#TurksandCaicos, May 02, 2018 – Providenciales – In an effort to be transparent,The PDM Government spent a considerable amount of time passing New Companies legislation that complied with the recent goals set by G7 countries, but no matter how many goalposts they set for us to attain they have continually changed the goalposts.
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. It could go down as the greatest act of white collar transfer of wealth in the history of the world. I believe financial services represent 12 percent of our GDP or economic activity in Turks and Caicos Islands. While we won’t suffer as great as Cayman, Bermuda and BVI it will impact us.
More importantly though, this action highlights for us as a people the attitude towards us. If it suits their interests an order in council is easily passed. Our constitution is an Order in Council and could just as easily be changed if there was the political will in the UK. It is time that we seriously consider a different more empowering relationship with the UK. This should be seen for what it is- a constitutional smack down by our Overseers.