Caribbean Times 2nd Issue - Tuesday 21st February 2017

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Caribbean Times 2nd Issue - Tuesday 21st February 2017

Informative, reliable, enriching!

Tuesday 21st February 2017 A n t i g u a a n d B a r b u d a

Vol.9 No.2 $2.00

MASSIAH PREPARES

TO LAUNCH PARTY

By Joanna Paris

gressive party for some time now.

Preparations are currently being made She said the official name, motto and

for the launch and unveiling of the slate he colours that will be associated with the

of candidates who will contest the 2019 alternative option will also form part of

General Elections as part of the “new, the press launch.

fresh and dynamic” party.

“We are in this for this long haul, we

The woman behind the move, Member

of Parliament for the All Saints East because we believe that both parties have

are not in this for ourselves, we are in this

and St. Luke Constituency, the Hon. Joanne

Massiah said that the new organi-

are poised with the sincerity and patrio-

failed the country and we believe that we

zation will be revealed “in a matter of tism to answer the call of the people of

weeks”.

Antigua and Barbuda and to finally make

Speaking on Against the Backdrop on the country a participatory democracy,

Monday on state media, MP Massiah said where we live and embrace our motto

that eh country definitely has something “Each endeavouring, all achieving”, she

to look forward to.

said.

“It is an opportunity for me to rebirth She also advocated for the support of

in a new fresh and dynamic entity”, she the public in the new initiative.

expressed.

“Our new, fresh and dynamic party

Massiah has been the centre of a battle

with the hierarchy of the United Pro-

democratic franchise”, she expressed. Hon., Joanne

will be depending on you to exercise your MP for All Saints East and St. Luke, the

Massiah.

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2 c a r i b b e a n t i m e s . a g

Tuesday 21st February 2017

Senate amends Proceeds of Crime Bill 2017

By Joanna Paris

The Upper House of

Parliament last make made

amendments o the Proceeds

of Crime Bill 2017, which

was passed in the Lower

House a week earlier.

The Proceeds of Crime

Act provides for the establishment

of a Proceeds of

Crime Fund into which the

proceeds from a confiscation

order or forfeiture order can

Editor’s Note

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and published at Woods

Estate/Friars Hill Road.

The Editor is Justin Peters.

Contact: Caribbean Times,

P.O. Box W2099,

Woods Estate/Friars Hill

Road,

St. John’s,

Antigua.

Tel: (268) 562-8688,

Fax: (268) 562-8685.

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Pertinent news items to

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Advertisement inquiries to

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editor@caribbeantimes.ag

be paid and distributed to

the agencies involved in the

fight of crime or for public

education.

While outlining the bill,

the Leader of Government

Business in the Senate, Lennox

Weston, voiced a number

of concerns as it related

to the use of the balance of

the fund.

He expressed the view

that the monies should be

used wisely for the overall

development of the country.

“I don’t think that it

makes much sense just to

divide the money here and

there. For such a small country

as hours, you cannot just

be dividing up money like

that.

“There is no way that I

will be in the Ministry of Finance

and we have millions

of dollars to spend properly

and I will be like Santa

Clause. No body spends

money that way”, he said

sternly.

In a rare occasion, Senate

Minority Leader, Harold

Lovell, echoed similar sentiments.

He indicated that the

Consolidate Fund was created

to hold monies belonging

to Central Government.

He noted that the proceeds

should be under the control

of the Ministry of Finance.

“I do not support this

bill. I think it takes us in

the wrong direction Madam

Speaker and I have not seen

one like this before”, Senator

Lovell established.

During the committee

stage, the Senate agreed to

make the amendment indicating

that after the required

payments from the proceeds

of crime have been met, the

balance should be placed in

the Consolidated Fund.

PM addresses CARICOM First Ladies

In his first engagement of the 28th Inter-Sessional

Meeting of CARICOM Heads

of Government, PM Gaston Browne addressed

a Forum of CARICOM First Ladies

and Spouses of CARICOM Heads of Government

in Georgetown, Guyana.

Present at the Forum were the First Ladies/Spouses

of Guyana, Belize, Jamaica,

Trinidad and Tobago and Haiti who began

a two-day meeting aimed at identifying and

addressing issues that present particular

challenges to women in the Caribbean.

Speaking at the Forum, PM Browne

looked at the issues at the top of the meeting’s

agenda, including domestic violence,

teenage pregnancy, cervical cancer, motherto-child

transmission of HIV/AIDS and trafficking

in persons.

He commended the first Ladies/Spouses

on their action, which seeks to implement

the ‘Every Caribbean Woman, Every Caribbean

Child’ initiative.

‘The women of the Caribbean have more

than shown their worth, especially in the

fields of small-business entrepreneurship

and social responsibility,’ Mr. Browne said,

‘and I consider it the duty of every Government

in the Caribbean to give the ECWECC

Initiative its full support.’

The Prime Minister went on to outline

some of the initiatives taken by his Government

to support entrepreneurial activity by

young women including the establishment

of a venture capital fund available to young

women who are in need of seed-money to

establish or expand a small business.

He pointed out that the UN Sustainable

Development Goals Agenda 2030, to which

all the CARICOM members were committed,

would be impossible to implement without

the full integration of women into the

economy and society on an equitable basis.

Also present at the Forum were a number

of international organizations and agencies

such as the UN Food and Agriculture Organization

(FAO) and the Pan-American health

Organization (PAHO), examining ways in

which technical and administrative support

could be given to the Initiative.

As the only Head of Government present,

PM Browne had the responsibility to report

to the plenary on the outcome of the Forum

and to recommend that CARICOM provide

its full support.


Tuesday 21st February 2017 c a r i b b e a n t i m e s . a g 3

CIBC FirstCaribbean assists start-up entrepreneurs

A number of start-up companies

and young people with

great business ideas will soon

get an additional avenue to

bring their plans to fruition.

Ten Habitat, a non-profit

organisation which focuses

on developing investor-ready

start-up Caribbean entrepreneurs

and regional bank CIBC

FirstCaribbean have partnered

in a venture to support local

and regional start-ups.

