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EXCLUSIVE: TCI Financial Services Sector has a NEW Management & Marketing entity; introduction is made by Finance & Investment Minister 



By Dana Malcolm 

Staff Writer  



#TurksandCaicos, March 20, 2023 – It has been designed and assembled out of the spotlight and scrutiny of the public, but it’s mission proposes an appealing result:  the potential for millions in profit for the Turks and Caicos Islands through a new entity with the power to ‘Shape the future’ of the country’s financial services sector.  

That is how it was explained to Magnetic Media in an exclusive where another new engine is created; this one materializing in order to transform the TCIs No. 2 industry.  

The news of the previously unmentioned statutory body, ‘TCI Finance Ltd’ which is already in operation came directly from E Jay Saunders, Deputy Premier and Finance Minister.  

The board of TCI Finance Limited cuts a powerful and experienced figure, made up of top consultants in the financial field. Impressive, but birthed is another concept with woefully little public consultation or acquaintance and likely to face push back despite its touted advantages.  

As an explanation for the low-key entry onto the financial scene of TCI Finance Limited, DP Saunders said results from a 2018 KPMG study birthed the agency; the study was commissioned, and the public consultations run under the Sharlene Robinson-led Government Administration. Those consultations, however, drew largely from the professionals populating the banking industry and not the layperson.  It is likely that not many people, if any, will recall these deliberations making this report the first traceable introduction to the public of TCI Finance Ltd.   

The PNP administration, under the Minister of Finance whose remit it is to market the financial services sector, has dusted off the documents and breathed life into the entity, which has been operational, Saunders says, since February 2022.  

We were virtually introduced and spoke to members of that board to get a handle on exactly what TCI Finance Ltd stands for, what it plans to do, and who will keep it in check and on track.  

“TCI Finance Limited (‘TCIF’) was incorporated in early 2022 to promote and market the Turks and Caicos Islands as a welcoming, supportive, and well-regulated jurisdiction for international financial services,” said David Stewart, a 30-year-old lawyer and Co-Chair of TCI Finance.  

Its mission is built around the findings of a 2018 KPMG report on the Turks and Caicos which opened insight into a floundering financial sector and heralded a most certain flatlining of the industry without life-giving investment and serious promotion. Armed with the 49 recommendations in that report, TCIF’s main purpose at its barest, is to sell TCI as the best place to do financial business, chomping into the market that Cayman and the British Virgin Islands dominate so well.  

And successfully run, it stands to make the country tens of millions.  

It’s a big job, and that ‘welcoming and well-regulated reputation’ will need work to be cultivated as the country remains on the EU tax Blacklist. It’s something that advisor David Lewis is confident his company, Kroll, has under control.  

“Kroll is working closely with the Government and with the Financial Services sector to help TCI meet global standards and the expectations of international bodies and partners, including the OECD and the EU, and to support TCI’s broader objectives for its businesses and citizens,” he told us the following glowing commendations from Deputy Premier Saunders.  

As for the matter of where the money will come from; TCIF is a non-profit partially owned by the Government and the Finance Industry Association (FIA), explained Stewart, who chairs the FIA.  

FIA members include the Bar Association, the Accountancy Association, Bankers, Insurers, Money Transmitters and others involved in TCI financial services. They will provide 25 percent of TCIF financing; the rest will come from taxpayer dollars through the TCIG and to whom the TCIF will have to answer. Saunders told us the budget for TCIF was $1 million. 

Acknowledging the mammoth undertaking for this new entity to rebrand and to sell the Turks and Caicos to finance heavyweights worldwide, Stewart said the work had already begun. So far, the agency has:   

  • commissioned an international consultancy to help identify likely areas for growth  
  • recruited a high profile and senior banker from Europe to head TCIF    

Most importantly they say they will be creating opportunities for wealth building for islanders as well as give them access to the ‘very best international wealth management professionals.’ 

Stewart said the key to success was a strong public launch on which they were already working. The result should be visible on both local and international levels.  

“Our measures of success will be in investors won, and good quality and well-paid professional jobs for residents of TCI created, alongside the creation of a strong, reputable, and attractive brand aligned with and connected to our superb reputation as a luxurious, beautiful place to work, live and play,” he maintained.  

Should this ‘cauldron of innovation, collaboration, and implementation’ prove successful, not only could it increase the country’s revenue to never before seen heights, it could create a new largely untapped sector of growth in which TC Islanders could not only be employed but build generational wealth. 

Saunders says he wants to more than double the financial services revenue from $10.5 million in the 2020/21 financial year to $25 million in the next 6 years.   

Standing along with Stewart to execute this overhaul, is the rest of the board namely: 

  • Chair – E Jay Saunders (in his capacity as Minister of Finance)  
  • Vice-Chair – David Stewart (in his capacity as President of the FIA)  
  • Angela Musgrove (in her capacity as CEO of Invest TCI) 
  •  Athenee Harvey-Basden (in her capacity as PS, Ministry of Finance) 
  • Niguel Streete (in his capacity as CEO, Turks and Caicos Financial Services Commission) 
  • Drexwell Seymour, Certified Public Accountant  
  • Mr Marcus Samuel (in his capacity as Chair of the Bankers association) 
  • Sally-Ann Astwood (appointed by the Hon. Leader of the Opposition) 
  • Ryan Blain (on behalf of the accountancy association) 
  •  Rochelle Musgrove  
  •  Ervine Quelch (corporate development, former NIB board member) 

With the wheels already turning, it will bring new intrigue and possibly raise many questions once there is that formal launch and introduction of the entity.  


