OT’s to comply with opening up all the information about beneficial ownership available in our registries! Right now, if there is cause, law enforcement from other jurisdictions can get access. This new move will allow anyone in the world to go online and search any person’s name or company name to see who is associated with it. Every law firm or company management firm that employs a corporate manager/secretary could and most likely would see a loss of their business. It will affect every financial institution in TCI. But, the Crown dependencies like Jersey, Guernsey and Isle of Man are exempted. Basically, they are robbing the OTs of their financial services business in favor of their own interests,“ said Parnell, who works in the Office of the Premier and Finance Minister in a media statement issued today. 

Magnetic Media is informed that trusts and land asset holdings firms; company and property managers; the people they hire like housekeepers and gardeners; financial institutions and estate planners will all be negatively impacted by the requirement from the ceaselessly demanding FATF.  Constant changes and mandatory compliance standards are leveling the playing field so much, that competitive edge is almost completely eroded for small island states like the Turks and Caicos Islands.

 

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

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TCI Border Force Hosts Border Security Training for Overseas Territories

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Turks and Caicos, February 12, 2025 – The Turks and Caicos Islands (TCI) Border Force recently concluded a series of critical training exercises focused on container targeting, search procedures, and firearms awareness. This initiative, a vital investment in regional security, saw TCI Border Force officers joined by colleagues from the Anguilla Customs Department, BVI Customs Department, and Cayman Islands Customs and Border Control.

The training, conducted from 21st to 31st January, was facilitated by a team from Home Office International Operations through the Foreign, Commonwealth & Development Office (FCDO) Border Security Programme and organised via the Integrated Security Funding Overseas Territories Border Security Programme. This collaborative effort underscores the commitment of the UK government and participating agencies to combat transnational crime and the flow of illicit goods within the Overseas Territories.

The curriculum encompassed three courses. The first, Fundamentals of Container Targeting (21st-24th January), focused on enhancing participants’ understanding of current priorities and container targeting capabilities, risk analysis within container traffic, and practical exercises utilising intelligence flows. The second, Search of Containers, saw participants receive specialised training on current threats facing the shipping industry and best practices for container search procedures. Finally, a crucial course on Firearms Awareness provided instruction on various types of firearms and the identification of firearm parts, equipping officers with the knowledge necessary to interdict illegal weapons.

These training exercises represent a significant step forward in strengthening the TCI Border Force’s ability to facilitate trade while protecting the borders of the Turks and Caicos Islands. Enhanced targeting and search capabilities will lead to more effective screening of cargo and potentially shorter processing times for legitimate shipments. Greater security will also be evident as the increased focus on firearms awareness will contribute to a safer environment.

“This training is a crucial investment in the safety and security of the Turks and Caicos Islands,” stated Emilio Seymour; Director General of TCI Border Force. “By working collaboratively with our regional partners and leveraging the expertise of the Home Office, we are significantly improving our ability to detect and deter criminal activity. The enhanced skills acquired by our officers will have a direct and positive impact on our community, protecting our economy and ensuring a safer environment for all.”

The TCI Border Force remains committed to protecting the borders of the Turks and Caicos Islands and ensuring the safety and security of its citizens. This training initiative represents a significant investment in that commitment.

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Solar PV Projects Completed at Critical Turks and Caicos Islands Healthcare Facilities

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Grand Turk Wellness Center

PRESS RELEASE

 

FROM THE Ministry of Public Safety and Utilities

South Caicos

Providenciales, Turks and Caicos Islands 11th February 2025 – The Turks and Caicos Islands (TCI) have taken a significant step toward a more sustainable energy future with the installation of five (5) solar photovoltaic (PV) systems at key healthcare facilities across the archipelago.

This initiative, funded by the European Union through the Resilience, Sustainable Energy, and Marine Biodiversity Programme (RESEMBID) and implemented by Expertise France, aims to enhance sustainability, reduce operational costs for the TCI Government, and contribute to long-term economic viability.

North Caicos

The solar PV systems have been strategically installed at critical medical facilities, including the Blue Hills Clinic in Providenciales, the Bottle Creek Clinic in North Caicos, the Alsada Hall-Malcolm Primary Healthcare Clinic in Middle Caicos, the South Caicos Primary Health Clinic, and the Wellness Centre in Grand Turk. These healthcare centers provide essential services to local communities, and the integration of solar energy demonstrates TCI’s commitment to environmental responsibility and energy efficiency within vital public sectors.

Leading this transformative initiative is the Energy and Utilities Department (EUD) under the Ministry of Public Safety and Utilities (MPSU). The EUD has overseen the installation and integration of these solar PV systems within the local energy landscape, leveraging the islands’ abundant sunshine which averages approximately 350 sunny days per year — an ideal setting for solar energy generation. These systems, equipped with advanced battery storage solutions, will significantly reduce electricity costs for healthcare facilities while ensuring uninterrupted power supply during grid outages or energy supply challenges.

Middle Caicos

EUD Commissioner Delano R. Arthur emphasized the importance of this initiative: “The solar PV systems will greatly reduce electricity costs and symbolize our shift toward a sustainable energy future. This investment not only strengthens energy security, but reduces dependence on imported fossil fuels, lowering carbon emissions and environmental impact.”

The collaboration between the European Union, Expertise France, and local government agencies ensures that the project aligns with international renewable energy standards, benefiting both the environment and the community. Installation was successfully carried out by Green Revolution Ltd., a local company committed to advancing sustainable development in TCI. Their involvement highlights the importance of local expertise and community engagement in executing renewable energy initiatives.

Blue Hills

For further information, please contact:

Energy and Utilities Department (EUD)
Email: eud@gov.tc

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SHARK INCIDENT, BLUE HILLS

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12 February 2025, Providenciales – On Friday 7 February a tourist was injured by a shark in the waters adjacent to Blue Hills, Providenciales.

The individual was taken to Cheshire Hall Medical Centre where she was stabilized and later flown off island for further medical care.

Upon confirmation of the incident the Department of Environment & Coastal Resources (DECR) issued a beach closure notification from Thompson’s Cove Beach to Froggies ATV, Blue Hills in an abundance of caution. The beach was reopened on Sunday, February 9th at 1pm after it was determined that the shark had moved to deeper water.

The shark was estimated to be approximately 6ft in length, however the species is yet to be confirmed.

Further to the investigation, it has been determined that the tourist had attempted to engage with the animal from the shallows in an attempt to take photographs.

The DECR would like to urge the public to always  be aware of your surroundings, follow local advisories, and respect marine life. Swim in designated areas, avoid murky waters, never swim alone, and do not attempt to feed marine wildlife under any circumstances

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