Latest news with #CARICOM
LBCI
15-05-2025
- Politics
- LBCI
President Aoun receives Antigua and Barbuda Ambassador, discusses UN support
President Joseph Aoun received the Ambassador of Antigua and Barbuda to Kuwait at the Baabda Presidential Palace on Thursday afternoon. He congratulated Aoun on his election and briefed him on the Caribbean Community (CARICOM) role, which includes 15 independent states represented at the United Nations and holds significant political weight during General Assembly deliberations. The ambassador highlighted the importance of Lebanon engaging with this group, particularly when addressing issues of national interest at the U.N. and on the broader international stage. He also noted that Antigua and Barbuda is home to a Lebanese community of around 700 people. President Aoun thanked the Ambassador for his support and for offering the backing of the country he represents in regional and international forums.
Yahoo
15-05-2025
- Business
- Yahoo
Dominica's Emerging AML/CFT Leadership at ARCS 2025
ROSEAU, DM / / May 15, 2025 / This year, Dominica hosted the 2025 Annual Regional Compliance Summit (ARCS) at The Dominica State House, focusing on Caribbean AML/CFT approaches. The Director of the Financial Services Unit, Mr. Claudius Lestrade, who oversees the supervisory functions of domestic banks, offshore banks, credit unions, and money service businesses, inaugurated the event, and his opening speech updated us on the renewed compliance efforts in the world of Caribbean Finance. Mr. Claudius Lestrade's speech at the Dominica House follows a reformation of central bank regulations in response to the World Bank's Economic Review of 2023, which cited the growing need for establishing regulatory and technological frameworks for Caribbean nations, as the Financial Unit has a significant 14.5 % contribution to Dominica's GDP. The needs of the Caribbean and the associated technological framework requirements were further exacerbated in the IMF's report of June 2024, which indicated that Dominica's post-pandemic fiscal buffer requirements have led the country to adopt future-proofed regulatory compliance. Objectives at the Annual Regional Compliance Summit and Dominica's Historical Efforts in Shaping the Future of Regulatory Compliance The event highlighted a growing theme in Caribbean business: "Shaping the Future of Compliance in the Region." This included broad discussions about the need to adopt technologies to ensure regional compliance. Mr. Claudius Lestrade, in relation to the summit's objectives, said, "The regional summit represents a call for a growing need for collaboration among Caribbean nations, where we will explore common solutions to complex regulatory challenges, particularly in terms of financial crime and digital frameworks." Dominica and the Caribbean nations are no strangers to evolving regulatory compliance in accordance with global financial regulatory requirements. According to the Journal of Financial Crime (2007), the collective efforts of regulators in the Caribbean and Latin American (LATAM) region have contributed to the evolving battle against financial crime. The FATF noted that, in this case, Dominica had made significant reforms to its regulatory structure since 2009, addressing 21 areas of non-compliance. The Financial Services Unit further obtained authority as a money laundering supervisory body through legal changes, with the CFATF noting that Dominica's supervisory body made "sufficient" changes and progress in policy-related decisions. In 2015, the Caribbean nations faced a de-risking en masse, as several global jurisdictions closed financial relationships. The Society for Worldwide Interbank Financial Telecommunication in their information paper indicated that 21 out of 23 CARICOM nations had experienced the termination of correspondent banking relationships since an analysis of the data concluded that Dominica had a 40% decrease in correspondent banking relationships between 2011 and 2020. The IMF acknowledged that improved regulatory measures in Dominica are essential for preserving banking relationships with the global community because smaller nations have experienced the most significant impact from de-risking. Fast forward to 2023, the Financial Services Unit of Dominica, under the purview of Mr. Claudius Lestrade, completed all AML/KYC and external tax