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Move to Automated Exchange of Information Causing Issues for Financial Services Practitioners

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Bahamas, September 18th, 2017 – Nassau – The DPM was Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest said among the issues financial services practitioners are contending with is the move to automatic exchange of information, particularly for matters related to taxation in other jurisdictions.

The initial standard in this regard was the Exchange of Information on Request, espoused by the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes, DPM Turnquest said at the Securities Industry Act, 2011 and Investment Funds Act, 2003 Annual Briefing hosted by the Securities Commission of The Bahamas at the British Colonial Hilton, Thursday, September 14, 2017.

He said The Bahamas implemented a number of key legislative initiatives to ensure the legal and regulatory framework as well as supporting processes and procedures were in place to satisfy the Exchange of Information on Request standard.

“These involved, among other things, ensuring reliable accounting records were maintained and accessible, and that the beneficial owners of entities, structures and legal arrangements were identified and properly maintained.

“The legislative initiatives included the International Tax Cooperation Act, 2010, which facilitated the implementation of international tax agreements and tax information sharing under those agreements.   The Government also implemented a series of legislative amendments including amendments to the International Business Companies (IBC) Act, the Partnership Limited Liability Act and the Segregated Companies Act, amongst others, in 2011, and the IBC Accounting Records Order of 2016, to meet the information exchange standards.   After having undergone the Global Forum’s most recent review – the Phase 2 review, the jurisdiction is assessed as Largely Compliant.”

The DPM said the Foreign Account Tax Compliance Act or FATCA was adopted by the United States Congress in 2010, and of course, The Bahamas made the necessary legislative and procedural changes to meet the FATCA requirements.

He explained that by September 2014, the G20 and leaders of the Organisation for Economic Cooperation and Development had endorsed the Common Reporting Standard or CRS.

The CRS facilitates automatic exchange of account information, on a confidential basis with information from financial institutions being exchanged annually.   According to an OECD June 2017 report, some 101 jurisdictions had committed to implementing this newest standard on tax transparency and undertaking actual information exchanges by 2017 or 2018.

“You would be aware that the Government is committed to adopting the multilateral approach to sharing information under the CRS regime.   We simply cannot afford, nor do we wish to have, the reputation of being the ‘last tax haven standing’ as the Head of the OECD’s Global Forum Secretariat on Transparency and Exchange of Information for Tax Purposes, Monica Bhatia, referred to the jurisdiction prior to the Government’s commitment to the Multi-lateral approach.”

DPM Turnquest said, “We must protect our sector from the fallout of blacklisting, and we want to be singled out for markers such as excellence in service, being business friendly, and product innovation–not for being a place to hide or launder illicit funds of any kind.   Undoubtedly, this will impact reporting requirements and hence compliance costs in most, if not all, financial institutions.”

PressRelease: BIS

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The Turks and Caicos Islands Set Positive Start to 2026 with Increase in January Stayover Arrivals  

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Grace Bay Strip Stone Creek Travels

PROVIDENCIALES, TURKS AND CAICOS ISLANDS – (February 25th, 2026) – The Turks and Caicos Islands began 2026 on a positive note, with stayover arrivals in January surpassing the same period in 2025.

Preliminary figures indicate that 56,830 stayover visitors arrived in January 2026, representing a two percent increase year-on-year. The steady growth continues the positive momentum experienced at the close of 2025.

Mr. Paul Pennicook, Interim CEO Consultant, attributed the encouraging performance to new collaboration with tour operator partners as well as increased airlift from key source markets.

“We anticipated a strong January performance following the growth recorded in November and December. The winter season has traditionally been a robust period for the Turks and Caicos Islands, and this year that strength has been further supported by enhanced collaboration with partners and expanded airlift from Canada and the United States We are cautiously optimistic about maintaining this upward trajectory in the weeks and months ahead.

Cruise Sector

In cruise, preliminary figures show 122,935 cruise passenger arrivals in January, reflecting a 15 percent decrease compared to January 2025. The decline is attributed to a reduction in cruise calls during the month. A total of 33 vessels called on Grand Turk in January, seven fewer than during the corresponding period last year.

