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Prime Minister’s Liberalization Plan to Promote Greater Opportunities for Bahamian Investment

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#Bahamas, December 22, 2017 – Nassau – Prime Minister, Dr. the Hon. Hubert A. Minnis’ plans for the liberalization of the administration of the country’s exchange control regime is expected to promote greater opportunities for Bahamian investors and small and medium-sized businesses/enterprises (SMEs).

The Prime Minister announced (Wednesday, December 20, 217) that Bahamians and residents will be given approval to repatriate foreign currency deposits or investment assets currently held outside of The Bahamas, or repatriate the out-of-country facilities to The Bahamas, at the same foreign currency value upon application to the Central Bank of The Bahamas.   No penalties will be imposed on regularized accounts and investments.

Prime Minister Minnis said the owners of deposit facilities will be allowed to use those resources to finance domestic transactions without restriction.  (Prohibitions, Prime Minister Minnis said, will exist against either funding or augmenting these facilities with proceeds converted from Bahamian dollars.)

This reform accommodates Bahamian residents who have amassed deposits or investment assets abroad for which they should have obtained prior Exchange Control approval.   Administration officials say what this means is that, by example, Bahamian small and medium-sized businesses and Bahamian investors who currently have U.S. Dollar accounts, will be able to maintain those U.S. Dollar accounts in The Bahamas.   The same goes for accounts held in other jurisdictions.

Prime Minister Minnis also announced that the buying and selling rates for the Investment Currency Market (ICM) will be “significantly reduced” from 12.5 per cent and 10 per cent respectively, to 5 per cent and 2.5 per cent.   The Prime Minister further said Bahamians will be able to fund investments at the lower rate of B$1.050 (US$1.00) and to repatriate investment currency proceeds to The Bahamas at the rate of B$1.025 (US$1.00).

The two above-mentioned reforms are designed to reduce the costs of funding for capital market and related investments made outside of The Bahamas, with investment currency that is available at a premium.

The Prime Minister said as part of the relaxation protocol, Bahamian-owned businesses will be allowed to maintain operating deposit accounts of up to $100,000 in foreign currency at domestic, commercial banks, without prior reference to the Central Bank.  These accounts will have to be exclusively funded from revenues earned in foreign currency.   This reform provides access to foreign currency accounts for local businesses to cover international expenses in their operations.   Central Bank approval will continue to be required for accounts with balances of more than $100,000 in foreign currency.

The Minnis Administration will also relax Exchange Controls on capital transactions, namely on capital (investment) and current account (trade) transactions for small and medium-sized Bahamian businesses/enterprises (SMEs).   Central Bank officials also propose to delegate the operation of the ICM to Commercial Banks at a date to be arranged in 2018.

The changes, which will come into effect as of February 1, 2018, are expected to not only assist domestic, small, and medium sized Bahamian businesses and Bahamian investors by improving the ease of doing business for Bahamians and residents, but can also be considered part of the Minnis Administration’s new economic strategy to attract investments from the global Bahamian Diaspora in order to help create a global network of Bahamians and to help boost national development, on the road to creating a 21st Century Bahamas.

They follow the Prime Minister’s recent announcements in Washington, D.C., U.S.A. where Dr. Minnis addressed members of the Bahamian Diaspora residing in the Washington D.C., Maryland and Virginia areas, that his Administration has embarked upon a programme of reform and transformation that includes innovative thinking about the role of government in order to create new and innovative partnerships for national development.

Prime Minister Minnis encouraged the gathering to not only consider the new investment opportunities that will become available in The Bahamas as a result of his Administration’s new economic strategy, but to also “consider lending your talents and resources in areas such as youth development, volunteerism and community service.”

“The global Bahamian Diaspora is a major talent and investment pool the country must tap into.   Like other countries that have successfully done so, my Government will cultivate and utilize the energy of the Bahamian Diaspora,” Prime Minister Minnis added.

Prime Minister Minnis said the reforms were “long overdue” and comprise part of his Administration’s commitment to assisting small and medium-sized Bahamian businesses/enterprises, which the Prime Minister said, are a “critical part” of the Bahamian economic structure, employing thousands of Bahamians.

“It is a modernization reform that Bahamian businesspersons have been asking for, for a long time,” Prime Minister Minnis said during a press conference held to announce the liberalization of Exchange Control.

“The Government is committed to targeted, ambitious and sustainable liberalization of the capital account.   I note that the Government will continue to review further, gradual adjustments in the Exchange Control Regime,” Prime Minister Minnis said.

By: Matt Maura (BIS)

 

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Family of 16 yo Tourist claims negligence in jet ski death; TCI Coroner’s Court hearing evidence

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Dana Malcolm 

Staff Writer 

 

#TurksandCaicos, May 2, 2024 – The family of a 16-year-old who died in Grand Turk six years ago while on a Carnival Cruise into Grand Turk is a little closer to closure as the Turks and Caicos Islands Coroner’s Court has opened his case for an inquest.

