October In St. Kitts – Nevis Is Financial Literacy Month

St. Kitts - Nevis Financial Literacy Month Logo

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.

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St. Kitts – Nevis To Make Money Laundering An Extraditable Offence

St. Kitts - Nevis - National Assembly

St. Kitts – Nevis Govt. Review Money Laundering Law
Photo By Erasmus Williams

Basseterre, Saint Kitts – Nevis
July 29, 2008 (CUOPM)

Lawmakers in St. Kitts and Nevis are expected to approve a minor amendment to the Proceeds of Crime Act making money laundering an extraditable offence.

Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas will seek legislative approval on Thursday to ensure that St. Kitts and Nevis is not a safe haven for persons who perpetuate offences of this type.

The Proceeds of Crime (Amendment) No. 3 Bill, 2008 is one of two bills in the name of the Minister of Finance.

The other is the Money Services Business Bill, 2008, which was given its first reading on June 18th.

It seeks to make provisionsfor the licensing and regulation of the business of the transmission of money or monetary value in any form. Cheque cashing, currency exchange and the issuance, sale or redemption of money orders or traveller’s cheques as well as the business of operating as an agent or franchise holder of any of these businesses.

Acing Minister of National Security, Immigration and Labour, Dr. the Hon. Earl Asim Martin will seek to amend the Anti-terrorism Act by providing a definition for the term “forfeited property.”

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St. Kitts – Nevis Financial Service Sector Reviewed

Money Laundering Is A Global Problem

Money Laundering Is A Global Problem

Basseterre, Saint Kitts – Nevis
July 23, 2008 (CUOPM)

The Federal Government in St. Kitts and Nevis continues to take measures to prevent the twin-island Federation being used for money laundering activities and the financing of terrorist activities around the world.

“Any deficiencies that we detect as we prepare ourselves for the upcoming assessment by the Caribbean Financial Action Task Force “CFATF” in September, 2008, my government will take measures to correct them and ensure that the Federation’s legal, law enforcement and regulatory regimes are in compliance with international standards,” said Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas.

“We have been to Parliament on several occasions to improve existing legislation so that we can seriously make a contribution in the proper regulation of our financial services sector and prevent the use of our jurisdiction in the committal of white-collar crimes,” said Prime Minister Douglas.

In preparation for the assessment, four task force members – two legal experts, one law enforcement and a financial expert have been trained to be mutual evaluation examiners by the Caribbean Financial Action Task Force.

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US Ambassador Commends Nevis’ Premier Parry

US Ambassador To The Eastern Caribbean - Mary Ourisman

US Ambassador To St. Kitts – Nevis – Mary Ourisman

Charlestown, Nevis
May 22, 2008

Premier of Nevis and Minister of Finance in the Nevis Island Administration Hon. Joseph Parry received commendations from United States Ambassador to Barbados and the Eastern Caribbean Her Excellency Mrs. Mary Ourisman, for having launched the landmark Nevis Investment Promotion Agency (NIPA).
 
During a ceremony to mark the occasion at the Old Manor Hotel on May 21, 2008, the Ambassador expressed that view that the new agency would enable the government promote and to coordinate investments.
 
“I wish to congratulate you Premier Parry on this launch of the Nevis Investment Promotion Agency. This new body will enable your island’s Administration to better promote and to coordinate investments and to create economic opportunities for all of your citizens,” she said.
 
Mrs. Ourisman noted that the new measures to encourage investment on the island coupled with its new found renewable energy resources would propel Nevis into a new era of prosperity.
 
“I believe that your newly discovered alternative energy resources in the form of geothermal energy, combined with your strong push to open Nevis to high quality foreign investment, will combine to create a new era, a new era of economic growth and job opportunities for all Nevisians,” she said.        
 
The Ambassador described the occasion as one of importance because it had become clear that over the years that the focus of development across the region had moved away from the traditional sectors and had become increasingly focused on international competitiveness and the attraction of foreign investment.
 
She said St. Kitts and Nevis had been an important regional leader for having charted that bold new course and explained that the measures put in place could only serve to enjoy the benefits of the global trade system.
 
“Saint Kitts and Nevis in fact has been an important regional leader in charting that bold new course that ranks 85, quite impressive! In these circumstances, one of the primary challenges which policy decision makers, entrepreneurs and managers face is to device mechanisms that stimulate economic growth, improved productivity and provide employment opportunities to their citizens.

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