• Latest
Anthony Boatswain is new NNP chairman

Boatswain concerned about financial legislative change to please developing nations

9 months ago
Legislative protection for Camerhogne Park coming soon

Legislative protection for Camerhogne Park coming soon

10 hours ago
Ariza Credit Union appoints Mervyn Lord as CEO

Ariza Credit Union appoints Mervyn Lord as CEO

2 days ago
No Cash Transactions for Government this Friday

Schedule for Government payments

2 days ago
GCA to reset and restart cricket in 2023

GCA to reset and restart cricket in 2023

2 days ago
SMC CEO Kelvin Jacob has resigned

Kelvin Jacob officially departs SMC 10 March 2023

2 days ago

Integrated SRH, GBV and HIV services across 4 parishes

3 days ago
Integrity Commission launches public education campaign on Gift Registry

Integrity Commission received declarations from Opposition Parliamentarians 

3 days ago

Government to issue EC$105 million in treasury bills for 2023

3 days ago
WINDREF Position Opening: Project Manager

WINDREF: Terms of Reference – Invitation to Bid

3 days ago
4th Annual Caribbean Water Operators Conference

Nawasa: Request for Prequalification

3 days ago

1,486 Grenadian citizens through CBI in 2022

4 days ago
SMC CEO Kelvin Jacob has resigned

SMC CEO Kelvin Jacob has resigned

4 days ago
NOW Grenada
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Boatswain concerned about financial legislative change to please developing nations

This story was posted 9 months ago
13 May 2022
in Business
3 min. read
Anthony Boatswain
Share

by Linda Straker

  • Boatswain believes small economies are not victims of nor contribute to terrorist financing
  • Not amending legislation can result in blacklisting of countries
  • Against background of internal weakness, Grenada’s parliament had to approve Bill

Anthony Boatswain, who is a backbencher parliamentarian, is concerned that Grenada and other small developing economies have no choice but to approve financial legislation that is solely aimed at satisfying the desires of developed nations under the disguised of anti-money laundering and terrorism.

“In my opinion, this speaks to indecent haste on the part of small developing economies to response and satisfy their desires of the more developed countries,” Boatswain, told the Parliament while contributing to the Mutual Exchange of Information on Taxation Matters (Amendment) Bill, 2022.

In June 2021, preliminary findings from the Mutual Evaluation Assessment by the Caribbean Financial Action Task Force (CFATF), show Grenada progressing very well in terms of effectiveness and technical compliance with anti-money laundering practices.

However, Finance Minister Gregory Bowen who is also Leader of Government Business in the House, told a special sitting of the House on Friday, 13 May 2022 that the report shows “we were stronger on external matters, in other words, if we try or anyone tries money laundering from abroad to bring in the money or to export it or use abroad, we’re very good but internally there are some weaknesses.” It was therefore against this background that Grenada’s parliament had to approve the Bill.

But Boatswain who is a former Finance Minister said, “When we speak of peer review, I will like to know who were the composition of this peer review and what influence the small vulnerable economies have in this composition and if they are members at all of that peer group who are doing the review to satisfied their main requirements which are not ours.”

Boatswain is of the opinion that small economies are not the victims of terrorist financing, nor do they contribute to that in any way. “But, we have to stand the consequences of not responding immediately. What are we asking in return for the additional cost that the banking system has to endure,” he said, expressing his annoyance with the Caribbean Financial Action Taskforce.

He said that the demand to continuously amend financial legislation is just a path that developed nations like the EU, UK, and the USA will use to impede the development of smaller nations. “It will not end here, we have seen the disappears of offshore banking, they are coming next for CBI…it will come back and this house will have to deliberate because they will destroy that CBI programme,” he said.

CBI is the Citizenship by Investment programme where non-nationals can purchase citizenship by investing in a real estate business or paying a special amount to the treasury. Grenada has raised millions of dollars through that programme since it was launched in 2013.

“And I am sending out a warning, countries that rely heavily on CBI funding for their development programmes in the future, they will have to think fast, they will have to think again …they will go after it and make sure they put an end to that programme. We have to become more articulate, we have to demand more, we cannot fight them, but we need to have a more active voice,” said Boatswain.

The ramification of not amending the legislation can result in the blacklisting of the countries and other actions that can affect international trade. “We know about corresponding banking, all of this could shut the country down, nobody wants their name on the list because of the terrible consequences to the country and to the economy if we let that happen,” Bowen explained.

Members, by the end of the debate, supported the legislation.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: anthony boatswaincaribbean financial action task forcelinda strakermutual evaluation assessmentmutual exchange of information on taxation matters (amendment) bill
Next Post
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 12 May 2022

Comments 4

  1. Hugo Charles says:
    9 months ago

    CBI should be canceled not to appease the U.S, UK and the EU but to prevent social injustice. Grenadians cannot compete with rich foreigners to buy lands. House and land affordability remains a dream to most Grenadians.

    Housing is a basic human right.

    The low income Project/ghetto style housing introduced by government does not truly address this basic human rights.

    Reply
  2. Wilson T-2000 says:
    9 months ago

    That A is too close to the S on a small keyboard!
    Sorry.

    Reply
  3. Wilson T-2000 says:
    9 months ago

    Mr. Bostswain: What is your understanding of the dangers (If any) CBI has presented to Grenada’s citizenry in the past, or will present to Grenada in the future (aside from the displeasure invoked from developed nations)?

    Reply
  4. ADM says:
    9 months ago

    Well, what did you expect. IF the Government continue with their secrete deals, the selling passport to dodgy, shady and unsavory characters under the guise of CBI investment. These individuals do not want to remain in Grenada. The longer term aim is to travel with their Grenada Passport to the very same developed countries, hence the need to keep them out, by all means necessary and, this may result in applying heavy handed tactics onto developing Caribbean countries;

    Reply

Comment on post Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.