risk assessments, resulting in Dominica being removed from the list of noncooperative jurisdictions globally and thereafter being moved to the grey list. The Financial Services Unit, since then, continues to be a core driver of the economy, primarily through growth in the credit union sector and the global banking business. Notable Attendees of the Summit Aside from Mr. Claudius Lestrade, notable attendees of this year's Annual Regional Compliance Summit included HE President Burton, the First Husband, the Minister for Finance, Economic Development, Climate Resilience and Social Security, the Honorable Dr. Irving McIntyre, the Parliamentary Secretary (Ministry of Environment, Rural Modernization, Kalinago Upliftment and Constituency Empowerment), the Honorable Darren Lloyd, and the Director of the Financial Intelligence Unit of St. Vincent and the Grenadines, LaTeisha Sandy-Marks. Case Study: Asprofin Bank's RegTech Innovation At the "Shaping the Future" showcase, Asprofin Bank from Dominica's offshore banking sector exemplified innovation through its operations. Chartered in 2013, Asprofin Bank adopted electronic methods for Know Your Customer (KYC) processes and implemented real-time monitoring along with Politically Exposed Person (PEP) screening tools from World Compliance (previously known as World Check). The Financial Services Unit (FSU) directly collaborated with this institution, evidencing the feasibility of implementing regulatory technology (RegTech) solutions for private financial institutions to meet international regulatory standards. Conclusion and the Road Ahead The summit concluded that the development of financial risk scoring automation, the implementation of RegTech capabilities across financial institutions, regional harmonization initiatives, and built-in anti-money laundering controls and filters during fintech development constitute aid for all financial businesses to adhere to regional financial laws. The takeaways from the summit are similar to the results noted on IMF Day, which explained that the Economic Development Activity of the Caribbean region will expand beyond Foreign Direct Investment (FDI) and the current upgrade of data reporting systems for fiscal and Anti-Money Laundering (AML) monitoring procedures. At ARCS 2025, the alignment of effective policy, along with regional cooperation and smart technology, positioned Dominica as a leader in Caribbean financial compliance and as a key participant in this summit. Dominica's FSU serves as proof that small nations can establish future financial integrity systems for other jurisdictions to emulate. About The Financial Services Unit of the Commonwealth of Dominica The Financial Services Unit (FSU) is the regulatory body for Dominica's financial sector, including offshore and domestic banking, insurance, credit unions, and other non-bank financial institutions. Operating under the Ministry of Finance, the FSU is led by Director Mr. Claudius Lestrade and is responsible for ensuring compliance with local laws and international standards, particularly in anti-money laundering and counter-terrorism financing. The Unit plays a vital role in safeguarding the integrity, stability, and reputation of Dominica's financial system. Contact:Name: Mr. Claudius LestradePosition: Director of the Financial Services UnitEmail: lestradec@ Website: SOURCE: Dominica View the original press release on ACCESS Newswire
American Military News
08-05-2025
- Business
- American Military News
Eastern Caribbean, Bahamas leaders to meet with Rubio in Washington on Tuesday
Two months after Secretary of State Marco Rubio met with a half-dozen Caribbean leaders in his first official visit to the region, more heads of government will get a chance to air their concerns. The prime ministers of six eastern Caribbean nations — Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines — along with The Bahamas will meet with Rubio in Washington on Tuesday. Discussions are expected to include a host of regional concerns on the part of the United States such as border security and countering illegal immigration. Others are at the top of the agenda for the prime ministers, some of which they believe did not get sufficient airing in March when Rubio flew to the English-speaking region and met with the prime ministers of Jamaica, Barbados and Trinidad and Tobago and the new head of Haiti's presidential council. Now it's the turn of the other leaders, who weren't part of the discussions but who, along with Belize and the British Overseas Territory of Montserrat, make up the 15-member regional Caribbean Community bloc known as CARICOM. 