Marketing Shows

As part of its ongoing efforts to position the Turks and Caicos Islands as a premier luxury destination, Experience Turks and Caicos has been actively participating in the Travel & Adventure Shows across several major cities in the United States.

The destination has already been showcased in Washington, D.C., New York, and Chicago, with Fort Lauderdale and Denver scheduled in the coming weeks.

Public Relations Manager Laura Dowrich represented the Turks and Caicos Islands alongside the destination’s U.S. marketing agency, ABA Global.

Beaches Turks & Caicos – Stone Creek Travels

“One of the most encouraging takeaways from these shows is that the Turks and Caicos Islands is indeed on travellers’ radar. We met many visitors who shared fond memories of their time here, others who already have trips booked and were seeking recommendations on activities and dining, and many more who aspire to visit. It was a pleasure highlighting our multi-island destination and sharing the many experiences that make the Turks and Caicos Islands truly special,” said Ms. Dowrich.

Awards & Recognition

Building on a stellar year of accolades in 2025, the Turks and Caicos Islands has begun 2026 with additional international recognition.

The destination earned a Gold Badge in the U.S. News & World Report rankings, placing #5 in Best Family Vacations in the Caribbean and #5 in Best Beaches in the World. In the USA Today 10Best Readers’ Choice Awards, Grand Turk was ranked #10 among the Best Caribbean Islands to Visit.

About Experience Turks and Caicos

 Middle Caicos Dragon Cay Resort

Experience Turks and Caicos is the official destination marketing and management organisation (DMMO) for the Turks and Caicos Islands. The organisation is committed to positioning the destination as a premier, sustainable luxury tourism hub. By leveraging smart tools, data-driven strategies, and stakeholder collaboration, Experience Turks and Caicos focuses on enhancing the visitor experience and fostering long-term industry success.

About the Turks and Caicos Islands

The Turks and Caicos Islands consist of two island groups in the Lucayan Archipelago—the larger Caicos Islands and the smaller Turks Islands. Home to some of the world’s most pristine beaches, including the award-winning Grace Bay Beach, the destination is renowned for its crystal-clear turquoise waters, luxury accommodations, and rich cultural heritage. Each island and cay offer a unique experience:

  • Providenciales boasts world-class resorts, fine dining, and high-end tourism offerings.
  • Grand Turk serves as the vibrant hub for cruise tourism and historical exploration.
  • The sister islands provide a gateway to nature, adventure, and authentic local culture.

Recognised as the world’s best-kept secret, the Turks and Caicos Islands offer effortless luxury, with seamless connectivity via direct flights from major cities in the United States, Canada, and the United Kingdom.

Photo Captions:

Grand Turk – slow travel with us

North Caicos – Correy Forbes

South Caicos Sail Rock

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DDME Staff Strengthen Disaster Management Capacity Through Professional Development Workshop

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Ms. Yolande Williams, Community Preparedness Officer for South Caicos speaking to Dr. Clerveaux

Providenciales, Turks and Caicos Islands – Wednesday, 25 February 2026: Staff of the Department of Disaster Management and Emergencies (DDME) participated in a one‑day Professional Staff Development Workshop on Thursday, 19th February 2026. The session was facilitated by former DDME Director (2011–2021) and current Permanent Secretary of the Governor’s Office, Dr. Virginia Clerveaux.

The in-house workshop was organised by the DDME Training Unit, to focus on the National Disaster Management Framework, strengthening staff understanding of their roles and responsibilities within disaster management. The session also aimed to enhance the effectiveness of the National Emergency Operations Centre (NEOC) and reinforce inter‑agency coordination.

Drawing on her extensive experience in disaster management in the Turks and Caicos Islands, as well as several deployments to CDEMA member states including Haiti, The Bahamas, and Jamaica, Dr. Clerveaux provided practical insights that reinforced key concepts and clarified operational expectations. Staff members actively participated in discussions and shared recommendations to improve sub‑committee performance and overall departmental efficiency.

To support learning retention, the workshop incorporated pre‑ and post‑assessments, enabling participants to evaluate their understanding and track improvements.

Acting Director of DDME, Mr. Kevaun Lucas stated: “Investing in the continued development of our team is essential to strengthening national resilience. This and future planned workshops will help to reinforce our commitment to building a highly skilled, well‑coordinated workforce capable of leading and supporting disaster management efforts across the Turks and Caicos Islands. I am proud of the team’s engagement and encouraged by the meaningful contributions they made throughout the session.”

This Professional Staff Development Workshop forms part of DDME’s ongoing commitment to enhancing internal capacity, strengthening operational coordination and improving overall departmental synergy as the agency continues to advance national preparedness and response capabilities.

 

Photo Captions:

1st insert:   Ms. Tamara Hylton, Training and Education Manager for DDME
2nd insert: Dr. Virginia Clerveaux with DDME Staff Members
3rd insert: Mr. Kevern De Bellott, Deputy Director for DDME speaking to Dr. Clerveaux

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Liberty Caribbean Supports Regional Forum on AI, Cyber Resilience and Digital Inclusion  

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Port of Spain, TRINIDAD & TOBAGO (February 24, 2026) — Liberty Caribbean, the operators of Flow, Liberty Business and BTC, recently served as Gold-Level Partner of the two-day Trinidad and Tobago Internet Governance Forum (TTIGF), themed “The Innovation Paradox – Balancing Progress with Responsibility and Resilience”.

The Digital Divide is of particular interest to Liberty Caribbean and is being addressed through its Charitable Foundation across the region. Low broadband penetration in the Caribbean contributes to diminished opportunities for individuals, communities, and local economies, but with the support of funding partners, this gap can be addressed through a comprehensive programme – JUMP – that focuses on providing access, devices, and digital skills.

“Liberty Caribbean was proud to serve as Gold-Level Partner of the TTIGF because the conversations taking place here shape key digital policies for multiple stakeholders,” said Simone Martin-Sulgan, Vice President and General Manager, Flow Trinidad.

“As technology accelerates at an unprecedented pace, we must ensure that innovation strengthens our societies rather than fragments them. The theme, ‘The Innovation Paradox – Balancing Progress with Responsibility and Resilience,’ speaks directly to the work we do every day: building networks that are not only fast and reliable, but secure, inclusive and future-ready.”

Across the Caribbean, the digital divide remains one of the most pressing barriers to equitable growth. Low broadband penetration limits access to education, entrepreneurship and essential services, and that is why we are deeply committed to closing this gap.

Through the Liberty Caribbean Charitable Foundation and initiatives like the JUMP Programme, the company is expanding access to technology, affordable connectivity and digital skills training so that individuals and communities are empowered to participate fully in the digital economy.

Martin-Sulgan further stated “at Liberty Caribbean, we believe progress and responsibility must move in lock step. By investing in resilient networks, inclusive programmes and trusted partnerships, we are helping to build a Caribbean that is innovative, secure and prepared for the opportunities ahead.”

Topics covered during the Forum, with over 140 participants, included “Securing Critical Infrastructure”, Integrating AI into Digital Transformation”, “The Digital Divide”, The Human Cost of Innovation – Mental Health and Well-being in the Digital Age’, and AI, Cyber Resilience and Regional Innovation”.

Focused on the underlying mandate of the Conference theme thought leaders, innovators, policymakers, technologists, researchers, and community stakeholders were invited to explore how countries can evolve boldly without compromising values or long-term stability.

Photo Caption: 

TTIGF – l-r Darren Campo, Regulatory & Compliance Officer; Yolande Agard-Simmons, Senior Manager Communications; and Kevon Swift, Senior Manager Government and Regulatory Affairs of Flow Trinidad in attendance at the Post Event Mixer at Caribbean Telecommunications Union’s Head Office in St Clair, Port of Spain

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