Gary Brown, Chief Executive

Officer of CIBC First-

Caribbean and Chairman of

CIBC FirstCaribbean’s charitable

foundation, and Selwyn

Cambridge, Founder of

Ten Habitat, recently signed a

Memorandum of Understanding

at the bank’s Warrens, St.

Michael offices which will

see the bank supporting the

work of Ten Habitat with a

yearly grant of USD$15 000

for the next three years.

“At CIBC FirstCaribbean,

we recognise the need for

young entrepreneurs to get

that grounding in starting their

businesses and so we support

the work of Ten Habitat and

organisations like it that will

hold the hands of young startups

to guide them on the way

to successful businesses,”

Mr. Brown said following the

signing.

Ten Habitat will work

with young entrepreneurs,

by exposing them to a range

of hands-on support that will

assist them in building their

businesses. The organisation

boasts a global network of

experts, mentors and coaches

who help the start-ups move

their ideas from concept to

reality and then further facilitate

them by mobilising the

Caribbean Diaspora to invest

in those businesses.

CIBC FirstCaribbean is

one of the first corporate entities

to support Ten Habitat in

their quest to assist the young

entrepreneurs as part of a programme

which will be rolled

out in Barbados first and then

to the rest of the Caribbean.

Ten Habitat supplies mentorship,

guidance, funding

and a co-working space for

the businesses and stages a

number of key events annually

aimed at strengthening their

various skills.

Gary Brown, CEO of CIBC FirstCaribbean International Barbados

and Selwyn Cambridge, Founder of Ten Habitat, sign the agreement

signifying the partnership between the two organisations.

Witnessing the signing is Debra King, CIBC FirstCaribbean’s Director

of Corporate Communications and a Director of the bank’s

ComTrust Foundation.

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4 c a r i b b e a n t i m e s . a g

Tuesday 21st February 2017

Senator Weston urges US-based

businesses and citizens to pay their taxes

SALE!

By Joanna Paris

The Foreign Accounts

Tax Compliance Act

United States of America

implementation and

enforcement of the Inter-governmental

agreement

Bill 2017 was given

the approval of the Upper

House of Parliament last

week.

There was no debate

on the bill, indicating

that the senators were in

agreement with the contents

of the bill.

Leader of Government

Business, Senator

Lennox Weston, indicated

that the tax obligations

of persons who have US

based businesses or are

in the possession of a US

passport or Permanent

Residence Card will have

to be met with the passage

of the bill.

He added that it will

also increase the cost of

compliance for financial

institutions.

He noted that the Inland

Revenue Department

(IRD) will have a

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critical part to play in the

process.

“The Inland Revenue

Commissioner is now the

official person and we

will need to hire persons

to ensure that we are in

fact complying.

“If we do not comply,

then the lucrative

offshore sector that we

are looking to invest in

will come under the hammer”,

Senator Weston

emphasized.

Senator Lennox Weston.

Massiah pleased

with gender parity

in the Senate

By Joanna Paris

Female politician and Member of Parliament for the All

Saints East and St. Luke Constituency, the Hon. Joanne

Massiah has expressed happiness with the fact that gender

parity has been achieved in the Senate with the appointment

of Senator Aziza Lake.

Senator Lake, who sits on the government’s bench, made

her maiden presentation last week Thursday, where she

highlighted the concerns of youth, women and men among

other areas of social development.

MP Massiah said that she was “very pleased and excited

about the news of the appointed of Senator Lake” and has

offered the young, female Senator congratulatory words.

She indicated that Senator Lake is a true advocate, who

not only speaks on behalf of women and girls but also the

youth.

“She must never be afraid to speak to the issues because

we are in this together and she has my full support”, MP

Massiah declared.

MP Massiah was a guest on ABS’s Against the Backdrop

on Monday.


Tuesday 21st February 2017 c a r i b b e a n t i m e s . a g 5

The American blockade of Cuba: Its

economic impact

By Everton Barnes

For many Antiguans and

Barbudans the United States

economic blockade of Cuba

is something that may have

been taught in the schools or

what they may have heard in

the media.

What has life been like

living in the shadow of

this unprecedented and

far-reaching blockade and

how has it impacted on the

country as a whole?

That was the gist of a discussion

held with Professor

Marlen Sanchez, who made

a stop-over visit to Antigua

on her way to attend a

University of the West Indies-sponsored

symposium

on the life of the late Cuban

leader, Fidel Castro. The

symposium is being organized

as a tribute to Castro,

and Prof. Sanchez will speak

on the social achievements

in Cuba and the Fidel Castro

Legacy. Prof. Sanchez heads

of the Caribbean Studies

Masters programme in the

Department of International

and Economic Research at

the University of Havana.

She told Caribbean

Times that to understand the

full impact of the economic

and financial blockade of

Cuba one has to understand

the scope of the U.S initiative.

“Firstly, it is important

to understand that the blockade

is not merely a problem

between the U.S and Cuba;

it is an extra-territorial matter

as it affects not just people

in Cuba and the U.S, but

also people and institutions

in other countries who may

wish to invest in Cuba,” she

explained.

Prof. Sanchez said Cuba

was cut off from the world

financial institutions and

forbidden to trade in the U.S

dollar, the lifeblood of the

world’s financial system.

“For example, if Cuba had

any US currency in any bank

to do a particular transaction

then that money is frozen.

Additionally, banks may be

forced to pay huge amounts

in fines for violating the

law,” she noted.

Because of this, she said

Cuba has been forced to

pay commissions to agents

and others to provide ‘middle-men’

roles to enable the

island to trade even for necessities.

“Cuba has to develop

alternate routes to get

around the U.S barriers. It’s

Associate of Prof. Sanchez, Sen. Mary Clare Hurst, Prof. Marlen

Sanchez and Cuban Ambassador, Gustavo Veliz Olivares.

difficult for some to understand,

but that is our reality,”

Prof. Sanchez stated.

Another way that the

Americans have sought to

cripple the Spanish-island is

with its exercise of its enormous

influence to bar Cuba

from becoming members of

the International Monetary

Fund (IMF) the World Bank

and the Inter-American Development

Bank.

“The U.S has threatened

to withhold funding for these

institutions should they give

the green-light to Cuban

membership. The U.S said

it would without its subvention

if the institutions do not

comply,” she declared.

