Nevis, West Indies. ?A Non-Tourist-Trap? Blog About Nevis.

Money Laundering Seminar To Educate

Charlestown, Nevis
January 29, 2011

Premier of Nevis, Hon. Joseph Parry will open the 7th Annual Anti Money Laundering (AML)/Caribbean Financial Action Task Force (CFATF) Awareness Seminar, hosted by the Nevis Financial Services Regulation and Supervision Department. The event is scheduled for Tuesday, February 1st from 8am, at Occasions Event Center at Pinneys.

The theme for this year’s Financial Seminar is “Perspectives on Money Laundering & Terrorist Financing Risks and Vulnerabilities”.

The keynote address will be delivered by Ms. Dawne Spicer, Deputy Executive Director of the Caribbean Financial Action Task Force (CFATF).

These annual seminars provide financial institutions, designated non-financial businesses and professions information of their obligations under the Federation’s anti-money laundering and anti-terrorism laws, as well as on new developments and initiatives being undertaken by international bodies such as the CFATF, Financial Action Task Force (FATF) and Organization of Economic Co-operation and Development (OECD).

This year’s Seminar will focus on Money Laundering Terrorist Financing risks and vulnerabilities, relevant to the significant sub-sectors served by financial services businesses in Nevis.

Presenters will include President of the Nevis International Service Providers’ Association Mrs. Jackie Hunkins-Taylor; Attorney-at-law ,Mr. Adrian Scantlebury; General Manager of The Bank of Nevis, Mr. Everette Martin and Head of the St. Kitts an Nevis White Collar Crime Unit, Inspector Franklyn Belgrove.

Attendees will also participate in group discussions on some of the money laundering cases which have been successfully prosecuted in a number of Caribbean Islands.

Related posts:

1. Nevis Premier Speaks At Financial Services Seminar
2. Nevis Premier To Speak About Money Laundering
3. Harmonised Efforts Essential In Money Laundering Fight
4. St. Kitts – Nevis Financial Service Sector Reviewed
5. Nevis To Provide Enhanced Financial Services

Christoph Peleikis and Denzil Douglas(r)
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
October 19, 2010 (CUOPM)

The Federation of St. Kitts and Nevis and the Republic of Germany signed a Tax Information Exchange Agreement (TIEA) on Wednesday afternoon.

St. Kitts and Nevis Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas and Germany’s Port of Spain, Trinidad Charge d’ Affaires, Mr. Christoph Peleikis signed the agreement for the exchange of information relating to tax matters.

Prime Minister Douglas has welcomed the signing of the agreement. “It is very important to the economy,” he said just before signing the necessary documents in the English and German languages.

With this agreement, both St. Kitts and Nevis and Germany commit themselves to provide assistance through exchange of information relevant to the administration and enforcement of the respective fiscal laws of the contracting states.

The agreement accommodates the mutual desire for a fair competition in tax matters and especially for implementing the standards the Organisation for Economic Cooperation and Development (OECD) developed in the framework of their programme to contain harmful tax competition.

St. Kitts and Nevis played a very active role in the OECD in the last few years.

Related posts:

1. St. Kitts – Nevis Signs Another Tax Information Exchange Agreement
2. Legislation For Mutual Exchange Of Taxation Information
3. St. Kitts – Nevis Negotiating Tax Information Exchange Agreements
4. St. Kitts – Nevis Opens Honorary Consul Office In Germany
5. St. Kitts – Nevis To sign TIEA’s With Nordic Nations

The VAT Man Cometh – Hide Your Wallet

Charlestown, Nevis
September 08, 2010

Businessmen and women on Nevis can from today, register their businesses at the Inland Revenue Department as part of the Value Added Tax [VAT] implementation process. This was according to Deputy Team Leader for the Tax Reform Unit Ms. Kimone Moving during Tuesday’s VAT update with Premier of Nevis the Hon. Joseph Parry and members of his Cabinet. 

Moving, who meets regularly with the Nevis Island Administration [NIA] to discuss details surrounding the VAT, told the Department of Information that consumers have already begun to experience tax reductions as a result of the government’s easy transition efforts.

“We are aware that the government has initiated a policy to reduce the consumption tax rate which was 22.5 percent to 17 percent as of September 1st and it runs through the end of October so businesses or individuals who are importing will be paying a consumption tax rate of 17 percent,” she said.

“This,” according to Moving, “is in an effort to cushion the impact on consumers so that they can have some kind of relief prior to the actual implementation of the new tax.”

She also encouraged business persons to take advantage of the buildings and other secure areas that have been designed to store their dutiable goods without them having to pay taxes. 

“There are bonded warehouses at the Customs [Department] and businesses are encouraged to register with the Customs Department to store their goods in October and as a result, they will be paying no VAT and no consumption tax in October. Come November 1st though, all goods for registered businesses will attract a VAT and so they have to accommodate for the Value Added Tax,” Moving said.

Related posts:

1. Nevis Government Discusses New Valued Added Tax
2. St. Kitts – Nevis Government Tries To Sell Valued Added Tax Idea
3. St. Kitts – Nevis Government On Value Added Tax
4. St. Kitts – Nevis To Implement A Value Added Tax VAT
5. St. Kitts – Nevis Government Monitors Food Prices