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.
Turks and Caicos, January 20, 2025 – Her Excellency the Governor Dileeni Daniel-Selvaratnam chaired the 41st meeting of Cabinet held on December 11th, 2024. All members of Cabinet were present with the exception of Hon. Rhondalee Knowles, Attorney General, with Ms. Khalila Astwood acting as Attorney General.
At this meeting Cabinet:
- Considered proposals related to the 2022 Crown Land Review Report.
- Approved the mutation of parcels 60603/57, 60610/316, 60700/107, and 20313/47, 58 & 59 and for the same to be vested with the
TCI Airports Authority. - Received a presentation on proposals on the integration of Virtual and Augmented Reality (VR/AR) technologies into programs at the Turks and Caicos Community College.
- Approved the management authority of parcel 60503/315 to the Turks & Caicos Islands Sports Commission for multi-purpose use for the development of a community park and recreational facility.
- Received a presentation from the Turks and Caicos Islands Sports Commission on the establishment of a National Sports Training Centre.
- Received a presentation from the Turks and Caicos Islands Sports Commission regarding the establishment of a Department of Parks and Recreation.
- Received a presentation from the Ministry of Health on matters relating to the National Health Insurance Board.
- Approved the re-appointment of Mrs. Angela Musgrove as the Chief Executive Officer of Invest Turks and Caicos for a three-year term.
- Approved the appointment of Mr. Henry Wilson as a member to the Fisheries Advisory Committee.
- Noted the award of the following contracts in line with the process according to the provisions of the Public Procurement Ordinance; Contract Award Notification:
- PN 005690, TR 24/09, Upgrading Bight Park
- PN 005729, TR 24/23, Vehicles for Immigration
- PN 005730, TR 24/08, DDME Communication Equipment – Mobile Antenna
- PN 005765, TR 24/31, Redevelopment of Regatta Village
- TCINIB 01/2024, TR 24/26, Vehicles for NIB
Further information on these matters will be presented by Ministers in due course.
Turks and Caicos – Her Excellency the Governor Dileeni Daniel-Selvaratnam chaired the 40th meeting of Cabinet held on December 4th, 2024. All members of Cabinet were present, with the exception of Hon. Jamell Robinson, Deputy Premier and Hon. Rhondalee Braithwaite-Knowles, Attorney General, with Ms. Khalila Astwood, acting as Attorney General.
At this meeting Cabinet:
- Approved the Turks and Caicos Islands Fiscal Strategic Policy Statement.
- Approved the negotiation of a Development Agreement/Order with Retreat Development Ltd.
- Approved the transfer of excess revenue from the Consolidated Fund into the National Wealth Fund for the Financial Year Ending 31 March 2024.
- Approved Planning Application PR 17673 for a proposed watch tower and rest station on block and parcel 60000/345 for the TCI Regiment.
- Approved the negotiation of a license agreement with the Proprietors of Balfour Salt Ltd. for a period of 10 years.
- Approved the policy document for the use of Biometrics and Introducing an Electronic Travel Authority Requirement.
- Approved the appointment of Mr. Lynden Hall Snr. as a member of the Turks and Caicos Islands Gaming Control Commission Board for a period of two years.
- Approved the write-off of water charges and penalties in accordance with Section 52 of the Public Financial Management Ordinance 2012.
Further information on these matters will be presented by Ministers in due course.
Kingston, Jamaica, January 18, 2025 – Prime Minister, Dr. the Most Hon. Andrew Holness, has reiterated the Government’s commitment to ensuring that all Jamaicans have access to affordable housing solutions.
He noted that there is an imbalance between housing supply and affordability, with many qualified individuals struggling to find solutions within their income bracket.
“The issue is not the finance; it’s that people who qualify can’t get the houses that are available on the market,” he pointed out, while addressing a recent meeting with the National Leadership Prayer Breakfast Committee at the Office of the Prime Minister.
He explained that the market is producing homes primarily for those with higher income, leaving a gap for low and middle-income families.
In addition, he noted that houses priced at $12 million are often sold for $18 million due to market demand dynamics.
“What we want to do is to get the market to produce houses in all categories,” he said, stressing the need for affordable options alongside high-end developments.
“We need developers who can build houses at scale to bring down costs and make housing more affordable,” he stressed.
The Prime Minister noted the role of the National Housing Trust (NHT) in financing low-income and achievable housing projects.
“We’re doing everything to create what is called effective demand,” he said, noting that the Guaranteed Purchase Programme was introduced as a strategic measure to mitigate market risks for developers.
“We say to developers; you build the houses, we buy them at a specific price and then we sell them at an affordable price,” he detailed.
This approach aims to encourage developers to construct homes without fearing financial losses.
“Government can’t build houses; what we can do is use resources to finance affordable housing and say, ‘you can only get this finance if you sell at this price’,” he pointed out.
The Prime Minister cited other initiatives aimed at making housing more affordable, including reducing the interest rates on mortgages, with some low-income borrowers benefiting from a zero per cent interest rate.
Efforts are under way to deliver 43,000 houses over the next few years as part of a broader strategy to meet housing demands.
CONTACT: ANDREW LAIDLEY
Release: JIS
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