According to the visiting

professor, there have

been some slacking of the

grip as the U.S has allowed

some trade in medicine

and agricultural products.

However, she noted that the

goods have to be paid for in

advance in cash. “Nobody

pays for anything in advance

in cash! Payments are usually

arranged through lines of

credit; that how the international

trade takes place,” she

declared.

Prof. Sanchez said other

benefits from what she

termed ‘the beginning of the

process of normalisation’,

has been the removal of limits

placed on remittances to

Cuba. She described this as

a major step as remittances

are an important source of

income for many Cubans.

Despite the nearly six decades

of the blockade, Prof.

Sanchez said Cuba has been

able to survive because of

the resilience, strength and

nationalism of the Cuban

people.

She added that Cubans

have been forced to innovate,

create and invent as

part of its strategy to maintain

its independence.


6 c a r i b b e a n t i m e s . a g

Tuesday 21st February 2017

GARD Center celebrates 27

years of technical, vocational

and entrepreneurship training

GARD Center celebrates its 27th year as a technical

vocational and entrepreneurship training institution for

at-risk youth.

As a grassroots nongovernment organization under

the auspices of the Methodist Church in the Caribbean

and the Americas, plans are well underway for the next

3rd Annual Farm to Table Benefit Luncheon to raise

funds for the important work of the Center. Saturday,

April 22, 2017 from 12:00 noon to 4:00 p.m. is that

special date to put on your calendars.

Farm to Table is a movement to educate the consumer

about the linkages amongst agricultural producers,

the farming communities and the value of local natural

food that we eat.

The Center is pleased to once again celebrate our

producers and the chefs who will be creating some

unique and delicious recipes for all to enjoy.

Here’s an example of one of the dishes that was

served at last year’s Farm to Table.

Spiced Plantain &

Peppers Stuffed

Chicken w/ a hint of

mint

Presented by Chef Mario

Colindres of Goddard

Catering

Yield: 10 chicken breasts (4

Oz each)

Ingredients:

Chicken Breast 4 oz

Plantain

Cream cheese

Qty.

UOM

1290 grams

1344 grams

300 grams

50 grams

Nutmeg

2 grams

Pickled ginger

20 grams

Onions

50 grams

Garlic

20 grams

Salt

1 gram

White Pepper

1 gram

Vegetable Oil

2 grams

Lime Juice

100 grams

Fresh Parsley

30 grams

Thyme

20 grams

Diced Sweet Peppers

20 grams

Coconut Milk

14 Oz.

mint

20 grams

Method:

Marinate chicken in lime, salt,

pepper, parsley and thyme.

Cook plantain, crush with nutmeg and chopped

mint and set aside. In sauce pan sauté onions,

diced sweet peppers, ginger, garlic. Now add the

crushed plantain, cream cheese, coconut milk and

adjust seasonings to taste.

Stuff chicken breast 40g of stuffing. Place on

cross grill and finish in oven until chicken is

cooked.

Chef Mario studied at the ITCA Culinary Institute

in Central America and graduated in Production Administration

from M&M University in Texas. He also

trained and worked with chefs from France, Germany,

Switzerland, Spain, Mexico, Colombia, Chile and Asia

to get a rounded experience.

Born in El Salvador and has worked in several

restaurants, hotels, airline and industrial catering in El

Salvador, Venezuela, Guatemala, St. Maarten, Barbados

and St. Lucia.


Tuesday 21st February 2017 c a r i b b e a n t i m e s . a g 7

Cable & Wireless reports preliminary results

for the period ending December 2016

MIAMI, FL – Cable & Wireless

Communications Limited (“CWC”) is

the leading telecommunications operator

in substantially all of its consumer

markets, which are predominantly

located in the Caribbean and Latin

America, providing entertainment, information

and communication services

to 3.5 million mobile, 0.4 million television,

0.6 million internet and 0.8 million

fixed-line telephony subscribers. In

addition, CWC delivers B2B services

and provides wholesale services over

its sub-sea and terrestrial networks that

connect over 30 markets across the region.

On May 16, 2016, a subsidiary of

Liberty Global plc (“Liberty Global”)

acquired CWC (the “Liberty Global

Transaction”). Revenue, Adjusted Segment

EBITDA and subscriber statistics

have been presented herein using Liberty

Global’s definitions for all periods

presented unless otherwise noted.

Further adjustments to these metrics

are possible as the integration process

continues. The results for the three and

nine months ended December 31, 2016

(“QTD” and “YTD”, respectively) have

also been aligned to Liberty Global’s

IASB-IFRS 2 accounting policies and estimates.

Significant policy adjustments

have been considered in our calculation

of rebased growth rates for revenue and

Adjusted Segment EBITDA. For additional

information on Liberty Global’s

definition of Adjusted Segment EBIT-

DA and rebased growth rates, see footnotes

1 and 3, respectively. A reconciliation

of net earnings (loss) to Adjusted

Segment EBITDA is included in the

Financial Results, Adjusted Segment

EBITDA Reconciliation & Property,

Equipment and Intangible Asset Additions

section below. In addition, effective

for the 2016 fiscal year, CWC has

changed its fiscal year end from March

31 to December 31 to conform with

Liberty Global.

Operating highlights:

Organic increase (decrease) in

RGUs of 2,000 YTD and (20,000) QTD

were impacted by an adjustment that

we recorded in Q4 to eliminate 30,000

non-paying subscribers from our subscriber

counts

Internet and telephony subscribers

were up 7,000 and 2,000, respectively,

YTD on an organic basis, as we

increased penetration across our high

speed networks and sold more bundled

packages, particularly in Jamaica and

Trinidad

At December 31, 2016, 11% of our

customers subscribed to a triple-play

product, 33% to a double-play product,

and 56% took only one product from us.

While continuing to improve, our bundling

ratio of 1.54 RGUs per customer

remains relatively low, which provides

ample runway for continued RGU

growth as we seek to sell additional

products to our customers

Mobile subscribers grew by 11,000

on an organic basis YTD, and by 50,000

QTD as promotions drove increased

sales during the holiday period, particularly

in Jamaica and the Bahamas

Highlights across our largest markets

were as follows:

In Panama, enhanced video subscriber

growth accelerated QTD following

the launch of our new “Mast3r” bundles

during September 2016, and we added

14,000 video subscribers on an organic

basis YTD. Of the customers taking our

Mast3r products in December, 62% and

13% subscribed to a double-play or triple-play

bundle, respectively. Telephony

and internet subscribers fell due to

continued fixed to mobile substitution

as well as churn from our copper network.

