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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.

Caribbean News

Team Trinidad & Tobago Makes Waves with Historic CARIFTA Aquatics Performance

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April 14, 2026 – Team Trinidad and Tobago delivered one of the most commanding performances at the 2026 CARIFTA Aquatics Championships, finishing third overall in swimming and second in athletics, signaling a powerful resurgence on the regional stage.

Competing in Martinique, the swim team amassed an impressive 747 points and 59 medals—20 gold, 19 silver and 20 bronze—in what officials are calling a historic showing. The result marks a significant step forward from previous years, reinforcing the country’s growing strength across disciplines and age groups.

Standout performances came from a deep and talented squad. Zahara Anthony led the charge with 72 points, dominating the Girls 11–12 division across freestyle, butterfly and individual medley events. Liam Carrington followed closely with 69 points, delivering a near-flawless campaign in the Boys 15–17 category, while Marena Martinez, Xaiden Valentine and Serenity Pantin added critical points with consistent podium finishes.

The team’s strength was not limited to individual brilliance. Athletes like Micah Alexander, Ethan McMillan-Cole and Jaden Mills showcased versatility and depth, while relay contributions from swimmers including Julius Ennals and Anpherne Bernard helped secure the team’s overall standing.

The performance drew high praise from the Ministry of Sport and Youth Affairs in Trinidad and Tobago, which welcomed the team home in celebration of what was described as a defining moment for the programme.

Minister Phillip Watts noted, “This success is not accidental. It is the result of hard work, structure, vision, and belief. Our young athletes are proving that Trinidad and Tobago is rising again.”

He added that every performance sent a clear message across the region that the country is “not standing still… we are moving forward.”

The showing in Martinique underscores the impact of sustained investment in youth development, coaching and systems, with Team TTO emerging as one of the most complete and competitive squads at CARIFTA 2026.

With momentum now firmly on their side, Trinidad and Tobago’s swimmers are not just competing—they are setting the pace for the future of Caribbean aquatics.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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Bahamas News

New Manifestos Released as Bahamas Heads to Historic May 12 Vote

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The Bahamas, April 14, 2026 – With the 2026 Bahamian general election set for May 12, the country’s major political parties have now formally placed their plans before the electorate, offering competing visions for governance, growth and relief.

The governing Progressive Liberal Party (PLP), led by Philip Davis, launched its “Blueprint for Progress 2026” on April 8, 2026, outlining a 46-page plan focused on long-term development and systems reform. The document places heavy emphasis on energy transition, digital government, workforce training and food security, positioning the party as one seeking continuity following its first term. The full plan is publicly available online through official PLP platforms for voters to review.

Just days later, on Sunday, April 12, the opposition Free National Movement (FNM), under Michael Pintard, unveiled its 2026 Manifesto at a major event in Nassau. Spanning 54 pages, the document centers on cost-of-living relief, tax reform, healthcare expansion and housing, offering what the party describes as a more immediate response to economic pressures facing Bahamian families. The FNM has also made its manifesto accessible online.

Beyond the two major parties, the Coalition of Independents (COI) had already entered the policy space earlier, formally unveiling its long-range Vision 2030 framework on Saturday, March 1, 2025, at the Fusion Superplex in Nassau during a packed national launch led by party leader Lincoln Bain. That framework has since been complemented by a 100-day action plan released in late March/early April 2026, adding a short-term policy layer to its long-range proposals.

These policy rollouts come as the country prepares for a pivotal vote, with the Parliamentary Registration Department confirming a voters’ register of approximately 203,000 eligible voters, one of the largest in the nation’s history. Key dates are now set, with Nomination Day on April 16, followed by advance polls on April 30, ahead of General Election Day on May 12.

With platforms now in the public domain and the timeline locked in, the focus shifts squarely to the electorate—who must now weigh the promises, examine the plans and decide the country’s direction at the polls.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Bahamas News

From Concept to Approval: What a 2019 Water Security Plan Now Means for Bahamians

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The Bahamas, April 14, 2026 – At its core, the $65 million water security project is designed to strengthen the reliability, safety and resilience of the water supply across The Bahamas.

If implemented as planned, the investment is expected to improve water quality, reduce contamination risks and support public health, while increasing supply reliability and limiting service disruptions during droughts or system failures. The project also aims to expand and upgrade infrastructure, including wellfields, pumping stations and storage capacity, and to protect freshwater resources from saltwater intrusion—an increasing threat for low-lying islands. In practical terms, that could mean cleaner, more consistent and more dependable access to water for residents across the country.

The project was first conceptualised in 2019 under the previous administration, when a proposal was submitted to the Green Climate Fund to strengthen the resilience of the country’s water systems. That early work came just months before Hurricane Dorian exposed the vulnerability of national infrastructure, including critical water and sanitation systems, particularly in the northern Bahamas.

The initial phase focused on developing the concept, identifying priority areas and engaging regional and international partners, including the Caribbean Development Bank, to support the design and preparation of a full funding proposal.

Following the change in government in 2021, the project advanced into its most technical and demanding stages. The current administration oversaw the completion of key requirements, including feasibility studies, environmental and social assessments, and detailed financing negotiations with international partners—steps necessary to move the proposal from concept to approval.

That multi-year process has now culminated in approval of a $65 million financing package, combining grant funding with concessional loans to support long-term upgrades to the country’s water infrastructure.

While the project brings significant international support, it is not entirely free money. The package is structured as a blended financing arrangement, combining grant funding with concessional loans—meaning a portion of the funding will ultimately need to be repaid. Based on information released by the Caribbean Development Bank, approximately $25 million of the total package is tied to loan financing, with the remaining portion provided as grant support.

Concessional loans typically carry more favourable terms than commercial borrowing, including lower interest rates and longer repayment periods. However, they still represent debt obligations that will be borne over time.

Notably, detailed terms of the loan components—including interest rates, repayment schedules and any associated conditions—were not disclosed in the initial announcement issued by the Office of the Prime Minister (Bahamas). Those details are expected to be outlined in formal financing agreements, but have not yet been made public.

For Bahamians, the project represents both investment and obligation. While the grant funding provides a significant boost to infrastructure development, the loan component adds to the country’s long-term financial commitments—making transparency around terms and implementation timelines especially important.

While the approval marks a significant milestone, the timeline for delivery remains a critical factor. Based on information available from project partners, implementation is not expected to begin immediately. The initiative is anticipated to move into its execution phase later in 2026, following finalisation of financing agreements and completion of preparatory requirements.

From there, the project is projected to unfold over several years, with estimates suggesting a multi-year implementation period of up to seven years to fully deliver the planned upgrades to water infrastructure across The Bahamas.

This means that while the funding has now been approved, the benefits will be realised gradually rather than all at once. A definitive completion date has not been publicly outlined, and detailed timelines tied to specific islands or phases of work have yet to be disclosed.

For Bahamians, the question now shifts from approval to execution—when funds are drawn down, when construction begins, and how consistently the project moves from plan to delivery.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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