Environmental Health Department Recognizes Caribbean Mosquito Awareness Week 2023



Providenciales, Turks and Caicos Islands May 12, 2023 – Mosquito Awareness Week is fast approaching, and its an important initiative which was established with the approval of CARICOM in 2014 to raise awareness about the link between mosquitoes and the diseases they transmit and to strengthen initiatives aimed at eliminating mosquito breeding sites. Caribbean Mosquito Awareness Week will be observed this year from May 8th – 14th, 2023 under the theme “Small bite, big threat” and slogan “Beat the buzz: Prevent, Protect, Control”.

The Aedes aegypti mosquito, which is present in the Turks and Caicos Islands, can spread diseases such as Dengue, Chikungunya and Zika.

During the Month of May, the Environmental Health Department will be discussing ways to control vector populations and prevent the spread of diseases. This can include using insect repellent, eliminating breeding grounds, and properly disposing of waste.

Vector Control Awareness Month in the TCI is an extension of Mosquito Awareness Week, recognizing the threat posed by mosquitoes and is a reminder that we all have a role to play in preventing the spread of vector-borne diseases. Let’s work together to keep our communities healthy and safe.

For additional information, please contact the Environmental Health Department on 1649-338-2143/44.

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Social Services hosts Special Event for TCI Younger Ladies



By Dana Malcolm

Staff writer



#TurksandCaicos, May 2, 2023 – Another edition of the government’s mentorship program “The Lady in Me” was held this week. This time young ladies in Providenciales were the ones being treated. The program targets at-risk adolescents between the ages of 12 and 17 years old.

Photos of the beautiful setup shared with our news team show branded gifts waiting for the girls as they spent the two-day event sponsored by UNICEF focusing on how to cultivate healthy physical, mental, emotional, and behavioral well-being.

Students from various schools arrived in uniforms immaculately pressed for the event put on by the Department of Social Services.

Acting Governor Anya Williams was in attendance and expressed faith that the initiative would cause true change.

“It was a pleasure to share with them my insight into the importance of making the right decisions in their youth, which will help to shape their futures and why they should see and value themselves as their greatest asset and to hear from them their goals, aspirations and the challenges that are currently being experienced by our younger generations,” she said.

In introducing the program the Government had said it was aiming to help participants: “examine the adolescence values, competencies, belief systems, inner feelings, motivations, critical thinking, and communication skills,” in order to “build their self-awareness and interpersonal relationships to strengthen their self-esteem— to create a sense of pride and enhance self-respect, self-worth, and self-esteem as they mature and improve personally and professionally.”

The Department said the event was expected to impact 100 girls.

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What’s at LJMMA? President explains snazzy equipment 



Dana Malcolm 

Staff Writer 



#TheBahamas, March 27, 2023 – Situated on a Cay of its own, the LJM Maritime Academy (LJMMA) is the Bahamas’ only school of its kind and with sponsorships from Campbell Shipping, Royal Caribbean Cruise Line, Carnival Cruises, Disney Cruises, and more it boasts an extremely well-equipped campus. The Turks and Caicos Community College (TCICC) is now partnering with the LJMMA to bring those amenities to TCI students through TCICC.

Brendamae Cleare, President of the institution, joined in on a maritime stakeholder meeting introducing the partnership to the Turks and Caicos’ residents on Tuesday, March 21, detailing everything that the LJMMA had to offer.

“We have– classrooms, workshops, a bridge simulator room, a crane simulator, an engine simulator and we also have a GMDSS simulator and radar simulator as well,” she explained.

The simulator building was commissioned to the tune of $30 million and is only in phase one. Also included alongside the fancy simulators, which give students hands-on experience with the boat engines and cranes that they will work with in the future, there are temporary administrative offices, libraries, nurse’s stations and more.

Other buildings on the Cay include, a firefighting simulator and the school even has lifeboat simulators, which mimic what it would be like pushing the lifeboat off the side of a huge vessel and maneuvering it in the ocean.

The Maritime Academy was birthed in 2011 when executives at Campbell Shipping including Lowell J. Mortimer (which is the only Bahamian-owned shipping company Cleare says), realized that there were no Bahamians working on their ships and were determined to change that.

“We had the college of the Bahamas, which is now the University of the Bahamas. We had a technical and vocational institution. We had banking and tourism colleges, but nothing like maritime but [we said] why not maritime?”

And the LJMMA so was born, named after its founder Mortimer. In its first year, it fielded over 180 applications and accepted just over 40 students. It is semi-regimented, which means strict rules for students, just as they would have to abide by on vessels.

The institution is accredited by the National Accreditation and Equivalency Council of the Bahamas, the Bahamas Maritime Authority, the Institute of Materials, Minerals, Mining and others.

Cleare said the vision of the school was to become a globally recognized institution of excellence, in maritime education and training.

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