TCI News

TCI: Press Statement from the Office of the Leader of the Opposition

Published

8 years ago

June 8, 2018

#Providenciales, June 8, 2018 – Turks and Caicos – It came as a shock to me in the late morning early afternoon of today (Thursday June 7th) when I was contacted by the Premier to participate in a meeting (by telephone) that was in progress with her and members of her team together with a senior management delegation from Scotia Bank’s local office as well as head of compliance for the Northern Caribbean. The purpose of the meeting as communicated by the bank’s representatives was to inform the government of a decision handed down from the bank’s head office as part of a global strategy to consolidate the banks operation. – the process we were told had already taken place in the Cayman Islands and the Bahamas and is ongoing in the BVI and other regional jurisdictions.

While it had been rumoured for several years that the bank was retrenching, during my term as Minister of Finance when the bank’s representatives were confronted with the issue they always denied it to be the case. I have in the past also personally made representation to the bank (not in writing) about the issue of de-risking certain categories of business to no avail – These global institutions operate on a one size fits all platform with the major emphasis on risk aversion and shareholder value, where despite the fact that a jurisdiction might be profitable if any business unit is not, it is regularly eliminated.

I empathize with the anxiety of the Bank of Nova Scotia Customers in our nation’s capital, and categorically deny any knowledge of the bank’s decision until today; out of respect for the banks staff, it was the proper thing to wait until the bank management met with staff before issuing a statement. Nevertheless, our people in the nation’s capital is faced with a problem not of their making and it behoves us as leaders to act with alacrity and cool headedness to address their anxiety and the inconvenience this sudden and disruptive decision will have on the public. All indications are that the decision of the bank is a fait accompli. This therefore require us not to waste time on matters outside of our sphere of influence but to act with courage to effectuate a system that addresses the problem – which is simply a risk-reward number for the bank, but disruption and inconvenience to the people of the nation’s capital as it has been for some time for the people of South Caicos, Middle and North Caicos. So, a solution has to be two pronged-intermediate and then long term and must take into consideration the plight of all who have either become unbanked or grossly inconvenienced.

In the first place, there are some low technology actions that should be encouraged and facilitated by the government – the first being cheque cashing business opportunities supported by legislation to regulate service standards and rates for cashing payroll and other cheques for the unbanked; the second is the standing up and operationalization of credit unions, the legislation for which already exist – waiting for the cabinet to introduce regulations before the ordinance could be accented to. The bank representatives have indicated possible favorable consideration for providing banking services for credit unions subject to an agreeable compliance protocol – the benefit of this would be formation of corporate vehicles to begin to build domestic capital and reduce the number of unbanked persons. Both of these could be done within the next 90 days while a longer-term solution is considered.

Ultimately though the world is not waiting for us. We can behave like victims or organize to control our own destiny God willing. In the ongoing innovation revolution, we must build a smart tech savvy country familiar with the power of digital technologies and advanced analytics to improve convenience, simplify everyday life, and help us make better decisions. Today we have one of the most powerful digital devices at our finger tips – the smart phone. We must use it for good and not as a thief of our time or a instrument of ridicule or divisiveness. Many developing countries have leaped frog over old technology in use in developed countries to the advantage of their people and improvement in productivity and competitiveness. I see this temporary setback be a teachable moment – a clarion call first to leadership to create an enabling environment including improvement in ICT that will allow the citizenry to engage in more self-help initiatives, and to the citizenry to combine their collective abilities and resources together so that everybody win.

Contrary to accepted intuition and despite past practices, I see the government as a competitor for the hearts and mind of the people not an adversary and where collaboration with it is in the interest of the people of these islands I have made it clear that I will pursue that path. – for me this is not a sign of weakness but one of self-confidence, courage of conviction, and strength of character. I trust the people of this country to judge the capacity, integrity and commitment of individual politicians and political parties at the polls, and when they get it wrong an opportunity presents itself to correct it every four years. In the meantime, in my capacity as leader of the opposition my vision for the country has never been bounded by election timetable but by my compass of what is right. That will continue long after I would have exited politics.

Release: Leader of The Opposition

Finance

TCI Financial Services Opens Debate on Cryptocurrency Rules

Published

2 days ago

May 12, 2026

Deandrea Hamilton

Turks and Caicos, May 12, 2026 – A new era of digital finance regulation could be on the horizon for the Turks and Caicos Islands, as the Financial Services Commission moves to establish a legal framework for virtual assets and cryptocurrency-related businesses.

The TCI Financial Services Commission on Friday launched a public consultation on its proposed Virtual Assets Business Bill, 2026, legislation designed to regulate virtual asset service providers, stablecoin issuers and other digital asset activities operating in or from the territory.

Globally, governments and regulators have been racing to catch up with the rapid growth of digital currencies, blockchain technology and online financial platforms. Concerns over money laundering, cybercrime, fraud and the collapse of poorly regulated crypto exchanges have pushed jurisdictions to tighten oversight while still trying to attract financial innovation and investment.

The proposed TCI bill appears aimed at positioning the territory within that evolving international framework.

According to the FSC, the legislation is aligned with international standards and guidance from bodies including the Financial Action Task Force, International Organization of Securities Commissions and the Financial Stability Board.

The Commission said the bill would introduce a “comprehensive licensing, supervisory, prudential and enforcement framework” for the sector. The proposed law includes anti-money laundering and counter-terrorism financing obligations, cyber resilience requirements, enforcement measures and even a regulatory sandbox intended to support innovation.

Among the notable features are proposed reserve and governance rules for stablecoins, which are digital currencies typically tied to traditional assets like the US dollar. The draft legislation also outlines exemptions for certain technology providers and closed-loop token systems.

