Connect with us

News

Finance Leaders on Fintech and what it means for TCI 

Published

on

Dana Malcolm 

Staff Writer 

 

#TurksandCaicos, September 15, 2023 – A regulatory structure for FinTech is something that governments and regulators need to be looking at now, before the inevitable boom that is sure to come in the future, this is according to David Oakden, Chairman of the Financial Services Commission (FSC).

“People are scratching the surface and are coming up ill all sorts of applications for financial technology and at some point, we are going to hit a breakthrough and FinTech is gonna take off,” he explained.  “I can see something happening, when this happens we are going to have an industry that is not regulated, that we will have to very rapidly try to come up with some kind of regulation for.”

FinTech encompasses technology that delivers financial services from online banking to money transfers.  Oakden had a rather bleak outlook on its potential impact on the Financial Services Sector.  He described it as ‘companies taking advantage of inefficiencies in the banking system to provide limited services,’ and warned it could constrict the current Financial Services Sector.

“The existing industry is going to suffer a severe reduction in business because of the FinTech competitors,” he warned.

E Jay Saunders, TCI Finance Minister, and Deputy Premier had a different outlook, he says he is intent on harnessing FinTech to make life easier for residents.

“FinTech is an area that we need to promote more, especially as banks are more and more reducing in-person services,” Saunders stressed.  The comment comes as several Turks and Caicos Banks (and banks all over the world) shutter their doors and the ones that remain open have streamlined their processes.

The Turks and Caicos has been a step behind in the financial sector and is now trying to digitize and automate much of its sector.

“Note that FinTech simply means “Financial Technology.” Online banking is an example of FinTech.  So, when I say that we do need to promote FinTech, I’m more talking about the technologies that augment current banking services, thereby making them easier to access and utilize.  In this regard, I have, in my position as Minister of Finance, been pushing the banking association hard to roll out new FinTech services,” Saunders assured.

News

EXCLUSIVE!  Police black CID Vehicle shot up by bandits in Five Cays

Published

on

Wilkie Arthur

Court Correspondent

 

#TurksandCaicos, May 15, 2024 – It was an uneasy night on Tuesday May 14 for some residents of Five Cays, Providenciales owing to continuous, serious fire power with gun shots blaring in various areas of the community.

Some say they heard shots in Granny Hill and reported a man walking around with a gun, randomly shooting at unidentifiable targets. Some say shots were heard behind the Enid Capron Primary School.  Some say they heard gun shot sounds coming from a residential area as well.

The most compelling accounts, however, were on reported events in another area called “The Wells”; a community in the depths of Five Cays and South Dock.

Criminals took on law enforcement in a gun battle involving the armored truck and a CID vehicle.

No members of the Royal TCI Police were hit.

Not the same for the other side.  One person was hit, a young man not known to police and it’s not clear if he was one of the men shooting at the police or an innocently caught in the crossfire.

The man was arrested as a possible suspect.  He is also in hospital with an “entrance and exit” gunshot wound.

During the shootout in The Wells, the CID vehicle was shot at repeatedly, disabling its movement as gunfire damaged the engine. Concerning to us, these shootings were at different times and locations but came in rapid succession; one right after the other, I was told.

Most described the sounds as coming “from some big guns.”

Police the morning after allowed me in to see up close.

Video, photos feature my EXCLUSIVE, close-up look at the damage done by criminals; it is clear high powered rifles were used by these suspects still at large.

Continue Reading

News

Charred Remains Found in Back Seat of Completely Burnt Vehicle

Published

on

Wilkie Arthur

Freelance Court Correspondent

 

#TurksandCaicos, May 21, 2024 – A gruesome discovery was made around midday today (Sunday, May 19th, 2024) when police and fire rescue teams responded to a call at a location on Blue Hills Back Road, off Millennium Highway. The area, situated next to the Fortis Sub-Station, is accessible via a long, secluded dirt road.

Upon arrival, authorities found a vehicle completely engulfed in flames. The vehicle was later removed by police after being alerted by an anonymous source to its burnt-out location. Local residents indicated that the fire had been ignited around 2-3 a.m. earlier that morning, but authorities were not notified until later in the day.

Residents could not provide details about the individual inside the vehicle or even discern its color due to the extensive damage caused by the fire. Videos of the discovery location are available, but footage of the vehicle itself will be provided once it has been located. The vehicle was reportedly still burning when police arrived at the scene.

Official Royal TCI Police Report:

Media Release – May 19th, 2024: Active Investigation Officers of the Royal Turks and Caicos Islands Police Force (RTCIPF) are currently on the scene of a vehicle fire in the Blue Hills, Providenciales area. Acting on received information, officers arrived at the location along North Side Close and discovered a burnt vehicle with what appeared to be a body inside.
The RTCIPF is conducting a thorough investigation to determine the circumstances of this incident. As this is an active investigation, more details will be provided to the public as they become available.

Continue Reading

Caribbean News

NATIONAL SECURITY SECRETARIAT INFORMATION NOTE ISSUED MAY 17, 2024

Published

on

May 21, 2024 – The Turks and Caicos Islands have clear laws prohibiting the possession of firearms and or ammunition without a licence and strict penalties in order to serve and protect the community. Our Firearms Ordinance, which was amended in 2022, states that:

No person (other than a licensed gunsmith in the course of his trade) shall have in his possession, discharge or use any firearm or ammunition unless he is the holder of a firearm licence with respect to such firearm, or in case of ammunition he is the holder of a licence for a firearm which takes that ammunition.

Firearm and/or ammunition offences carry a mandatory minimum custodial sentence of twelve years plus a fine. Where a court finds there are exceptional circumstances, the sentencing judge has discretion, under the law, to impose a custodial sentence and a fine that are fair and just in the circumstances of each case rather than impose the mandatory minimum.

The Chief Justice is advancing sentencing guidelines in respect of the application of exceptional circumstances. Wider work is also ongoing with criminal justice partners to review the efficiency and effectiveness of case progression, in driving justice outcomes.

It is the traveller’s responsibility to ensure their baggage is free of firearms and/or ammunition. Permission from an airline carrier does not constitute permission to bring firearms or ammunition into the Turks and Caicos Islands. Travellers are also strongly advised to search their luggage before they travel to the Turks and Caicos Islands to ensure they do not bring in forbidden items inadvertently. Such offences will result in arrest.

The Turks and Caicos Islands is a British Overseas Territory with a common law legal system, and reserves the right to enforce its laws. All persons, including visitors, must follow lawful process.

The Turks and Caicos Islands welcomes all visitors but reminds travellers that persons in the Turks and Caicos Islands do not have a constitutional right to carry firearms. Equally, the importation of firearms, ammunition (including stray bullets), and other weapons is strictly forbidden, unless licence to do so has been issued by the Commissioner of Police.

Continue Reading

FIND US ON FACEBOOK

TRENDING