Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin
Instagram



News from the Caribbean:




Back To Today's News

OECS member states to strengthen regional CBI programmes
Published on March 7, 2017 Email To Friend    Print Version

timothy_harris52.jpg
Outgoing OECS chairman, St Kitts and Nevis Prime Minister Dr Timothy Harris

BASSETERRE, St Kitts (SKNIS) -- St Kitts and Nevis Prime Minister Dr Timothy Harris, outgoing chairman of the Organization of Eastern Caribbean States (OECS) Authority, said that, although regional integration is a work in progress, the member states and the OECS Commission continue to work hand in hand on a number of important matters relevant to each member, and one in particular is the citizenship by investment (CBI) programmes.

He said that some of the matters are very “involved and complex”, while making reference to the CBI programmes that currently exist in five of the six independent member states within the OECS.

“We have added new issues to the plate of the Commission in that the Commission has become a bit more frontally involved on issues to do with the CBI programmes because they are critical to the economic framework which we have set ourselves,” Harris said, adding that member states who are interested in CBI, as well as Dr Didacus Jules, director-general of the OECS Commission, recently met in caucus in St Kitts during the 64th meeting of the OECS Authority to discuss the matter further.

“We have set up a modality, a mechanism which will have greater participation and involvement of the OECS Secretariat in relation to that matter. There are significant issues arising globally and internationally," he said.

Harris said that it was important that CBI regulators are on the same page and continue to adapt to any challenges that occur. He said that the CBI programmes within the region continue to grow and so it is important for member states to continue to work to ensure that they remain on top.

“That programme in terms of its attractiveness to countries, as part of their strategy for development, as part of their strategy to get financial space has taken on greater importance,” he said. “And so, it now has to find its way, not only within the realm of the work of the Central Bank, but more importantly within the Commission that is more strategically placed and has treaty responsibility for the macroeconomic picture of our country, whereas a Central Bank more deals with the financial arm, and so we have been able now to rest this as it were.”

The prime minister made specific mention of CBI programme in St Kitts and Nevis, stating that it had suffered in 2014 starting with the US Financial Crimes Enforcement Network (FinCen) advisory. He added that against this backdrop, it was extremely important to readjust, reposition and recalibrate the local programme, thus allowing it to regain global attention.

“We have managed to put that at the regional level as an area for collaboration. And now I would say today that we have been able to find some appropriate institutional mechanism to continue to carry this regional initiative going forward through the aegis of our Commission with some work at the financial level, the financial integrity to come from the Central Bank,” Harris said.
 
Reads: 4749





Click here to receive daily news headlines from Caribbean News Now!




Back...

Comments:

Roy Benjamin:

Good news. We should always welcome foreign investment to our markets as development and economic advancement are two of our top priorities. The CBI programmes have come a long way, and added improvements will only boast absolute desired benefits. I support the work the OECS is undertaking, although a lot more can be done to promote harmony and overall integration. With that being said, the ten island nations should work to further develop their programmes and ensure that it corresponds with all-inclusive regional enhancement.


Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code



Please note that, if you are using an AT&T domain email address, e.g. att.net, bellsouth.net, sbcglobal.net, the verification email will likely not be delivered. This is outside of our control and the only remedy seems to be for readers to complain to AT&T





Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.




Other Headlines:



Regional Sports: