TCI News
Press Statement – Mandating the establishment of Pubic Beneficial InterestRegisteries in The Overseas Territories through order in Council
#TurksandCaicos, May 04, 2018 – Providenciales – It should be no surprise to observers of history that the Overseas Territories constitutional relationship with the UK has been subjugated in a political compromise between the minority government of Theresa May and the diverse parliamentary groups to secure the passage of the new Sanctions and Anti-Money Laundering Bill passed by the UK Parliament on May 1 in exchange for mandatory establishment of public registries of beneficial interest by 2020.
The will of colonial peoples have always been political fodder In the UK geopolitical interest as reflected in the famous oration by Viscount Lord Palmerston 1784-1865, Foreign Secretary and two-time Prime Minister under Queen Victoria that “Britain had no eternal allies and no perpetual enemies, only interest that were eternal and perpetual.” And so, history has once again repeated itself and the interest of the Overseas Territories has been sacrificed on the altar of political expediency to achieve legislative consensus in bringing sanctions to bear against Russia.
The decision by the UK Parliament on the one hand affirmed the principle of consensus democracy as it relates to the UK special interest; while on the other hand admittedly “disenfranchises the elected representatives of the Overseas Territories who do not have a voice in the UK Parliament.” This is especially egregious given that it reflects a traditional bias in favour of Crown Dependencies tilting the playing field in their favour. The alarming Ignorance of reality in the Overseas Territories by members of UK Parliament has been costly, and this most recent decision in the words of Alan Duncan himself will potentially create hardship for them.
The decision is clearly not evidence based and indeed the evidence provided by the UK itself as reflected by Alan Duncan statement asserts that the Overseas Territories now generally have “central registers or similarly effective systems …… that enable UK law enforcement authorities to establish the ultimate owner of companies registered in the Overseas Territories……The commitments they have made in the exchanges of notes with the UK exceed current Financial Action Task Force standards and put them ahead of most jurisdictions, including many of our G20 partners and some states in the United States.” This contradicts the notion of UK parliamentarians that the Overseas Territories are tax havens for robber barons, tax evaders, fraudsters, drug runners and funders of terror. Indeed, there is more evidence that the UK itself is a haven for ill-gotten wealth.
While the Turks and Caicos Islands offshore financial sector is not as significant a part of our economy compared with that of the Cayman Islands or the BVI we have recently passed a new Companies Ordinance which establishes a central registry albeit not public; and plans are ongoing to continue the modernisation of legislation to make the jurisdiction more competitive. In addition, a review of the industry by KPMG is expected to be completed during the month of May together with recommendations for the expansion of the Offshore financial services sector.
Therefore, two sequential and immediate actions are necessary to any future strategy to grow the financial services sector to maintain equilibrium between income and costs.
- TCIG should move post haste to publicly identify itself with the sentiments of those recently expressed by the Cayman Islands, BVI and Gibraltar in a show of solidarity.
- Second and more importantly all stakeholders including the government, opposition and the private sector must as a matter of urgency convene a meeting to examine the options available to the TCI in a rational and dispassionate way. Given the TCI low profile in this sector there may well be an upside that may be used to our advantage. A win for the Turks and Caicos Islands regardless to who are the architect is a win for all of us, but the discovery of that win requires vision and collaboration.
Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.
Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The
development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.
Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.
Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.
Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.
Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.
The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.
Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of
IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”
He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”
Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”
The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion
Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.
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