{"id":328595,"date":"2024-09-06T11:09:45","date_gmt":"2024-09-06T15:09:45","guid":{"rendered":"https:\/\/dominicanewsonline.com\/news\/?p=328595"},"modified":"2024-09-06T11:09:45","modified_gmt":"2024-09-06T15:09:45","slug":"third-us-caribbean-cbi-roundtable-deemed-productive-by-the-oecs","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/homepage-carousel\/third-us-caribbean-cbi-roundtable-deemed-productive-by-the-oecs\/","title":{"rendered":"Third US-Caribbean CBI Roundtable deemed ‘productive’ by the OECS"},"content":{"rendered":"

\"\"<\/p>\n

August 29, 2024, marked the third US-Caribbean Roundtable concerning CBI. Reports indicate that the meeting was\u00a0 “productive”. The event took place in Grenada and involved the five Eastern Caribbean nations that provide Citizenship by Investment (CBI) Programs (Antigua & Barbuda, Commonwealth of Dominica, Grenada, St. Kitts & Nevis, and St Lucia), as well as representatives from the U.S. Department of the Treasury.<\/p>\n

Delegations from the CBI nations included Chairs, Chief Executive Officers, and technical personnel associated with the CBI Programs. Additionally, representatives from the Eastern Caribbean Central Bank, led by Governor Timothy N.J. Antoine, and the Organisation of Eastern Caribbean States Commission, headed by Director General Dr. Didacus Jules, were present.<\/p>\n

The Roundtable was co-chaired by Governor Antoine and Warren Ryan, the Acting Deputy Assistant Secretary of the U.S. Treasury. Participants specifically reviewed advancements and ongoing challenges related to the Six CBI Principles established by Caribbean Heads of Government in February 2023, namely, collective agreement on treatment of denials, interviews, additional checks, audits, retrieval of passports, and treatment of Russians and Belarusians. These Principles aim to enhance the governance of CBI Programs while addressing risks associated with money laundering and terrorist financing. The first meeting occurred in St. Kitts & Nevis in February 2023, followed by a second in Miami in October 2023.<\/p>\n

\"\"<\/p>\n

During this latest Roundtable, attendees recognized the collective regional efforts to fully implement these Principles. Notably, all CBI nations have made significant strides in consistently applying four specific Principles:<\/p>\n

1.\u00a0Collective Agreement on Treatment of Denials<\/b>: Applications from individuals denied by any of the other five CBI jurisdictions will not be processed.
\n2.\u00a0Interviews<\/b>: Applicants will undergo interviews.
\n3.\u00a0Additional Checks<\/b>: Each applicant will be vetted through the Financial Intelligence Unit of their respective country.
\n4.\u00a0Treatment of Russians and Belarusians<\/b>: Processing of applications from individuals from Russia and Belarus is suspended.<\/p>\n

According to a statement from the OECS, CBI nations are diligently working towards the complete implementation of the remaining two Principles, which focus on Audits and the Retrieval of Revoked Passports. These initiatives are being pursued alongside other regional efforts outlined in the Memorandum of Agreement (MOA) signed by all CBI countries in March 2024.<\/p>\n

The U.S. delegation expressed support for the region’s progress in establishing an independent regional regulator, as outlined in the MOA, which will set standards, oversee the Programs, and implement corrective measures when necessary. An announcement regarding the formation of an Interim Regulatory Commission, responsible for establishing this regional regulator, is expected soon.<\/p>\n

The statement also expressed that the CBI countries are committed to enhancing risk management and mitigation strategies for their Programs and are grateful for the continued support from the U.S. Treasury in these endeavors.<\/p>\n