Our postpaid mobile subscriber

base continued to grow, driven by the

strength of our network and service

quality, but was more than offset by prepaid

subscriber losses due to the continued

competitive intensity

Jamaica continued its mobile subscriber

momentum with particularly

strong growth QTD as mobile subscribers

rose by 56,000, moving above

900,000 in total for the first time. We

posted 21,000 organic RGU additions

with growth across our internet and telephony

services driven by improved

bundling propositions

In the Bahamas we grew subscribers

across mobile, video and internet

products YTD. Momentum is steadily

building in our video RGU base through

penetration of our newly constructed

Fiber-to-the-Home (FttH) network.

Despite the entrance into the market of

our first mobile competitor in November

2016, we were able to grow our

subscriber base by 6,000 QTD through

increased data-led promotional activity

Barbados mobile subscribers were

broadly stable YTD with an improving

trend QTD whereby our base grew

by 3,000 following successful data-led

promotions during the holiday period.

Fixed-line telephony RGUs fell YTD

due to a heightened competitive environment

combined with customer experience

challenges during our ongoing

program to upgrade customers from our

legacy copper to nationwide fiber based

network

Trinidad RGUs were broadly flat

YTD on an organic basis as a video

decline of 12,000 resulting from increased

competition was largely offset

by growth in telephony and broadband


8 c a r i b b e a n t i m e s . a g

Tuesday 21st February 2017

The Future of Financial Services in the

Caribbean: International Tax Competition,

Globalization and Fiscal Sovereignty

A presentation by Sir Ronald

Sanders On Friday 17 February 2017

At a Conference organised by Goethals

Consulting Corp In Panama On

“Widening the Pathways to Open Societies”

Continued from yesterday’s issue

CARIBBEAN COUNTRIES

COMPLY WITH RULES

All Caribbean countries have had

to make themselves compliant with

the demands of the countries of the

OECD as a group and individually.

In this regard, every Caribbean

country is compliant with the rules

of the Financial Action Task Force

(FATF) on money laundering and

counter terrorism financing.

They are also subject to regular reviews.

In fact, they are more compliant

than the US, which the FATF found to

be non-compliant with ‘entity transparency’

and ‘gatekeeper rules’ in

2006, and which the FATF has chosen

not to evaluate since.

And, as far as the OECD Global

Forum rules on Transparency and

Exchange of Information for Tax Purposes

are concerned, the majority of

Caribbean countries are on their way

to full compliance.

Notably, my own small country,

Antigua and Barbuda, is fully compliant

with the requirement for Common

Reporting Standards (CRS), while the

US has not signed-up to it.

And the US has been the beneficiary

as Trust structures move there to

avoid disclosure.

States in the United States, such

as Delaware, South Dakota, Wisconsin,

Colorado and Arizona, disregard

OECD rules – and are practical tax

havens, demonstrating why the US

has not signed-up to the CRS.

But, it is clear that the doctrine of

‘might is right’ continues; the principle

of transparency applies only to the

weak; and the notion of a level playing

field for competition is a myth.

US NOT ENFORCING TIEA’s

IN THE US

Incidentally, it is worth pointing

out that, in 2015, a number of individual

States of the US adopted legislation

naming Caribbean countries,

including my own, as ‘tax havens’.

When, as Ambassador of my

country to the US, I pointed out to

the Commissioner of the US Inland

Revenue Service that under the Tax

Information Exchange Agreement

(TIEA) which my country signed with

the US in 2000, the US – and all its

States – had access to automatic tax

information and, therefore, the legislation

adopted by Maine, Montana,

Oregon and the District of Columbia

was ill-informed and wrong, and that

he should so advise them, the reply I

received in writing was that “the IRS

plays no role in the legislative process”

of these States.

Nothing was done.

It makes one wonder what is the

point of a TIEA with the Federal

Government of the US, and whether,

instead, we should have negotiated

individually with all 50 States of the

United States.

What is clear is that, though the

IRS won’t enforce the terms of the

TIEA with its own States, it demands

By Sir Ronald Sanders

enforcement, upon pain of penalties,

by Caribbean countries.

Added to all this, over the last two

years, Caribbean countries have been

facing a huge new threat not only to

their financial services, but to their

sustainable development and their

ability to participate in the global financial

and trading system.

THE NEW THREAT – WITH-

DRAWL OF CBR’s

This new threat comes from a decision

by banks in the US and the UK

to withdraw correspondent banking

relations from respondent banks in

the Caribbean.

As Christine Lagarde, the Managing

Director of the IMF, points out:

“Correspondent banking is like the

blood that delivers nutrients to different

parts of the body. It is core to

the business of over 3,700 banking

groups in 200 countries”.

Without correspondent banking

relations, Caribbean countries cannot

cont’d on pg 9


Tuesday 21st February 2017 c a r i b b e a n t i m e s . a g 9

cont’d from pg 8

pay for the goods and services that

they buy from the US and the UK,

including medical and education services.

They also cannot receive payments

for tourism or remittances from their

diaspora that sustain the well-being

of the poorest and most vulnerable in

their societies.

The consequences of this should

be obvious, since the US and the UK

are the Caribbean’s biggest trading

partners.

As I speak, the majority of banks

across the Caribbean have lost their

correspondent banking relations with

US and UK banks.

They have had to find expensive

alternatives that have pushed up the

price of bank transactions and the cost

of doing business.

Already heavily-burdened, open

economies in the Caribbean are now

faced with additional costs to import

goods and services from the US and

UK, and to receive payments for their

own goods and services.

It is not clear how long these alternative

arrangements will last before

US and UK banks shut them down

under the present dispensation.

And what is the present dispensation?

Frightened by the huge fines and

forfeitures with which they are threatened,

particularly by regulators in the

US, and conscious of the branding

of the Caribbean as a ‘high risk area’

for financial services, banks that have

done business and made profits in the

region for over a century, are taking

the view that the risk is not worth the

rewards of the business.

