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.
Government
MINISTRY OF HEALTH AND HUMAN SERVICES DELEGATION VISITS WEST MIDLANDS AMBULANCE SERVICE IN BIRMINGHAM, UK
Dana Malcolm
Staff Writer
A warm welcome laced with cautious hope from residents is what greeted Edvin Martin, Commissioner of the Royal Turks and Caicos Islands Police Force (RTCIPF), when he was sworn into office on April 22, 2024.
Washington Misick, TCI Premier and Co-chair of the National Security Council, spoke on behalf of residents during the ceremony, held in Providenciales.
“We have been looking forward to your arrival and for everything that we know about you we are expecting great things,” Misick said, indicating the country was anxious for a return to more peaceful days.
Acknowledging that policing is not the job of a single person, Misick also vowed his support.
The residents who tuned into the live event shared similar sentiments, many welcoming Martin, others, hopeful that his confident words would come to fruition.
Dozens of congratulatory comments were shared by users to Martin, and obviously appraised of his record as former police chief of the Royal Grenada Defense Force commenters expressed satisfaction at his hiring.
“One country’s loss is the next one’s gain….all the best sir,” said one user.
Others were pleased with his introductory remarks.
“He speaks with great confidence, professionalism, and surety, I have faith that he and the entire RTCIPF will do well, God Bless and protect you all,” one resident said.
Another followed it up with “He speaks with great authority! We are looking forward to great work from you and the RTCIPF team at large.”
Others were interested and hopeful, but still cautious, comments included:
“We Shall see what will be what.”
“Hopefully we see more than just ‘Round-about Policing’ and Ticketing. We want guns off the street. Justice and Peace. All the best.”
Also in the comments? Residents seemingly from Martin’s home country of Grenada
“Proud of you Mr. Martin and I am confident that you will do an excellent job. God is with you and we love and respect you,” said one such individual.
Other residents were flat-out angry and called for boycotts of the ceremony.
Rodney Adams, Deputy Commissioner of Police, advised Martin to take stock of and put to use his entire team rather than engaging with a select few.
“I firmly believe that a house divided against itself cannot stand. We, your executive team, are here willing and able to work with you as our team leader to get the job done.”
For his part, Martin made several promises to the people of the TCI, for whom he is now responsible.
“As your Commissioner of Police, I assure you of my unwavering commitment to serve this nation with pride and integrity. I commit to being a Commissioner for the people and doing everything within my power to safeguard our communities.”
Martin began his tenure on April 22.
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