Government
Highly Sought After Kroll working to remove black-eye on TCI’s #2 Industry
By Dana Malcolm
Staff Writer
#TurksandCaicos, March 15, 2023 – “I think we are going to be best in class, I think we are going to be the case study for how you go from being on the blacklist to putting in the proper systems to meet the requirements,” says E Jay Saunders, Finance Minister and Deputy Premier, in an expression of total faith in the upswing of the country’s financial sector. This is thanks to Government funding and expertise from Kroll, a company he describes as a world leader in financial compliance consultation.
“We hired the absolute best, the former head of the Financial Action Task Force. This is no exaggeration or bravado;
we have the best advising us on getting off of the blacklist – I’m not saying the biggest but certainly headed up by one of the best.”
He told Magnetic Media in an interview over the phone that the Government had spared no expense to get Kroll, which had been on the ground in February. The country is currently fighting to get out of an EU blacklisting caused by poor computer systems, he says.
While the Deputy Premier admits that the TCI stumbled in that regard, Saunders says the country was never non-compliant or unresponsive. The Minister explained that, coupled with the EU’s disproportionate language surrounding the blacklisting, to fit EU standards small countries with small economies had to spend an extraordinary amount of money and that was not always viable.
“Sometimes your industry just can’t afford it,” he maintained. “The only reason we got lucky is because we have a lot of cash.”
He says connecting with Kroll via LinkedIn and getting them into the Turks and Caicos was a serious feat on the part of the Government.
“They didn’t have to take it because this is a small jurisdiction for them. Just by luck, by the Grace of God, the company headed by one of the top people in the world dealing with the OECD accepted our proposal.”
Saunders said several of the TCI’s financial services stakeholders had met with Kroll during their February visit and were deeply impressed with where the country seems to be heading with the help of the consultants, and the Government says it’s already putting $2 million into needed computer systems as part of this upgrade.
“There is no question about it. I’m confident that by February 2024, we will be off the list– I’m completely confident and there are no lasting repercussions.”
While October 2023 would be good, he said he didn’t want the company to rush for that deadline and skimp on proper upgrades.
“We told them don’t aim for the minimum requirements, put in something that puts us best in class, we are already on it, don’t try to meet a deadline. I know people get concerned about that type of position, but I don’t want to be on, get off and then realize- we’re back on it,” he explained.
The finance minister, who is also charged with transitioning all of the Government to electronic systems, said that
the EU’s requirements were moving targets, upgraded and fine-tuned every year and with Kroll’s members having intimate knowledge of that they would equip the country with a system that would hold up to the rapidly shifting goal posts.
“With that we can be best in class and start growing our financial services sector. I don’t want us to be constantly trying to catch up. We want them to put us in a position where we are the Switzerland of the Caribbean.”
He was absolutely sure this would come to fruition.
Currently, the Turks and Caicos Financial Service sector, its #2 industry is earning ?? annually; Saunders wants to grow that to ??? by????. He did not say. On the Government side, the regulatory body the Financial Services Commission is managed by both elected Government Administration and the UK Governor.
“I think people are going to be surprised at how far we’ve come– I can guarantee we will be off the blacklist in twelve months, and I will not be surprised if the OECD writes a recommendation saying the Turks and Caicos did it right.”
The desire to go along with the EU’s “arbitrary” regulations is fuelled by the knowledge that the TCI desperately needs to diversify its economy. Financial services could be a new frontier, believed the DP.
As for whether this blacklisting will affect those ambitions, only time will tell.
Initiative Aims to Boost Spiny Lobster Stock Levels and Enhance Fishermen’s Livelihood
#TurksandCaicos November 25, 2023 – In response to the significant challenges faced by fishermen in the aftermath of the 2018 hurricanes, the Ministry of Fisheries is pleased to announce an innovative pilot program, the Spiny Lobster Artificial Habitat Program. The initiative is designed to address the decline in spiny lobster catch levels caused by the destruction of natural habitats, consequently impacting the economic viability of lobster fishing for local communities.
Background: Challenges and Economic Impact
The Caicos Banks, renowned for their rich marine biodiversity, suffered severe habitat loss due to the accumulation of sands in the cracks and crevices of the seafloor after the 2018 hurricanes. This depletion of natural habitats has led to a direct correlation with the decline in spiny lobster catch levels over the years. Compounded by the rise in fuel prices and the overall cost of living, lobster fishing has become a less lucrative endeavour, with the economic cost per day soaring from $307 in 2010 to $493 in 2022.
Recognizing the urgency of the situation, the Ministry of Fisheries has undertaken a comprehensive study to devise strategic solutions that not only replenish lobster habitats but also ensure the sustainability of the industry for future generations.