But what is the risk?

No bank or other financial institution

in the Caribbean has been a party

in any of the cases of money laundering

or tax evasion prosecuted in the

US or the UK.

It should be patently clear that the

withdrawal of correspondent banking

relations from the Caribbean is not

due to any lack of compliance with

the anti-money laundering, counter

terrorism financing or tax evasion

rules of the OECD countries, including

the US.

One is left to speculate, therefore,

as to the real reason.

An incongruous side note to this is

that the World Bank has warned that

around 50% of adults in the world’s

poorest households are unbanked – in

other words, they have no access to

financial institutions.

The World Bank says that it is

“scaling up support to reach an additional

billion people”.

But, while it is doing that, 15 million

people in the Caribbean are at risk

of being unbanked by the withdrawal

of correspondent banking relations.

And, the response of the pre-Donald

Trump administration to what

should be an obvious wrong was that

the Caribbean – already more compliant

than the US with FATF and

OECD rules – must strengthen their

anti-money laundering and counter

terrorism financing regimes.

That response demonstrates that

the playing field is anything but level,

and redress for injustice is not a matter

of morality; it is a matter of might.

LOOKING TO TRUMP

It would be helpful if, committed

as it says it is to less regulation, the

Donald Trump government will be

more open to the Caribbean’s argument

that US regulators and correspondent

banks should mitigate rather

than avoid risk, and that, therefore,

US banks should only terminate correspondent

banking relations where

money laundering and terrorism financing

risks cannot be mitigated.

But that is a mere hope; it is not an

expectation.

Nonetheless, it is a proposition

that Caribbean countries collectively

should explore with the Trump administration

as soon as they are able

to do so at all levels.

So, what the future holds for correspondent

banking relations for the

Caribbean is very uncertain.

What is clear is that if the present

trends continue, the region will be in

danger of losing even more sovereignty

over its fiscal and banking affairs.

If the indigenous onshore banks

and offshore banks of the Caribbean

are all deprived of correspondent

banking relations, the region will

be left with only the foreign-owned

banks (mainly Canadian) that may be

prepared to remain because they have

their own headquarters correspondent

relations.

A NEW COLONIALISM

But those banks can then form

cartels that control the means of exchange

in the Caribbean and determine

interest rates, lending policies,

and sectoral investment.

The region will be gripped by a

new form of colonialism and control

– this time by foreign banks.

A responsible international community

should help the Caribbean to

resist this growing cancer; other developing

countries should be in the

forefront of support, for the cancer

can spread to them, as it has already

started in Central America, including

Panama, and Africa.

Incidentally, nothing that I have

said here should imply or suggest

that Caribbean countries ought not to

comply with the rules against money

laundering, counter terrorism financing

and tax evasion that are being set

– albeit not by globally-represented

bodies.

They have to do so, and are doing

cont’d on pg 10


10 c a r i b b e a n t i m e s . a g

Tuesday 21st February 2017

cont’d from pg 9

so, at very high cost.

For instance, in my own

country, here is a list of the

obligations that we have to

finance:

• The FATF’s rules

on anti-money laundering

and counter terrorism financing;

• The OECD’s common

reporting standards;

• The US FATCA

• Operation of Tax

Information Exchange

Agreements with over 25

countries;

• Operation of Mutual

Legal Assistance Treaties

with almost 90 countries.

In the case of the US

FATCA, small countries in

the Caribbean are paying

for the dubious privilege of

being policemen for the US

Inland Revenue Service.

And, incidentally, the

US has only promised to

provide reciprocal information;

it has not done so and

shows no sign of doing so.

But Caribbean nations –

and all other affected countries

– should strengthen

their advocacy worldwide,

enhance such representation

as they have in the

OECD Global Forum and

at the FATF, and demand

that every OECD country

implements the same rules

they impose on others.

SUMMARY

So, to summarise the

themes of this presentation.

In relation to Globalisation,

the only global rules

are those set by powerful

countries in their own interest.

Fiscal sovereignty as a

right of individual States is

largely ignored and up-ended

by the doctrine of might

is right.

Tax competition has

survived in part so far; but

the OECD countries are unrelenting

in their efforts to

coerce other nations into

mirroring the areas of their

taxation, even though the

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economic imperatives of

nations are vastly different.

WHAT SHOULD CA-

RIBBEAN NATIONS

DO?

What then for the future

of Financial Services in the

Caribbean?

The prospects would be

best served by the formation

of alliances in every

global forum to wrest control

of financial services

matters from the OECD

which represents only a

handful of nations in the

world community.

In the late 1990s, it was

an alliance of Caribbean

nations with Austria, Switzerland,

Luxembourg, the

Isle of Man and Jersey, that

held back the OECD over

its so-called ‘harmful tax

competition initiative’; and

it was the decisive intervention

of the new Republican

government of George W

Bush, before 9/11 and the

Patriot Act, that eventually

pushed back the OECD.

But, since then, the European

jurisdictions retreated

into the fold of the

OECD, and the Obama

administration in the US

strengthened the heavyhand

of regulation and extra-territorial

laws such as

FATCA.

The Caribbean should

now look elsewhere – to

the countries of South and

Central America, including

Panama, and to Africa and

the Pacific where nations

are also subject to coercion,

erosion of fiscal sovereignty

and loss of competitiveness

- to build alliances to

counter the domination of

global rules on tax matters

by a few self-serving nations.

A TRULY REPRE-

SENTATIVE WORLD

BODY NEEDED

The Ecuadorian government

is right - a UN body

is needed.

But not to chase after

imaginary windmills of

falsely-labelled tax havens.

It is needed to create

standards created by representatives

of the entire

world and not by a handful

of elite countries; it is needed

to establish rules that tax

competition, like all other

competition, is good for

global growth; it is needed

to enshrine the principle

that setting levels of taxation

is the sovereign right

of each nation in the context

of its own economic

and fiscal imperatives.

Alliances should also be

sought with groups within

OECD countries that recognise

that high taxation and

coercion of other nations do

not make for a prosperous

world or a peaceful one.

