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October In St. Kitts – Nevis Is Financial Literacy Month

St. Kitts – Nevis Financial Literacy Month Logo

Basseterre, St. Kitts
September 25, 2008 (SKNIS)

October is Financial Literacy Month in St. Kitts and Nevis and officials are stressing discipline as analysts become increasingly concerned over the impact of a worsening global economic and financial climate.

“Manage Your Money…Live Your Dreams” is the theme for the observance which is also being marked in the seven other member territories that use the EC dollar making up the Eastern Caribbean Currency Union (ECCU).

During an interview on SKNIS Perspectives, Sybil Welsh, Deputy Director of Corporate Relations at the Eastern Caribbean Central Bank said that the theme was designed to remind residents of the ECCU that they can accomplish their dreams.

“Maybe a person wants to be a homeowner. Maybe a person wants to be a business owner, or a college graduate, or a land owner, or owner of a car,” she stated. “Whatever those dreams are it requires planning, and managing one’s money and setting goals and achieving them incrementally. If we plan, we can live our dreams.”

Highlighting such, is exactly why Financial Literacy Month was conceived in 2002 after a directive was given by ECCU Heads of Government. Since then, the ECCB has partnered with public and private sector agencies and the media to increase the awareness and understanding of the population of the need to save and invest.

TDC Corporate Offices – Basseterre, Saint Kitts
Photo By Erasmus Williams

Basseterre, Saint Kitts – Nevis
July 09, 2008 (CUOPM)

The St. Kitts-Nevis-Anguilla Trading and Development Company (TDC) Group of Companies is reporting a pre-tax profit of EC$15.3 million in 2007, compared to EC$12.3 million the previous year.

The pre-tax profit of EC$15,366,989 is the biggest ever in the company’s 35th year of operations.

TDC said that after paying Corporation Tax of EC$4,822,299 and other interests, its profit is EC$10,544,690 compared to EC$7,946,040 in the previous year.

The report documented improved performance in several areas including the Automotive Divisions, Home and Building Depots, the Shipping Agencies, TDC Rentals in St. Kitts and TDC Rentals (Nevis), the St. Kitts and Nevis Finance Company Ltd. (FINCO), the St. Kitts-Nevis Insurance Company (SNIC) , Ocean Terrace Inn (OTI), St. Kitts Masonry Products Limited and MAICO, its associated insurance company in Anguilla.

TDC is attributing its success to a buoyant St. Kitts and Nevis economy as a result of preparations for the ICC Cricket World Cup and several tourism related projects, the construction industry remained very strong throughout the year. TDC noted that under the St. Kitts-Nevis Labour Party Administration of Prime Minister Hon. Dr. Denzil L. Douglas, the tourism sector continued to experience steady expansion.

Mr. Patrice Nisbett – Nevis Island Legal Advisor

Charlestown, Nevis
June 30, 2008

Property owners with objections based on property valuations under the Property Tax Ordinance which was passed in the Nevis Island Assembly in April 2008, can now take their grievances to a body of persons who were given the mandate to make determinations in relation to their objections.

During an interview with the Department of Information on June 30, 2008, Legal Advisor in the Nevis Island Administration (NIA) Mr. Patrice Nisbett, disclosed that the Valuation Review Board which was appointed by the Minister of Finance Hon. Joseph Parry and became effective as of June 01, 2008, would be chaired by Ms. Yasmin Clarke with members Mr. Mervin Richardson, Mr. Eustace Hunkins, Mr. William Griffin, Mr. Vernon Evelyn and Secretary Mrs. Semona Johnson-Morton.

“The powers of the Board are to determine any complaint that is made before it on a specific matter. For example the tax payer may complain about the description that is placed in a valuation notice that is received.

“They [tax payers] may complain about the particular class in which the property has been assigned to by the Chief Valuation Officer. There are various classes for example the commercial class, residential class the accommodation class. A particular property owner may be dissatisfied about the particular class that is assigned to his or her particular property and then they may make a complaint and this Board has the jurisdiction to make a determination,” he said.

Dirty Money In The Caribbean

Basseterre, Saint Kitts – Nevis
June 03, 2008 (CUOPM)

Lawmakers in St. Kitts and Nevis meet on Wednesday to approve legislation aimed at ensuring the Federation’s legal, law enforcement, financial and regulatory regimes are in compliance with international standards and increasing financial transparency within certain key institutions within the Federation.

Minister of State in the Ministry of Finance, Sen. the Hon. Nigel Carty will introduce The Payment Systems Bill, the Bills of Exchange (Amendment) Bill, the Financial Services Commission (Amendment) Bill and the Financial Intelligence Unit (Amendment) Bill and Minister of National Security, the Hon. Dwyer Astaphan will introduce the Anti-Terrorism (Amendment) Bill at Wednesday’s Sitting of the National Assembly.

The Payment System Bill establishes a comprehensive legislative framework governing the establishment, maintenance and functioning of the payment system operated by the St. Kitts-based Eastern Caribbean Central Bank (ECCB). It provides for the direct participation by the Central Bank in payment systems not operated by it including non-currency union payments systems and addresses matters relating to the designation of a funds transfer system and a settlement system including the operation of standards within such systems.

Under this law, the ECCB will be empowered to issue directives to financial institutions which appear to or are actually engaged in conduct with respect to the payment system that results in or is likely to result in systematic risk or is contrary to the public interest relative to the integrity, effectiveness, efficiency or security of the payment system.

The Financial Services Commission (Amendment) Bill increases the efficiency of the Financial Services Commission by endowing the commission with powers to impose sanctions on financial institutions that are acting in a manner that violates safe prudential practices as set out in the Proceeds of Crime Act, the Anti-money Laundering Regulations, the Anti-Terrorism Act or similar legislation.

Fidela Clarke
Photo by Erasmus Williams

Basseterre, Saint Kitts – Nevis
April 8, 2008 (CUOPM)

Although significant achievements have been made in the regulation of the St. Kitts and Nevis Financial Services sector since the removal of the twin-island Federation from the OECD and FATF Blacklists, several measures are to be taken to ensure a favourable assessment later this year.

Financial Secretary, Mrs. Janet Harris and Director General/Regulator of the St. Kitts Financial Services, Ms. Fidela Clarke, informed the St. Kitts and Nevis Cabinet on Monday of areas which demand immediate attention that fall within the remit of various government agencies including the Legal Department, the Financial Services Commission, the Financial Intelligence Unit, the Office of the Director of Public Prosecutions (DPP), the Customs and Excise Department, and the Police Department if Saint Kitts and Nevis is to achieve a favourable assessment.

October In St. Kitts – Nevis Is Financial Literacy Month

TDC Makes EC$15.3 Million In Pre-Tax Profit In 2007

Valuation Review Board Established For Nevis Property Tax

St. Kitts – Nevis To Strengthen Money Laundering Laws

St. Kitts – Nevis Supports Finacial Services Sector