'I don't think we are going to have any sets of controversial issues,' Ralph Gonsalves, the prime minister of St. Vincent and the Grenadines, told the Miami Herald on Monday as he prepared to leave his twin-island nation for the meeting, scheduled to start at 3 p.m. Tuesday. 'I think it makes sense for us to look for spaces where our interests can be accommodated.' For Gonsalves, these include 'practical issues like security, guns and bullets coming out of the U.S., assets like Coast Guard, disaster preparedness, disaster management and making sure we have some good open channels to bring issues up.' Gonsalves also remains concerned about regional banks' arrangements with U.S. financial institutions. The intermediary relationship that allows banks in different countries to be connected have long been under threat due to tightened U.S. financial restrictions, which have forced the closure of some banks in the Caribbean, limiting the ability of their U.S.-based nationals to send remittances back home. In addition to Gonsalves, the other prime ministers expected to be present are Gaston Browne of Antigua and Barbuda; Philip Davis of The Bahamas; Roosevelt Skerrit of Dominica; Dickon Mitchell of Grenada; Terrance Drew of Saint Kitts and Nevis and Philip J. Pierre of Saint Lucia. Not taking part in the talks: Belize Prime Minister John Briceño. Rubio spoke to him last week after his March 12 re-election. State Department spokesperson Tammy Bruce said that during the conversation Rubio reaffirmed the importance of the U.S.-Belizean partnership and congratulated him on his reelection. He recognized Belize's significant efforts to counter illegal immigration, support Haitian security efforts, and combat transnational organized crime, Bruce said. Rubio also thanked Belize for its efforts as part of the Kenya-led Multinational Security Support mission to Haiti, though the country recently pulled its two soldiers and is reassessing its involvement in Haiti's anti-gang security fight. During Rubio's meeting in Jamaica in March, there was heavy focus on Haiti, which Gonsalves, a vocal supporter of the troubled nation, believes will also come up in Tuesday's talks after CARICOM and the State Department last month denounced maneuvers by armed gang leaders and others to try to overthrow the country's transitional government. Others in the region also expect China's growing influence in the Caribbean, as well as Cuba's controversial medical brigades program, which exports medical professionals, to also come up in the talks. Rubio earlier this year announced an expansion of visa restrictions to government officials who participate in the Cuba program, which he describes as 'forced labor.' At the time of the Jamaica meeting, the White House's sweeping tariffs had not yet been unveiled. It is also top of the agenda for leaders after most of the Caribbean was hit with a baseline 10% tariff on goods exported to the U.S. Another matter of concern is the future of the Citizenship by Investment programs, which provides a path to citizenship by moneyed investors and is considered a lifeline to five eastern Caribbean economies. Leaders are concerned that it may be the reason some of their nations have been singled out in discussions by Trump administration officials about travel bans of their nationals. Under the travel-ban proposal under discussion in Washington, Antigua and Barbuda, Dominica, St. Lucia, and St. Kitts and Nevis would be on the third tier, with an opportunity to be removed under certain conditions. Among the discussions: the acceptance of undocumented migrants who cannot be deported by the Trump administration to their own countries. This idea is sure to get pushback by Caribbean leaders, who have already said they cannot accept non-nationals in their tiny nations that are already struggling with rising crime, the damaging effects of climate change and high debt. 'Our countries are too small for those things,' said Gonsalves whose nation, along with Grenada, is still recovering from a deadly hurricane last year. ___ © 2025 Miami Herald. Distributed by Tribune Content Agency, LLC.