That, to paraphrase

Abraham Lincoln, the

world will not survive halffree,

and half-enslaved.

There would be good

reason for other developing

nations and groups within

OECD countries to join the

Caribbean in such an undertaking.

For, the small are

the bully’s first victim; they

are seldom the last.

Thank you.


Tuesday 21st February 2017 c a r i b b e a n t i m e s . a g 11

Monday’s Sudoku Solution

S U D O K U

CROSSWORD

Across

1. Roof support

5. Entertain

10. Love god

14. Boundary

15. Buffalo

16. Negative reply

17. Young adult

18. Not condensed

20. Moderately slow, in music

22. Guarantee

23. Cooking fuel

24. Endorse

26. Pitcher handle

27. Internet access device

30. Distressed

31. Worship

32. Scottish loch

33. Group of players

37. Compact

38. ____ de toilette

39. Taunt

40. Sycamore or oak

41. Concern

42. Blacksmith’s block

43. Stationed

44. Work dough

45. Chef’s unit (abbr.)

48. Previously owned

49. Goodness!

50. Makes into law

52. Nervous strain

56. Perceived character

59. Flatfish

60. Trickle

61. Courage

62. Lambs’ moms

63. Messes up

64. Leg joint

65. Toward the sunrise

Down

1. Phi ____ Kappa

2. Eve’s home

3. Ripened

4. Zoo

5. Borders on

6. Coal source

7. Neighbor of Mex.

8. Cry loudly

9. Angers

10. Concludes

11. Scoundrel

12. “Phantom of the ____”

13. Passover meal

19. Contradictive contraction

21. Appointed

24. Harpooned

25. Published

27. Sail support

28. Aroma

29. Mete (out)

30. Discomfort

33. Nashville’s state

34. Icicle’s spot

35. China’s continent

36. Join together

39. Captured

41. Tapioca source

43. Cigar stub

45. Concise

46. Scornful expression

47. Document

49. Category

51. Drinking vessels

52. Hammer or screwdriver

53. Dubuque’s locale

54. Bullring cries

55. Treetop abode

57. Hosiery shade

58. Sort


12 c a r i b b e a n t i m e s . a g

Tuesday 21st February 2017

HOROSCOPE

PISCES (Feb. 19-March 20).

It’s too easy to pass the blame,

and also it takes too long. It

doesn’t matter that it’s not

your fault. Soon after you take

charge and fix it, miraculous

good luck will befall you.

VIRGO (Aug. 23-Sept. 22).

Today’s happening is something

akin to going to a party

and after a long while finally

stumbling upon the most interesting

person in the room,

the unassuming one standing

in the corner for most of the

time.

Today’s weather forecast

Antigua and Barbuda

Overcast with rain showers at

times.

High - 77ºF

Low - 70ºF

Wind: West South West 11 mph

Sunrise 6.29 am; Sunset 6.11 pm

Monday’s Crossword Solution

ARIES (March 21-April 19).

You’ll be reminded that everything

in life is a trade-off.

Nothing comes from nothing.

Each result has origins. Assuming

that you won’t be able

to have it all, what will you

trade for the result you want?

TAURUS (April 20-May 20).

Healthy habits help you find

balance so you can do your

best and be your best. But

when you’re trying to establish

those habits, improvement

may feel very far away. A Pisces

will help you have faith.

GEMINI (May 21-June 21).

Today life is a maintenance

project. To invite future good

fortune, get the oil change,

buy a new air filter for the

home or give some flowers to

your beloved.

CANCER (June 22-July 22).

You will be entranced by

someone’s quirks today. Like

Elizabeth Bennet in Jane Austen’s

“Pride and Prejudice,”

you’ll find that “intricate characters

are the most amusing.”

LEO (July 23-Aug. 22). It’s

the recurring theme of the

week: Patience is power. You

want it now, but it’s going to

happen later — and only if

you commit to doing something

each day toward the goal

(and then keep that commitment).

LIBRA (Sept. 23-Oct. 23).

Living life in the moment can

lead to being joyous. However,

you’ll often find this

much easier when the moment

is something you projected,

planned and endeavored to

make happen.

SCORPIO (Oct. 24-Nov. 21).

The thing you forgot about

will soon catch up with you.

Therefore, don’t worry about

racking your brain to remember

everything you’re supposed

to do. When it’s really

important, it will show itself.

SAGITTARIUS (Nov. 22-

Dec. 21). Move forward. Go

with enthusiasm. If it feels

fake, keep acting it out until

you can wear it more comfortably.

Today the excellent attitude

is required. If you don’t

bring it, you might as well stay

home.

CAPRICORN (Dec. 22-Jan.

19). Friction polishes the gem.

Even so, you’ve had enough

friction lately. You’re ready

to step back from it for a moment;

you’re ready to temper

these character-building trials

with a little perspective and

self-care.

AQUARIUS (Jan. 20-Feb.

18). In order to be totally effective,

you need more facts

and you need more truth. In

other words, don’t let lies and

misinformation keep you from

achieving all the success you

desire.


Tuesday 21st February 2017 c a r i b b e a n t i m e s . a g 13

All members of the Executive of the Antigua and Barbuda

Ex-Servicemen Association are reminded of the monthly meeting,

to be held on Tuesday 21 February 2017 at 5 pm, at the

Association`s Headquarters "Leah House" on Prime Minister`s

Drive. Please be on time or notify the Chairman on 720-0058,

PRO on 721-1970 or the Secretary on 723-3452.

Bring along your picnic blankets and folding chairs and enjoy

a relaxing evening on the lawn watching a movie or just

mingling with a bowl of delicious hot soup at the South Zone

Planning Committee of the Anglican Church's Pre-Lenten

Water Night and Movie on Friday, February 24, 2017 from

6 pm to 9 pm at All Saints Anglican Rectory Grounds, Matthews

Road, All Saints. The contribution is only $10. Patrons

will have a choice of various types of soups. There will

be Hot Dogs, Cupcakes, Popcorn and a bounce castle. Beverages

will also be on sale. Tickets are available from Parish

Priests and members of South Zone Planning Committee.