The Spiny Lobster Artificial Habitat Program: A Holistic Approach
As part of the ministry’s commitment to supporting local fishermen and fostering sustainable practices, a pilot program is underway to construct 150-200 artificial habitats on the Caicos Bank. The following key components outline the comprehensive strategy of the program:
The Spiny Lobster Artificial Habitat Program, spearheaded by the Ministry of Fisheries, is not just a strategic move to revitalize spiny lobster populations but a dedicated effort to enhance the livelihoods of fishermen and their families. The program’s multi-faceted approach, encompassing financial incentives, community involvement, and ecological conservation, aims to bring about tangible and lasting improvements to the lives of those who depend on the sea for their sustenance.
Artificial habitat serves to provide lobsters with shelter and thus increasing their survival from natural predators[1]
The infusion of financial incentives into the Spiny Lobster Artificial Habitat Program serves as a lifeline for fishermen, providing them with a supplementary income during traditionally challenging periods, such as the Christmas/Winter Season. By compensating registered fishermen for their labour in constructing artificial habitats, the program offers not only a short-term economic boost but also establishes a foundation for long-term sustainability.
While the tourism industry has undeniably played a pivotal role in the economic development of the islands, the benefits have not always trickled down to all sectors of society. Fishing communities, such as South Caicos, have stood on the periphery of the economic boom, facing challenges that threaten their traditional way of life. The Spiny Lobster Artificial Habitat Program represents a conscientious effort by the government to bridge this gap and ensure that every Turks and Caicos Islander shares in the prosperity of the nation.
In expressing her commitment to the well-being of fishing communities, the Hon. Josephine Connolly, Minister with Responsibilities for Maritime and Fisheries Management, remarked, “Our islands have witnessed remarkable economic growth, particularly in the tourism sector. However, it is crucial that we do not leave behind the communities that have sustained themselves through generations of fishing. The Spiny Lobster Artificial Habitat Program is not just a conservation initiative; it is a testament to our commitment to inclusivity and ensuring that the economic prosperity of the islands reaches every corner and every family.”
Minister Connolly further emphasized the importance of sustainable development, stating, “We recognize the delicate balance between economic growth and environmental preservation. This program is designed not just to increase lobster stocks but to empower our fishermen to thrive in harmony with our marine ecosystems. It is a step towards a future where our traditional ways of life coexist with progress, and where no one is left behind.”
As the Spiny Lobster Artificial Habitat Program takes its initial steps, the Ministry of Fisheries remains steadfast in its commitment to a holistic vision for sustainable growth. The success of this program is not merely measured in lobster catch levels but in the improved well-being of fishermen, the resilience of fishing communities, and the equitable distribution of economic benefits across the islands. The Ministry invites all stakeholders, from fishermen to environmental advocates, to join hands in creating a future where prosperity is synonymous with sustainability.
The long term vision of this project that is that these artificial habitats will increase spiny lobster stock levels, enhancing profitability for fishermen and indirectly improving their livelihoods.
While this initiative is currently in its pilot phase, its success hinges on the collaborative efforts of the fishing community, stakeholders, and the Ministry of Fisheries. As part of the broader project, “Sustainable Livelihood for Fishermen,” the artificial habitat program signifies a commitment to a holistic approach that balances ecological conservation with economic prosperity.
The success of the Spiny Lobster Artificial Habitat Program relies on the collective commitment of the fishing community, government agencies, and environmental organizations. The Ministry of Fisheries encourages public support and anticipates expanding the initiative with a larger number of 4,000 artificial habitats in the coming years.
The Ministry will be hosting a public meeting with all commercial fishermen in Providenciales at the Felix Morley community Center on Wednesday 30 November 2023 starting at 6:00 pm to present more information on the proposed lobster casitas and how fishermen can play a role and to hear more about the Ministry’s plans to ensure sustainable livelihood of fishermen and their families.
Rashaed Esson
Staff Writer
#TheBahamas, November 25, 2023 – The PLP retained their hold of the West Grand Bahama and Bimini constituency in the House of Assembly following the by-election on Wednesday.
Kingsley Smith, the PLP’s candidate, won the election with 2,150 votes. Ricardo Grant, the FNM’s candidate, followed in second place with 1,236 votes and Lincoln Bain, the leader of the COI in third with 229 votes. The other candidates, Daquan Swain and Terneille Burrows received a combined 32 votes.
Philip Davis, The Bahamas’ prime minister in speaking on the win said, “I want to thank the people of West Grand Bahama and Bimini who once again show their support for the PLP and for administration. I want to thank them for that vote of confidence for us to continue with what we started. We are so very grateful to you for engaging with us, listening to us and continuing to give us your support.”
Davis continued to express thanks to his party’s candidate, Smith.
“A huge thank you to our candidate Kingsley Smith as he steps to carry the button for the people of West Grand Bahama and Bimini. Kingsley Smith was our man and our choice and we congratulate him on sprinting successfully through a campaign which none of us expected. Congratulations Kingsley on a job well done.”
Smith, commenting on his win said, “let me first say that I want to thank the almighty God for having me in this position I am in today. When the opportunity arise, I went and I thanked and I asked God to lead me on this process.”
He continued to thank the residents of West Grand Bahama and Bimini as well as his family, friends and government officials who supported him.
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