Miami Herald
06-05-2025
- Business
- Miami Herald
Eastern Caribbean, Bahamas leaders to meet with Rubio in Washington on Tuesday
Haiti Eastern Caribbean, Bahamas leaders to meet with Rubio in Washington on Tuesday Caribbean leaders during the 48th regular meeting of Caribbean Community, CARICOM, in Bridgetown, Barbados, which ended on Feb. 21, 2025. CARICOM Two months after Secretary of State Marco Rubio met with a half-dozen Caribbean leaders in his first official visit to the region, more heads of government will get a chance to air their concerns. The prime ministers of six eastern Caribbean nations — Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines — along with The Bahamas will meet with Rubio in Washington on Tuesday. Discussions are expected to include a host of regional concerns on the part of the United States such as border security and countering illegal immigration. Others are at the top of the agenda for the prime ministers, some of which they believe did not get sufficient airing in March when Rubio flew to the English-speaking region and met with the prime ministers of Jamaica, Barbados and Trinidad and Tobago and the new head of Haiti's presidential council. Now it's the turn of the other leaders, who weren't part of the discussions but who, along with Belize and the British Overseas Territory of Montserrat, make up the 15-member regional Caribbean Community bloc known as CARICOM. 'I don't think we are going to have any sets of controversial issues,' Ralph Gonsalves, the prime minister of St. Vincent and the Grenadines, told the Miami Herald on Monday as he prepared to leave his twin-island nation for the meeting, scheduled to start at 3 p.m. Tuesday. 'I think it makes sense for us to look for spaces where our interests can be accommodated.' For Gonsalves, these include 'practical issues like security, guns and bullets coming out of the U.S., assets like Coast Guard, disaster preparedness, disaster management and making sure we have some good open channels to bring issues up.' Gonsalves also remains concerned about regional banks' arrangements with U.S. financial institutions. The intermediary relationship that allows banks in different countries to be connected have long been under threat due to tightened U.S. financial restrictions, which have forced the closure of some banks in the Caribbean, limiting the ability of their U.S.-based nationals to send remittances back home. In addition to Gonsalves, the other prime ministers expected to be present are Gaston Browne of Antigua and Barbuda; Philip Davis of The Bahamas; Roosevelt Skerrit of Dominica; Dickon Mitchell of Grenada; Terrance Drew of Saint Kitts and Nevis and Philip J. Pierre of Saint Lucia. During Rubio's meeting in Jamaica in March, there was heavy focus on Haiti, which Gonsalves, a vocal supporter of the troubled nation, believes will also come up in Tuesday's talks after CARICOM and the State Department last month denounced maneuvers by armed gang leaders and others to try to overthrow the country's transitional government. Others in the region also expect China's growing influence in the Caribbean, as well as Cuba's controversial medical brigades program, which exports medical professionals, to also come up in the talks. Rubio earlier this year announced an expansion of visa restrictions to government officials who participate in the Cuba program, which he describes as 'forced labor.' At the time of the Jamaica meeting, the White House's sweeping tariffs had not yet been unveiled. It is also top of the agenda for leaders after most of the Caribbean was hit with a baseline 10% tariff on goods exported to the U.S. Another matter of concern is the future of the Citizenship by Investment programs, which provides a path to citizenship by moneyed investors and is considered a lifeline to five eastern Caribbean economies. Leaders are concerned that it may be the reason some of their nations have been singled out in discussions by Trump administration officials about travel bans of their nationals. Under the travel-ban proposal under discussion in Washington, Antigua and Barbuda, Dominica, St. Lucia, and St. Kitts and Nevis would be on the third tier, with an opportunity to be removed under certain conditions. Among the discussions: the acceptance of undocumented migrants who cannot be deported by the Trump administration to their own countries. This idea is sure to get pushback by Caribbean leaders, who have already said they cannot accept non-nationals in their tiny nations that are already struggling with rising crime, the damaging effects of climate change and high debt. 'Our countries are too small for those things,' said Gonsalves whose nation, along with Grenada, is still recovering from a deadly hurricane last year. Jacqueline Charles Miami Herald Go to X Go to Facebook Email this person 305-376-2616 Jacqueline Charles has reported on Haiti and the English-speaking Caribbean for the Miami Herald for over a decade. A Pulitzer Prize finalist for her coverage of the 2010 Haiti earthquake, she was awarded a 2018 Maria Moors Cabot Prize — the most prestigious award for coverage of the Americas.