All registered members of the Antigua Barbuda Amateur

Bodybuilding & Weightlifting Federation please take note

that Election for the post of Vice President will be held on

4th March, 2017 at the ABI Financial Building, 2nd Floor,

Redcliffe Street, St John's, Antigua at 6:00 p.m. sharp.

TO ALL MEMBERS OF THE ANTIGUA AND BARBU-

DA SCOUT ASSOCIATION Notice is hereby given, in

accordance with Section IV(4)(b) of the Constitution, that

the ANNUAL GENERAL MEETING of the Antigua and

Barbuda Branch of the Scout Association will be held at

Government House (located on Independence Avenue) on

Thursday 23rd February 2017 at 5:00 p.m. All Members are

invited to attend and to be punctual. Members are reminded

that subscriptions for 2017 are now due and payable.

All Saints Anglican Church Mothers Unions invites everyone

to its annual Shrove Tuesday Pancake Sale on February

28, 2017 from 3-6pm at the parish hall of All Saints Anglican

Church at the All Saints. The variety of pancakes includes

Dumps Pancakes, Sweet Potato Fritters, Vegetable

Pancakes, Pumpkin Fritters, Plantain Fritters and Sweet Potatoes

& Carrot Fritters. Pancake diiners will also be on sale.

Please be informed that the Sons & Daughters of Willikies, Inc.

will be having a general meeting on Tuesday 21st February,

2017 at 7:30 p.m. at the St Barts Centre. All Sons & Daughters

of Willikies are invited to attend. Do come and participate in the

2017 Reunion discussions.

Do you want to improve your posing techniques? The ABA-

BWF invites all athletes & prospective athletes to a posing

workshop on Saturday 25th February 2017 from 12-4pm at the

Xtreme Health & Fitness Gym. For more details contact us at

268 7640102/7285909.

Event: Breakfast Forum

Date: Thursday 26th January, 2017

Time: 8:30 a.m. – 10:30 a.m.

Venue: Grand Royal Antigua

Speaker: Dr. Didacus Jules, Director General of OECS

Topic: “The Survival of the OCES and Developing

Countries in a Global Economy” to include: 1The effects of

Cuba on the OCES, and 2The de-risking of correspondent

banking services in the OECS and the wider Caribbean by

U.S. Correspondent Banks.

Price: E$150.00

Please contact the Federation’s Secretariat at (268) 462-0247

to register.

Specially invited guest: The Hon. Prime Minister of Antigua

& Barbuda or his Designate from the Ministry of Finance.


14 c a r i b b e a n t i m e s . a g

Tuesday 21st February 2017

Under 20 Benna Boys to bounce

back in CONCAF Championships

By Marver Woodley

The Antigua and Barbuda

Under 20 Boys will be

looking to bounce back in

the CONCACAF Under 20

Championships after a dismal

start.

The young Benna Boys

who had a rough start with a

3-nil loss to Group A defending

Champions, Mexico on

Friday will look to regroup

and start a fresh.

The squad, fully assembled

only Sunday 12th February,

look a keen bunch and

have been responding well

to the Coaches instructions,

according to the reports and

are eager to make that historic

first eleven to represent

Antigua and Barbuda at this

level.

Technical Director

Rolston ‘Debu’ Williams,

who leads the Coaching staff,

also continues to emphasize

the focus and discipline required

to produce positive

results in this tournament.

They had another opportunity

to show their worth

yesterday afternoon when

they played against Honduras,

with their next match

up slated for Thursday 23rd

against Canada.

The list of players who

will be taking to the field

once again will be Christian

Suttie-Corbett, Kahendi

Jackson, Kenduka Challenger,

Leroy Graham, Denie

Henry, Matthew Hall,

Shalon Knight, Vashami Allen,

Benedict Bowers, Mohammad

Hakeem, Jarmarlie

Stevens, Javorn “Bozo” Stevens,

Luther Wilden, and Jacob

Blackstock.

Along with some new

faces to include DJ Buffonge

of Manchester United/

England, Elliot Webber of

Leicester City/ England, Kalis

Gore of Leicester County/

England and Elijah Jarvis of

Rochester University/USA,

as oversees representatives

while Andre Brown is the

lone national player from

Old Road FC, along with

Minister Max Fernandez’s

son Christian Fernandez of

Oklahoma Wesleyan University/USA

to round off the

roster.

Other members of the

travling team are Rolston

Debu Williams as Technical

Director, George Kajawawa

Warner as Head Coach,

Vorne Pop T James as Assistant

Coach, Malcolm Challenger

and Courtney Francis

as Equipment Managers, Julio

Gonzalez as Physiotherapist,

William Richards as

Trainer, along Cedric Joseph

as Team Manage.

Hoppers prepare for CFU

Club Championships

By Marver Woodley

Green Bay Hoppers will look to continue their efforts of

progression when they begin their 2017 campaign in the Caribbean

Football Union Club Championships

The newly crowned second place winners in the Antigua

and Barbuda Premier Division will be competing in Group A

starting this Wednesday at the Antigua Recreation Grounds.

Hoppers who were Premier Division champions last season

are set to gain some assistance form Cuban coach Dorian

Diaz who has been working along with the Five Islands

Football club along with coach Rolston Felix.

Hoppers will play against Bequia United of St Vincent

and the Grenadines, Racing FC of Haiti and a team from Suriname

form the 22nd to the 26th, with their first encounter

against Bequia United starting at 7:00 p.m.

While in the opener Suriname will face Haiti at 5:00 p.m.

Admissions for the tournament is $10 for adults and $5

for children under the age of 12.


Tuesday 21st February 2017 c a r i b b e a n t i m e s . a g 15

Beach Benna Boys begin their

CONCACAF beach soccer campaign

By Marver Woodley

As the local football season coming

to a close the Antigua and Barbuda

team participating in the CONCAF

Beach Soccer Championships will

look to give it their all as the games

begin.

The team arrived in Bahamas over

West Indies allrounder

Marlon Samuels has been

cleared to resume bowling in

international cricket by the

ICC. Samuels was banned

from bowling at the international

level for 12 months in

December 2015, after his action

was found to be illegal for

a second time in 24 months.

The offspinner’s action

could be reassessed by the

ICC only after the 12-month

period ended, and Samuels

underwent tests on January 29

at the ICC-accredited testing

centre in Loughborough. According

to an ICC release, the

tests revealed the elbow flex

for his offspin deliveries was

within the permitted 15-degree

limit.

