By Deandrea Hamilton
Editor
#TurksandCaicos, September 2, 2023 – The regulations, the development and the stability of the Financial Services Sector – the country’s No. 2 industry – are seriously challenged, and it will require an above average approach through ingenuity and agility by all stakeholders to keep it competitive; sentiments from Governor Daleeni Daniel-Selvaratnam who also explained why it so tough keeping pace.
“These changes include financial and geopolitical facts, population growth, Global warming and environmental health, technology advances, international standards and financial crimes such as money laundering, terrorist financing, fraud, identity theft and nefarious internet-based schemes,” said Her Excellency as part of the opening panel for the one day meeting held at the Shore Club.
The Annual General Meeting of the Financial Services Commission or FSC was held under the theme, Navigating Change and welcomed as keynote speaker, Cindy Scotland, the managing Director of the Cayman Islands Monetary Authority.
“The Commission has an extensive mandate which includes education, outreach and advising all matters pertaining to financial services. The commission’s work must not only withstand economic, social and political stress but must be the vanguard in an industry that continues to see widespread change post pandemic. The ability to evolve and steer the required changes to create the necessary environment that encourages growth is essential,” said the governor.
The Governor of the Turks and Caicos Islands heads the regulatory framework of the FSC; new Governor Daniel-Selvaratnam said she had met with Commission the day before, assuring during her presentation that work was ongoing toward establishing a financial sector which was both attractive and compliant.
“The Turks and Caicos Islands continues to ensure regulatory compliance as well as seeking to make strides in building its financial services notwithstanding the ongoing international, regional and national pressures. As Governor I have direct oversight over the regulation of international financial services and support keenly the commission and its continued efforts towards the evolution of the financial services industry here.”
The governor conveyed that the Commission is busy considering how best to position the Turks and Caicos, with thoughts lingering on ease of doing business in a modern environment.
“True resilience in today’s climate must see resolve for change as means of not only surviving but thriving.”
Also on that panel with the governor, Hon C. Washington Misick, TCI Premier and David Oakden, Chairman of the TCI FSC.