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Turks & Caicos: FSC: Over 1000 companies unregistered, first deadline two weeks away

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#Providenciales, October 16, 2018 – Turks and Caicos – Fifteen percent of all ordinary business owners in Turks and Caicos have yet to comply with the new Companies Ordinance and the first of three deadlines – October 31st – looms.

Nearly 16,000 registered companies in the TCI and the good news is that 85 percent of them are in line with the new law which is yet another benchmark regime for global financial compliance.  Still it leaves a huge body of work undone.

Karlene Ferrier, Registrar of Companies at the Financial Services Commission explained that in a best case scenario the hundreds of applications can be processed online; taking just one hour if the form is correctly completed.

“Every company must appoint a registered agent.   Also in response to our international requirements is the establishment of a Beneficial Registered Ownership of Companies.” –

KYC or Know Your Customer policies are relentlessly guiding the ever changing standards.  The FSCs Company Registry Department on Thursday expressed concern that about one thousand companies remain unregistered under the new law which took effect on February 1 2018.

Marc Rawlins, FSC Legal and Enforcement Consultant said the TCI got a reprieve after missing the original deadline due to the distraction and damages of the hurricanes in 2017.  Now, the promise to the Foreign Office of the UK is to be compliant with the register ready by February next year.

“We were able to negotiate an extended timeline.”

If companies miss the October and December and January deadlines which see costs increase as time passes; then they will be deleted from the Companies Register altogether making it illegal to do business in the Turks and Caicos and creating an even more expensive path toward being reinstated.

 

#MagneticMediaNews

#FinancialServicesCommission

#FSC

#CompaniesOrdinance

Bahamas News

Kamala Harris to meet with Caribbean leaders in The Bahamas

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Rashaed Esson

Staff Writer

 

 

#USA, June 5, 2023 – Kamala Harris, United States Vice President will journey to Nassau Bahamas in June for a top level meeting with Caribbean  leaders, marking the first time she will visit the region since occupying office in 2021.

According to the White House in a statement, the meeting will bring attention to a range of regional issues.  Harris and the Caribbean leaders will continue talks on the shared efforts to address the climate crisis, such as promoting climate resilience and adaptation in the region and increasing energy security through clean energy.

Additionally, the statement informed that Harris’ trip “delivers on the Biden-Harris Administration’s commitment to advance cooperation with the Caribbean in pursuit of shared prosperity and security, and in recognition of the common bonds and interests between our nations.”

The June 8th meeting builds on and strengthens the U.S.-Caribbean Partnership to Address the Climate Crisis 2030, which was launched by the Vice President and Caribbean leaders in Los Angeles at the Summit of the Americas as further mentioned by White House Statement.

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Caribbean News

Woman who lost foot is Alexandra Truwit, Yale Grad & All American Swimmer

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By Dana Malcolm 

Staff Writer

 

 

#TurksandCaicos, June 5, 2023 – A champion swimmer, marathon runner, Ivy League graduate and world traveler with a huge smile– that is Alexandra Truwit; at only 22 years old, she has a whole life ahead of her, one that may have now been made exponentially harder by the loss of her foot in an incident which continues to be unconfirmed, but reported as a shark attack off the coast of Providenciales.

Magnetic Media learned Truwit, who is a very experienced swimmer, was on a private charter captained by an employee of Big Blue Collective (not a Big Blue Charter).  She was bitten by what eyewitnesses think could have been a Caribbean Reef Shark and her foot below the ankle was completely severed.

It’s a heartbreaking incident exacerbated by the young woman’s obvious love for- and proficiency in- the water.

The Yale website describes Truwit as a Two-time USA Swimming Academic All-American.  Featured as a ‘Teen Titan’ in her high school, she was one of ten young people chosen for the school’s magazine. 

Truwit, who has a twin brother, cites nail art and baking as her life joys. Already having survived ‘mono’ as a teen, she volunteers as a Special Olympics “hugger” and started a Special Olympics club at her high school.

She was airlifted from the Turks and Caicos on the day of her accident and there have been no updates on her condition so far.  Residents in the TCI and the US have expressed via social media their best wishes for the young achiever and must now wait, hoping for the best possible outcome.

One resident said, “So sorry Alexandra you had to encounter such a traumatic experience while on vacation on our beautiful Island.  I am praying for a successful surgery and speedy recovery for you, hopefully, the surgeon can work their magic for you.”

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Government

Governor’s Appointed Member touts Civil Service Upgrade during Budget Debates

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By Dana Malcolm 

Staff Writer 

 

 

#TurksandCaicos, June 5, 2023 – There are sweeping changes coming to the civil service this year after years of complaints about delays and understaffing.

“For the year 2023/24, the office of the Deputy Governor has a very ambitious public sector transformation centered around improving service delivery and the customer experience.”

This came from Governors Appointed Member Willin Belliard, as he rose in the budget debates on Thursday May 18 to detail the revamp.

Phase one of E-procurement which will allow for the virtual submission of tenders is to be implemented. Along with that will come E-Jobs, a similar system touted to make job applications virtual, swift and easy.

Implementation of the Human Capital Procurement Program is also on the list of deliverables. Human capital is sorely lacking in the Turks and Caicos across the public and private sectors with hundreds of vacancies sitting open and resignations continuing to pile up.

Public servants will also find it easier to enroll into the all new Public Sector Pension Plan with the advent of a portal to remove the need for paper based applications.

The previously announced pay grading exercise is on the table to be completed and a Contract management unit has now been created to manage the delivery of projects that taxpayers are funding.

Residents of the Turks and Caicos have complained bitterly about the state of the civil service in the country for years. From police records to the treasury, the service is characterized by low staffing, frustrating wait time and long lines.

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