If the umpires find issues

with his action going forward,

they can report him again, and

then he will require further

analysis of his action by the

ICC. Umpires will be provided

with images and video

footage of his reworked bowling

action, the ICC said, to

help them judge his action in

games.

Samuels was reported

the weekend following a five-day

camp in Miami to hone their skills

ahead of the games which began yesterday,

following a losing streak in

Barbados at the Barbados Invitational

Beach Soccer Tournament.

The competition which started last

night gave the players an opportunity

ENGLAND - Ben Stokes and Tymal

Mills both believe that their lives have been

changed overnight, after being signed for

record-breaking fees by Rising Pune Supergiants

and Royal Challengers Bangalore respectively

during a dramatic day’s bidding at

the IPL auction.

Mills, who feared his career was over two

years ago when he was diagnosed with a congenital

back condition, has instead been catapulted

to T20 stardom after attracting a bid

of INR 12 crore (USD 1.8 million), the most

ever paid to a specialist bowler, and a remarkable

24 times his base price of USD 74,000.

Stokes, meanwhile, sent the franchises

into a more anticipated frenzy, having been

earmarked as one of the marquee players in

this year’s auction. Nevertheless, his eventual

fee was still a eye-popping 14.5 crore (USD

during the Galle Test against

Sri Lanka in October 2015,

and subsequent tests revealed

he was breaching the 15-degree

limit. That was the third

time Samuels’ action had been

reported; the first instance was

in 2008, when he was called

for a suspect faster ball after

the third Test against South

Africa in Durban. He was later

suspended from bowling

in international cricket but

after remedial work on his action,

was permitted to bowl in

September 2011. Then, once

again, he was reported during

the Mumbai Test against India

in November 2013. Following

tests, he was allowed to bowl

the offbreak delivery but not

his quicker ball.

to begin their campaign on a winning

noted as when they faced Trinidad and

Tobago at the Malcom Beach Soccer

Facility in Nassau Bahamas

The traveling team is currently in

Group C where they will face Trinidad

and Tobago, Guyana and USA in the

competition.

Samuels cleared to bowl in internationals

Samuels last played for

West Indies against Pakistan

on the tour of the UAE in

September-November 2016.

He was left out of the squad

for the tri-series in Zimbabwe

that followed. West Indies’

next assignment is the home

ODI series against England,

starting from March 3. (ES-

PNcricinfo)

Stokes and Mills in shock after

‘life-changing’ IPL auction

2.16 million), the most ever paid to an overseas

signing. It completed an eventful few

days for the Durham allrounder, who was last

week named as vice-captain to Joe Root in

England’s Test side.

“It’s been a pretty incredible week and,

considering you normally have your most

exciting times when you’re playing, it’s been

an amazing and interesting few days,” Stokes

said.

“I set my alarm for 3.30am, got up and

waited about 40 minutes for my turn in the

auction. I was anxious, not really knowing

what would happen.

“I was following it on Twitter, I didn’t

actually see it live. I kept on refreshing my

notifications, I saw people were tweeting and

then I realised that Pune had got me.” (ES-

PNcricinfo)


16 c a r i b b e a n t i m e s . a g

Tuesday 21st February 2017

New horse steals Post-Valentine’s Day Meet

By Marver Woodley filled with joy and excitement

Scrum Pum had been as they proved that other competitors

have what it takes to

dubbed “the new face” following

the recently held post defeat the show stopper Chief

Valentine’s day Meet at the of Staff who has been on a

Cassada Garden Race Track. losing streak recently.

The horse was on magnificent

display stealing the were the First Lady who won

The other show stoppers

crowd following its capture the Norma Prudhom Filly

of the main race of the day Classic with Clair Wilkins

over 5.5 fur longs in a time of in the saddle with a time of

1:05:00 with veteran Jeff Jacobs

in the saddle.

In the other winners were

1:40:58.

With a great turn, out on Ouch who won the 4-furlong

Sunday the newly imported race in a time of 52:33, Boobe

Ally in the F1 and Lower

tall breed dashed across the

distance in all its glory to win 6 furlongs’ category in a time

the A1 and Lower event leaving

Chief of Staff and Mova-

Believe It in the A3 and Low-

of 1:20:85, U Better Better

do in his dust.

er 6.5 furlongs’ category in a

Representatives from time of 1:18:52.

God’s Grace Stable who The next Meet is slated for

Scrum Pum represents was the Easter Monday.

Hoppers secure runners up as ABFA

Premier Division 2016/2017 season ends

By Marver Woodley

Cool & Smooth-AC Delco Glenn’s

Pet Paradise Green Bay Hoppers made

good on their attempts to cinch the

second top spot in the Antigua and

Barbuda Football Association Premier

Division.

Hoppers made the successful journey

following stiff competition from

Sandals INET IMOBILE Grenades

in the last round of Premier Division

matches on Sunday at the Antigua

Recreation Grounds.

Last season’s champions did so by

defeating current title holders Asot’s

Arcade Parham 2-1 at the end of the

allotted 90 playing minutes. With successful

attacks coming from Novelle

Francis Jr. in the 40th minute and

teammate Janiel Marquez in the 72nd

minute.

The win helped propel Hoppers

just one point ahead of Grenades in order

to secure the runners up position.

The lone goal for Parham was from

Hakeem Joseph in first half of the

game at the 24th minute mark.

The Green Bay men ended their

campaign just seven points below

champions Parham with 44 points and

just a point ahead of their nearest rivals

Grenades with 36.

The match up was the final game of

the season to bring the curtains down

on the Associations top local competition

The day begun hours earlier with a

match up against with Tryum and SAP

playing down to the wire to both avoid

the play offs, sadly both teams played

to a nil all draw.

As a result, SAP’s season, has been

extended while Tryum stayed afloat in

the 7th position with 19 points just a

point and a position ahead of SAP.

In the other game of the day, Old

Road defeated Empire 3-2 with successful

double attacks from Stefan

Smith and a single shot from Steve

Broderick the other two goals for Empire

where compliments of Kadeem

Lewis.

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