Newsweek
30-04-2025
- Politics
- Newsweek
Republican Rep.: Why It's Time to Institute Neighborhood Watch in the Western Hemisphere
The "neighborhood watch" concept is one with which most Americans are familiar. A group of neighbors works together to combat crime and promote safety by being vigilant in reporting suspicious activity and maintaining consistent communication with law enforcement and each other. It's time the United States and our Western Hemisphere partners adopt this simple model. But this only works if it's a collective effort. It requires all invested parties to commit and participate actively. The United States and our allies are facing unprecedented threats from highly sophisticated adversaries seeking to weaken our alliances, undermine our way of life, and deteriorate our readiness. Representative for Arkansas's 1st Congressional District Rick Crawford speaks to the press during the inauguration of the Cuba-US Agricultural Coalition Conference at the National Hotel in Havana, on November 8, 2018. Representative for Arkansas's 1st Congressional District Rick Crawford speaks to the press during the inauguration of the Cuba-US Agricultural Coalition Conference at the National Hotel in Havana, on November 8, 2018. ADALBERTO ROQUE/AFP via Getty Images Over the last 20 years, while the U.S. was fighting the war on terror, our adversaries have made inroads throughout the Western Hemisphere in a clear effort to circumvent the position of the United States as a global leader and exploit our neighbors. Russia and the Chinese Communist Party (CCP) have launched intelligence missions right here on U.S. soil as the CCP has instigated an economic chokehold on South American countries through its Belt and Road Initiative (BRI) and corruption. These adversaries are sending a clear message to the U.S.: We are within reach. The most jarring and overlooked illustration of the CCP's pervasive influence and investment is mere miles off the southeast coast of the U.S. in the Caribbean islands. In countries such as Suriname, Guyana, Barbados, Trinidad and Tobago, the Bahamas, and other countries, the CCP has dug its financial claws into these economies, funneling billions of dollars into substandard infrastructure projects. As of 2022, 10 Caribbean countries have joined the CCP's Belt and Road Initiative. This resource-dense part of the Western Hemisphere provides several strategic benefits for Beijing and its ultimate pursuit of global dominance. Bottom line—the CCP has set its sights on the Caribbean Community (CARICOM) and its location in the Western Hemisphere isn't coincidental. I have traveled throughout the Western Hemisphere extensively since 2017. In my many conversations with these countries' leaders, they have made it clear the U.S. is their preferred partner. However, China shows up offering false hope through predatory investments, infrastructure improvements, and deals on the spot. Because the CCP can operate in an exceedingly nimble manner, empowering their officials to write checks before even getting up from the negotiating table, many CARICOM country leaders are put in a position where they seize what appears to be an immediate economic benefit before evaluating risks or alternative possibilities. For the last 20 years, while CARICOM was not on anyone's radar as a vulnerability, CCP state-owned companies had been immersed in extensive construction of critical infrastructure in these countries. The CARICOM nation's people were typically unaware this was a CCP strategy to counter the U.S. and extend their control into the Western Hemisphere. To protect U.S. national and economic security interests, we must engage our neighbors and provide them concrete gestures of partnership. The Trump administration is already taking action to curb and counter the CCP influence in the most unassuming of places. While recently visiting Guyana, Secretary of State Marco Rubio highlighted the failure of U.S. companies to take advantage of the investment opportunities in the CARICOM region. He's right—if more U.S. companies engage in the region, then these countries will not be reliant on the CCP's nefarious and predatory partnerships. The CCP is playing the long game, and we must focus on long-term results as well. They are eating our lunch and we can't afford to continue looking the other way. The growing influence and investment in our Western Hemisphere neighborhood make it clear we are all in this fight together. A "whole-of-hemisphere" approach is necessary to combat the CCP's growing aggression. The U.S. and its partners can still win in a peer-to-peer competition if we act in a swift and unified manner. The U.S. and our regional partners have an opportunity to win economically and introduce these eager to engage CARICOM countries to a model of capitalism that serves their own needs to grow and thrive while addressing our individual strategic national security interests as well. What I know is the U.S. and its Western Hemisphere neighbors have far too much to lose if we sit by and do nothing. Congressman Rick Crawford (Ark.-01) is the chairman of the House Permanent Select Committee on Intelligence. The views expressed in this article are the writer's own.
