ST. VINCENT-FINANCE-IMF projects five per cent economic growth for St. Vincent and the Grenadines
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GUYANA-FINANCE-Government announces salary increase for public servants
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Bahamas Securities Commission Assumes Control Of FTX Digital Markets Ltd.
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News Americas, Nassau, Bahamas, Fri. Nov. 18, 2022: The Securities Commission of The Bahamas has taken control of FTX Digital Markets Ltd., directing the transfer of all digital assets of the company to a digital wallet controlled by the Commission, “for safekeeping.”
The Commission, in a statement, said urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM. Under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”), the Commission has the authority to apply for a judicial order to protect the interests of clients or customers of a registrant of the Commission under the Act.
The Commission says that FDM is not a party to the US Chapter 11 Bankruptcy proceedings. “Over the coming days and weeks, the Commission will engage with other regulators and authorities, in multiple jurisdictions, to address matters affecting the creditors, clients and stakeholders of FDM globally to obtain the best possible outcome,” the Commission said in a statement last night.
FTX was founded by Sam Bankman-Fried as a Bahamas-based cryptocurrency exchange in 2019 and, at its peak in 2021, had over one million users and was the third largest crypto exchange by volume. FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas.
The news comes as FTX CEO John Ray III’s filing from Thursday morning revealed a culture of laxity and permissiveness at the imploded crypto dealer, where expenses were approved with color-coded emoji and company money bought employee homes. In a potentially serious concern, Almeda was granted exemption from “certain” parts of FTX’s auto-liquidation feature, a practice similar to a margin call in traditional finance. The former Enron restructuring CEO called some of the past management practices “unacceptable.
Meanwhile, Tom Brady and ex-wife Gisele Bündchen are among a roster of celebrities who have been named as defendants in a class-action lawsuit against the bankrupt crypto-currency company FTX.
The lawsuit, filed by an investor on Tuesday, alleges that by endorsing the company, the former couple — along with Naomi Osaka, Steph Curry, Shaquille O’Neal, Larry David and others — brought credibility to the business, according to the Associated Press.
“Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment — like these Defendants — to raise funds and drive American consumers to invest … pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” the lawsuit stated.
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GRENADA-FINANCE-PM Mitchell urges pensioners to spend retirement funds wisely
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GUYANA-TRADE-Guyana -UK seeking to deepen trade relations
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JAMAICA-TOURISM-Jamaica reporting increased seats out of Canada
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TRINIDAD-FINANCE-Hefty fines for persons convicted of operating Ponzi schemes in Trinidad and Tobago
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New government of St Kitts and Nevis ready to usher in new sense of cooperation and good governance, hints at changes to the country’s CBI programme
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News Americas, Basseterre, St. Kitts, Nov. 16, 2022: St Kitts and Nevis welcomed a new government in August and the new administration, led by Dr Terrance Drew, is ready and determined to usher in a new sense of cooperation, good governance, and transparency – starting with steps to improve the country’s long-standing citizenship by investment (CBI) programme.
In his address on Tuesday, 15 November, marking his first 100 days in office, Prime Minister Dr Terrance Drew provided insight into the focus areas for the CBI changes, which he gave to the citizens of St Kitts and Nevis at an event held earlier today in the country’s capital Basseterre.
Since winning the snap election on 5 August, Prime Minister Dr Terrance Drew has been working tirelessly for the overall development of St Kitts and Nevis and has undertaken various initiatives including the formation of a committee to combat corruption.
The new administration has presented plans for the advancement of the twin-island nation, outlining steps that will pave the way to improving the lives of its people. A large part of these plans is funded by the CBI programme which has secured foreign direct investment into the nation for nearly 40 years since it is independence.
“Our government has been relentless in our pursuit to strengthen and improve our Citizenship by Investment programme, for enhanced sustainability within a framework of integrity. We have held productive discussions with local developers and international investors alike,” said Prime Minister Drew.
“There will be much stronger oversight and leadership in the CBI Unit by a new CBI Board and Technical Committee. I will announce the detailed changes at our upcoming press conference, but I want to be absolutely clear, that our evolved CBI programme will be run with the utmost transparency.”
To help progress the economy, Prime Minister Drew highlighted that more oversight would ensure that the people of St Kitts and Nevis would also benefit from the CBI programme as it was intended. Plans are in place to support women in sectors like construction, to provide more support to small businesses, and to review opportunities for the development of the renewable energy sector, the processing of fish, as well as packaging and exports.
With promises to improve health care, provide more affordable housing and access to better education – Prime Minister Drew understands that all this will be underpinned by a stronger economy.
Speaking at the event Prime Minister Drew said that while the nation has been the benchmark of citizenship by investment value proposition, the new administration understands that in order to remain one of the most sought-after economic citizenship programmes in the world, it needs to evolve and forge a new path for itself and the industry as it responds to a changing demographic.
Through ongoing consultations with all stakeholders during the exploratory phase, the new government aims to have regular engagement with local and international stakeholders in the programme to ensure it meets their salient needs.
Prime Minister Drew also emphasised how his government is on a journey to bring clarity to locals and international investors through constant transparency and integrity. “Our ongoing work to strengthen this programme and the system must result in prosperity for all.”
Consultations with stakeholders have led to the development of committees to supervise the process and implement strengthened legislative and administrative structures to prevent “underselling” and ensure that real estate projects funded by the CBI programme are completed.
The government’s plan is to maintain a progressive programme that cements St Kitts and Nevis’ place as a leader in the CBI Industry.
The government is also seeking out reliable and trustworthy developers who are ready to put capital behind creative and strong projects that will enhance St Kitts and Nevis’ CBI offering.
St Kitts and Nevis holds the oldest citizenship by investment programme in the world – established in 1984, the programme currently allows investors to gain second citizenship by donating to a government fund or by investing in real estate.
The government fund channels investment to projects that will uplift the country and has enabled, in part, sectors such as health, education, tourism, business, and agriculture to flourish.
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BAHAMAS-FINANCE-Securities Commission probes collapse of FTX
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SURINAME-LABOUR-Unsettled industrial environment in Suriname
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