“On Wednesday, May 16th, 2018, at 11:30 a.m. Police and Emergency Medical Officials responded to a two-jet-ski collision that left a 16-year-old male dead, near the Cruise Terminal in Grand Turk. Two people were involved in the collision. The second male did not receive any injuries. This incident is under Police investigation.”

That was the brief police report in the aftermath of Nicholas Twyman’s death.

In the comments dozens of residents and visitors claim to have been on the scene that day, as the boy was pulled ashore, some trying to assist while others looked on, horrified.

Coroner Mickia Mills called up the case on March 21, 2024 almost six years after the incident occurred. Mills is in charge of finding out what exactly happened that day in Grand Turk and whether there was any negligence or if it was simply a terrible accident.

That verdict will be for the coroner and her potential jurors to decide. However, the family has shared their version of what happened that day.

A lawsuit filed in Florida Courts in October 2019 (Twyman v. Carnival Corp) detailed the heartbreaking hours that led up to the death of Nicholas. In it, the plaintiffs, listed as Gyjuanna TWYMAN and Michael Twyman, claim that they docked in Grand Turk and were curious about using the jet skis; both parents and the son were told by the Carnival team aboard the ship that there was not a formal shore excursion in Grand Turk involving jet skis, but that jet skis would be available for rent by the hour.

The family from Indiana claims three jet skis were rented, one for Nicholas, another for his father, Michael, and another for a different passenger, while their mother remained ashore. Wet Money Enterprise is listed as the jet ski company.

The family says they were given little instruction on using the Jet Skis, especially their son who was a new rider.  The lawsuit maintains that Michael was not given any instructions other than being told where the kill switch was and not to ride too close to the cruise ship.

Sometime during his excursion, the young man crashed into the other jet ski. The family claims that neither Carnival Cruises nor representatives from the jet ski company responded. They say it was his father who spun around on his own jet ski, dived into the water for his son, and brought him to shore.

Once there, it was the young man’s mother, a registered nurse, who started emergency medical care.

When Turks and Caicos’s EMS did arrive after 15 minutes the family claims they were unsure how to use certain medical implements and had to be directed by the distressed mother.

The court documents list the cause of death for the young man as blunt force trauma and drowning, similar to what is listed in the TCI courts.

Coroner Mills, who took up her position in 2024, will oversee the proceedings which continued on Tuesday, April 23rd.

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Will DPP Office ‘No Show, No Call’ cause criminal cases to be Dropped?

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Wilkie Arthur

Freelance Court Correspondent

 

#TurksandCaicos, May 2, 2024 – On a bright and early Monday morning (15th April, 2024) in the Supreme Court before presiding lady Justice Ms. Tanya Lobban-Jackson and before His Honor The Chief Magistrate Jolyon Hatmin in the Magistrate’s Court, both courts were once again unable to proceed on its scheduled commencement time due to non or failure of attendance by the Prosecution of the Office of the Director of Public Prosecution (DPP).

Given the fact that this has now happened on more than one occasion, in both the Supreme and Magistrate’s Courts, judges and the learned Chief Magistrate have reached its final straw; they have cited the ‘no shows’ as a disrespect and a disregard for prompt and proper time management to be in attendance for legal proceedings.

From this reporters’ perspective, it appears the prosecution shows up when they like, any time they please and some are guilty of not showing at all without a call or message of explanation for the absenteeism.  The repeated instances have been called, “embarrassing” for the Office of the DPP, when defense counsel and the accused are present in the courtroom but the prosecutor is a ‘no-show, no call, no text.’

On at least two or three occasions, the Supreme Court judge was forced to return to her Chambers; exiting the court with a strongly worded warning, only to return with there still being no member of the Director of Public Prosecution present in court.

There has also been a promise that even serious cases could be dismissed due to this inappropriate practice.

In the final weeks of April, the country learned of a review by a KC out of the UK, who was looking into case progression at the DPPs office.  The Office has also hired a new Director, Philip Bennetts, KC, who takes office in the beginning of June, informed a TCIG media release.

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Concacaf x Generation Amazing, Turks and Caicos Islands Launch

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#TurksandCaicos, May 2, 2024 – Thursday, April 25, 2024, marked a momentous occasion for The Turks and Caicos Islands Football Association with the launch of the Concacaf x Generation Amazing Program. This program, supported by the Turks and Caicos Islands Ministry of Education, is currently benefiting 21 public and private primary schools across the Turks and Caicos Islands, encompassing both sectors of education. The primary objective of the Generation Amazing program is to educate and certify teachers to serve as volunteer coaches in sports development and safeguarding practices. Through this training, coaches will deliver football programs to children, aiming to catalyze positive social change within our communities that will continue to thrive for years to come..