The FSC said the consultation period is intended to gather public and industry feedback before the bill is submitted to Cabinet next month. Written submissions must be received by June 8, 2026.

The consultation paper and draft bill have been published on the FSC website for public review.

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

News

Conch Farm Site to become New Home for Watersports Operators

Published

2 days ago

May 12, 2026

Deandrea Hamilton

$12 million acquisition signals marina plan, not return of commercial conch farming

Turks and Caicos, May 12, 2026 – The Turks and Caicos Islands Government’s acquisition of the former Conch Farm property is not shaping up as a revival of the once world-famous aquaculture operation in Long Bay.

Instead, the $12 million purchase appears headed in a very different direction — transforming the sprawling waterfront site into what could become the new operational home for scores of marine and watersports operators who have long struggled for space along the eastern shores of Providenciales.

And for many observers familiar with the growing tensions in those areas, the move may actually make more sense than first believed.

Over the years, the rapid expansion of jet ski operators, charter boats, parasailing businesses and excursion companies along eastern beach and marina areas has increasingly created disputes over access, launching rights, docking space and territorial use of waterfront locations.

At times, those disagreements have reportedly escalated into confrontations serious enough to require police intervention.

Now, according to comments delivered by Premier and Finance Minister Charles Washington Misick during debate on the 2026/27 Budget, government intends to use the former Conch Farm property to bring greater order and infrastructure to the rapidly expanding marine sector.

“The acquisition and redevelopment of the Conch Farm property at Long Bay, Providenciales, is a strategic Government investment to strengthen the rapidly growing marine and water sports sector,” the Premier said.

He explained that the project is envisioned as:

“a safe, clean, and well-managed public marina dedicated to local operators.”

The Premier also pointed directly to the growing number of young Turks and Caicos Islanders entering the marine tourism industry since the COVID-19 pandemic.

“So many of these operators are young Turks and Caicos Islanders who have turned to self-employment since COVID-19,” he stated during the Budget presentation.

Government says the marina would provide affordable and regulated launching facilities while creating space for docking, boat services, small vendors, maintenance operations and other marine-related businesses.

The proposal also aims to formalize portions of an industry which has expanded rapidly alongside the country’s booming tourism economy.

“Best of all it ensures that the benefits of our booming tourism industry are retained right here in Turks and Caicos communities,” the Premier added.

The clarification significantly changes early public assumptions that government was preparing to revive the commercial conch farming operation once associated with the property.

The original Caicos Conch Farm was widely regarded as the world’s first and only commercial conch farm before hurricane damage, operational struggles, policy disputes and legal battles eventually led to its closure.

Now, while the historic name and marine legacy remain attached to the site, the government’s immediate vision appears centered far more on marine infrastructure and economic activity than on aquaculture.

And in a tourism economy increasingly dependent on marine excursions and water-based experiences, the move could ultimately reshape one of the most contentious and overcrowded corners of Providenciales’ tourism landscape.

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

News

Anantara Targets North Caicos for Latest Luxury Development

Published

2 days ago

May 12, 2026

Deandrea Hamilton

International resort brand launches sales for residences and resort project on Sandy Point

Turks and Caicos, May 12, 2026 – Sales have started on what could become another multi-million-dollar luxury residential resort development for the Turks and Caicos Islands — but this time, North Caicos is poised to become home to the investment by international luxury brand Anantara.

The project, now being marketed globally through developer platforms and international promotional campaigns, is planned for the Sandy Point coastline and is being pitched as a collection of luxury residences paired with high-end resort amenities on one of the country’s least developed major islands.

What may distinguish this proposal from several ambitious North Caicos projects that never fully materialized, however, is the reputation and global footprint behind the Anantara brand itself.

Anantara Hotels & Resorts operates luxury properties across Asia, the Middle East, Africa and Europe under parent company Minor Hotels, an international hospitality group with more than 500 hotels in operation worldwide. The North Caicos project is being promoted as Anantara’s first-ever Caribbean development — a detail likely to draw heightened international attention and investor confidence.

Developers are positioning the investment as an opportunity to experience a quieter, less discovered side of the Turks and Caicos Islands, one they argue rivals the beauty and exclusivity long associated with Providenciales.

And North Caicos, one of the largest islands in the archipelago and widely regarded as its most lush and green, offers a dramatically different landscape from the tourism-heavy pace of Providenciales — with expansive wetlands, undeveloped beaches, dense vegetation and a slower, nature-focused atmosphere increasingly attractive to luxury travelers seeking privacy and wellness-oriented experiences.

According to promotional material, the development is located approximately 25 minutes from Providenciales by combined ferry and air connections and will include 78 branded residences, beachfront villas and resort-style amenities focused on low-density luxury living.

The project team includes several recognized figures in luxury hospitality and development, among them Rob Ayer, associated with Wymara Resort developments, and Caroline Domange, co-founder of Cheval Blanc, the ultra-luxury hospitality brand linked to LVMH.

Premier Charles Washington Misick is also featured prominently in the global announcement, describing the project as:

“the beginning of a new chapter for luxury lifestyles in the Turks and Caicos Islands.”

The investment aligns closely with government’s increasing emphasis on shifting development beyond Providenciales and driving greater economic activity into the Family Islands.

Still, the proposal is also expected to reignite wider national discussions about infrastructure readiness, housing pressures and the long-term pace of development throughout the territory — particularly as government recently approved the formation of a Public Private Partnership Working Group on Hotel Employee Accommodations.

Promotional material circulating internationally suggests residences at the North Caicos development could start at just under US$1 million — underscoring the ultra-luxury market the project intends to attract.

The project is currently targeting a 2029 opening.

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