News
PDM Chairman calls new British law discriminatory, a major financial blow to TCI’s No.2 industry
#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.
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to once again support Basketball Smiles for their 27th year.
Upholding its corporate pillar of community outreach, CBC proudly donated $2,000, over 75 cases of Dasani, Powerade and Sprite, reusable
Powerade water bottles and numerous marketing materials.
The annual sporting summer camp offers free basketball and life skills training to Junior and High School students.
Basketball Smiles’ mission of developing leadership qualities while fostering children’s academic achievement and self-esteem aligns perfectly with CBC’s commitment to supporting and empowering youth.
Jazmin Darling, Assistant Marketing Manager for Caribbean Bottling Company shared why the company continues to support this program each year.
“At CBC, we believe investing in our youth is one of the greatest ways to strengthen our communities. We’re proud to support Basketball Smiles each year because it goes beyond the game. This program champions healthy lifestyles, positive values and brighter futures. It’s a privilege to play a role in helping these young athletes reach their full potential each year,” she shared.
Sam Nicholls, Basketball Smiles Camp President and Founder expressed.
“Caribbean Bottling Company is an incredible partner. We are truly grateful for their generous support, which will go a long way in making a positive impact on the lives of our campers,” Nicholls expressed.
CBC is always ready to lend its support toward initiatives and programs that uplift young Bahamians. The impact Basketball Smiles makes on the community is undeniable and is why CBC remains a historic sponsor.
For more information on sponsorship, events and new products, visit www.cbcbahamas.com today.
NASSAU, Bahamas — Caribbean Wines and Spirits (CWS), The Bahamas’ premier wine and spirits distributor is thrilled to once again lend its support to Transforming Spaces (TS).
CWS is a proud historical partner of the annual art week which highlights Bahamian art and art spaces. Under this year’s theme, “Chasing
Light” Transforming Spaces and Caribbean Wines & Spirits created a memorable art experience.
To mark 21 years of the upliftment and exposure of culture and Bahamian art, CWS offered award winning wines St. Francis, Rebellious, Bottega and Excellsior; premium spirits, Cross Keys Gin, El Tequileno Tequila, Angostura Rum and Nemiroff Vodka, along with the newly added Coors Light Beer from its portfolio.
To kickstart the annual art week, CWS delighted attendees with a tasting of globally renowned Bottega Wines at TS’ Poetry Jam, held at ICE Bahamas. Throughout the event, Bottega brand representatives shared tasting notes, ideal pairings, and insights into the brand’s portfolio.
During the highly anticipated Saturday and Sunday tours, CWS showcased its premium products at select art galleries.
Attendees enjoyed Rebellious and St. Francis wines at The Current: Baha Mar Art Gallery and Museum, Bottega and Excellsior wines at the National Art Gallery of The Bahamas, Coors Light beer at the University of The Bahamas Pro Gallery and hand-crafted Schweppes mixes featuring Cross Keys Gin, El Tequileno Tequila, Angostura Rum and Nemiroff Vodka at CAB Gallery & Studio.
Throughout the two-day tour, CWS product specialists enriched the experience by providing a deeper appreciation for their exceptional beverage portfolio.
Members of the Transforming Spaces Committee expressed their appreciation towards CWS’ support after another successful art week.
“Transforming Spaces is deeply grateful for the continued support of Caribbean Wines & Spirits over the years. Their partnership has become such an important part of the TS experience, helping us create welcoming and vibrant moments for our audiences across the tour weekend. From signature wines and cocktail bars to refreshments at gallery stops and pop-up events, their contribution brings an added sense of hospitality, celebration, and connection to the journey through Bahamian contemporary art.” — TS2026 Committee.
Caribbean Wines & Spirits is proud to partner with Transforming Spaces in supporting and elevating the voices and works of Bahamian artists and looks forward to strengthening this partnership for years to come.
To learn more about CWS’ involvement in the community, follow on social media @caribbeanwinesandspirits or visit the website at www.cwsbahamas.com today.
By Magnetic Media Newsroom
PROVIDENCIALES, Turks and Caicos Islands — The Turks and Caicos Islands Government says the breakdown of its relationship
with InterHealth Canada presents an opportunity to reshape healthcare delivery, with plans to expand local medical services, strengthen primary care and reduce dependence on overseas treatment.
During a national briefing following InterHealth Canada’s notice terminating its hospital contract, Premier Charles Washington Misick acknowledged publicly for the first time that Government and InterHealth had been negotiating an exit from the arrangement for more than a year after what he described as an “irretrievably broken down” relationship.
Despite the contractual dispute, Misick and Health Minister Kyle Knowles stressed that healthcare services will continue uninterrupted during the transition.
“Allow us to do our job,” Knowles appealed, assuring residents that Government is actively managing the transition and safeguarding patient care.
The Premier outlined what amounts to a broader healthcare transformation built around four connected levels of care: strengthened community-based primary healthcare; expanded polyclinic services; enhanced hospital-based secondary care with greater specialist capacity; and overseas tertiary treatment only for cases that cannot be managed locally.
Among the proposals are the long-discussed establishment of intensive care units, expanded use of currently unfinished hospital space,
recruitment of more resident specialist physicians and stronger contract management to oversee future healthcare agreements.
Knowles said the new polyclinic model will broaden services available outside the hospitals, including dentistry, ophthalmology, laboratory services, diagnostic imaging, gynaecology and preventative screening, helping to reduce pressure on emergency departments while improving early intervention.
Misick also acknowledged that while the hospital system significantly improved healthcare access after opening in 2010, Government believes further reform is necessary to improve affordability, sustainability and the range of services available within the Turks and Caicos Islands.
The briefing marked the Government’s most comprehensive explanation to date of its plans beyond the InterHealth contract, signalling that officials now see the transition as an opportunity to redesign healthcare delivery rather than simply replace one operator with another.
-
Education1 week agoTurks and Caicos Islands Students Excel at Cycle 13 WizdomCRM Regional AI Game National Awards Ceremony
-
Government1 week agoGovernment Outlines New Healthcare Vision as Interhealth Exit Accelerates Reform
-
News1 week agoPlanning for Tomorrow: Why Sustainable Communities Begin with Good Planning
-
Bahamas News1 week agoCaught in the Net, Not Accused of Wrongdoing
-
Bahamas News3 days agoCaribbean Bottling Supports the 27th Basketball Smiles Week
-
Bahamas News3 days agoCWS Supports Transforming Spaces with Premium Products and Unique Cocktails