The program not only emphasizes teaching children the basics of football but also focuses on instilling core values like teamwork, respect, and leadership. The initiative offers children the chance to enhance their physical well-being while nurturing essential life skills that can contribute to success beyond the field.

TCIFA President, Sonia Fulford, conveyed her appreciation to Concacaf, Generation Amazing, and the Ministry of Sports of the Turks and Caicos Islands for their involvement and support. She highlighted the significance of the project, pointing up a positive impact on the Education Ministry. Generation Amazing’s initiative is also seen as a valuable opportunity to enhance both the educational and athletic aspects within the community. “We’ll have more well-rounded teachers, and well-rounded students, not only from an educational standpoint, but a sporting standpoint. For us it’s a big win!” The President expressed excitement for the project, foreseeing an increase in skilled players and coaches, ultimately benefiting the organization significantly.

Jarret Forbes, Director of Sports, commented, “We are excited about the launch of the Generation Amazing programme here in the Turks and Caicos Islands. We commend the TCIFA for taking a holistic approach to student empowerment through sports. And we are grateful for the interest and support from CONCACAF and the Department of Education in developing our young athletes.”

Alvin Parker, Deputy Director of Sports, also expressed his enthusiasm regarding the upcoming chance for educators to apply their acquired knowledge. Viewing the term ‘Generation Amazing’ as a rebranding concept for Generation X, it is with high anticipation that the program will inspire and instill optimism within the younger demographic.

A devoted team collaborated diligently to ensure the successful initiation of the program. Spearheading the launch for Concacaf were Jennifer Roche, the Concacaf CSR Coordinator; Andre Virtue, Concacaf Coach Educator; Cristian Cubillas; and Garry Stannecc, the Sport For Development Consultant for Concacaf. The local facilitators comprised Dane Ritchie, TCIFA Technical Director; Olivia Graveley, Director of the Grand Turk Football Program; Yunelsis Rodriguez Baez, Director of Women’s Football; and Damien Grant, TCIFA Coach Educator and South Caicos Football Development Officer. The launch encompassed a comprehensive two-day training session for teachers, which will be followed by a mandatory six-week program involving a minimum of 25 students from each school. The program’s execution will be supervised by our Local Facilitators in with the support of Generation Amazing staff. Furthermore, the program will offer support to schools by furnishing footballs and essential equipment.

Jennifer Roche elaborated on Concacaf’s emphasis on Social Impact strategies, highlighting the significance of extending focus beyond on-field activities. “Last year, our CSR brand, ’The Bigger Game’ launched and the ‘Generation Amazing’ Program is one of the programs under the pillars of access to play and coaches education. This program is focused heavily on capacity building and giving tools to teachers, community volunteers, and other community leaders to empower and change lives through our beautiful game.”

Andre Virtue commented, “Obviously, we see the sport and the opportunity it has to grow. But, at the core of it is the coaches and how the coaches engage with our youth. We see the social issues that our youth already have to deal with on a day to day basis, and the dependence on either the parent or some adult to guide them and to mentor them is assumed. And, there is an intentional approach to how we’re communicating life values as it is very important.” Distinguishing between athletic prowess and life skills, Andre indicated that Coach Educating initiative aims to bridge this gap by aligning sports experiences with essential life lessons. The football field, as a dynamic environment, serves as a valuable classroom where the intricacies of life are intertwined with the game’s dynamics. “There are so many things that happen on the football field that are connected to life. The game is a great teacher, but there is an intentional and deliberate attempt to teach those values. It’s just the winning, the losing, the ups and the downs that come out of the game.”

Dane Ritchie further explained that the program also adopts a personalized approach, focusing on individual needs rather than viewing the children as a collective group, thereby maximizing the positive impact on each child. The aspects of conflict resolution, and nurturing respect are deemed integral to the game and are leveraged to impart essential life skills crucial for their development.

CherylAnn Jones, Permanent Secretary to the Ministry of Education, Youth, Sports, and Social Services, communicated the Ministry’s unwavering support for the Concacaf x Generation Amazing program and its potential to bring about significant transformation. The Ministry’s ethos, centered on Human Capital Development, resonates strongly with initiatives like Generation Amazing, which focus on nurturing leadership qualities, teamwork, and community spirit among today’s youth for the benefit of future generations. “A key tenant of the Generation Amazing program is its emphasis on child safeguarding and so this program aligns with our policy of ensuring that children learn, grow and develop confidently in a safe and nurturing environment. We are delighted to be partners with Concacaf and TCIFA, and applaud these organizations and their continued programs among our young people. We also applaud our principals, physical education teachers, and coaches who will be trained as facilitators in our schools to implement the program, as well as the Sports Commission. We believe that that commitment through football will create positive change.”

 

For more information, please contact TCIFA Office Manager | Marketing and Communications Coordinator, Candia Ewing at 941-5532 or cewingtcifa@gmail.com

Address:

TCIFA National Academy

Venetian Road 

Providenciales

Turks and Caicos Islands 

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