CASTRIES, St Lucia — The Caribbean Association of Banks urges Caribbean-based entities that interact with data on European Union (EU) citizens to implement the necessary systems and processes for compliance with the EU’s General Data Protection Regulation (GDPR). All entities that interact, in any way, with EU persons or their data, including (but not limited to) hotels, financial institutions, hospitals, airlines and professional services firms should be assessing whether GDPR applies to them.
GDPR is a comprehensive data privacy law that applies to businesses handling personal data of EU individuals, regardless of the businesses’ location or the occurrence of a transaction. GDPR covers all personal data such as emails, telephone details, ID cards, passport information, website cookies, etc., and this list is non-exhaustive. Entities are expected to be compliant with GDPR by May 25, 2018. Failure to comply has far reaching implications for entities and their business operations.
It is important to note that, if an entity does not comply with GDPR and its requirements, they expose themselves to significant penalties and fines.
If an entity is in breach of highly important data the resultant fines are:
• Up to 4% of its global gross turnover or,
• EUR 20 million (US$24.8 million)
If an entity is in breach of any other data the resultant fines are:
Up to 2% of its global gross turnover or,
EUR 10 million (US$12.4 million)
According to a Deloitte GDPR Benchmarking Survey only 15% of organizations surveyed expect to be fully compliant by May 2018, with many scrambling to implement appropriate measures.
The CAB strongly recommends that Caribbean financial institutions and other entities that interact with EU-citizen data assess their responsibilities under GDPR and put the necessary systems in place to avoid the negative consequences of non-compliance with GDPR.
Courtesy: Caribbean News Now
Barbados' foreign reserves problem is so serious that Government is seeking a US$60 million to US$70 million bail-out from the private sector.
Governor of the Central Bank Cleviston Haynes revealed yesterday that for the first time in 27 years, the bank was requesting the private sector to repatriate some of its overseas funds as Government faced a major foreign loan payment next month.
But the private sector funds will not be enough.
Haynes, who delivered the first-quarter economic review yesterday during a press conference at the bank, said Government’s effort to divest assets, including the Barbados National Terminal Co. Ltd and the Hilton Barbados property, needed to proceed so that the reserves problem could be fixed.
His concerns came as the Central Bank reported that “higher public sector debt service obligations than usual contained the growth of international reserves at the Central Bank to $14 million for the period”.
“As a result, the import cover of 6.9 weeks at the end of March remained below the 12-week minimum holding that the bank considers as adequate,” Haynes said.
Barbados’ reserves were $423 million at the end of March, compared to $709.4 million in the same quarter last year.
With the island due to service the US$225 Credit Suisse loan next month and in December, Haynes said the authorities could not afford to take any chances with the falling reserves.
“In 1991 as part of the adjustment effort, several private sector entities came together and provided on a voluntary basis, support to the Central Bank to help keep our liquidity at a certain level which we went through the adjustment phase. And once the adjustment was over, we were able to return those funds to those individuals,” he said.
“The bank contemplates that we will do some similar exercise on this occasion. We do so on the understanding that in the early 2000s, the bank allowed some of our corporate entities, particularly in the financial sector which had large investment balances, to invest some of those balances abroad on the condition that should the country need them in the future, that those funds would be returned to assist as they were done in ’91.”
Haynes added that the private sector funds would be sought on the understanding that “we would reciprocate in much the same way as we did once the challenge was over . . . by allowing them to take those funds back out.
“That is what we envisage and therefore in that context we anticipate that we should be able to stabilise the foreign reserves during this second quarter once we start to receive those funds,” he said.
Courtesy: Barbados Nation
BRIDGETOWN, Barbados, Saturday April 28, 2018 – Barbados’ Attorney General and Minister of Home Affairs, Adriel Brathwaite, is proposing that Caribbean countries unite to either buy or establish an international commercial bank to protect the region from the current threat of pull-outs by foreign-owned financial institutions.
Delivering a lunchtime lecture yesterday, he pointed to the recent decision by the Canadian Imperial Bank of Commerce (CIBC) to sell its majority shares in FirstCaribbean International – which was later rescinded – as an example of the need for such an institution.
“We are going to have to take the bull by the horn, as it were, and address the whole issue of how do we ensure that there will be banking in this region for our people. And it is my recommendation that heads of this region consider either investing in one of the existing international banks; taking a majority shareholding and/or buying one; and/or forming one and taking it as international as possible,” Brathwaite said, adding that this would protect the region from having to depend on foreign shareholders or directors whose sole interest was profitability in their backyards.
He admitted that there were issues with operating in the region, but was insistent that the threat of pull-out by foreign commercial banks must be addressed.
“From a regional perspective . . . we should form, and/or acquire an international bank, so that when these issues arise, some shareholder or some director outside of Barbados [doesn’t] make a decision to move the bank, sell the assets and disappear and then we are scrambling because our people don’t have any banking resources,” Brathwaite stressed.
His comments come on the heels of the announcement by FirstCaribbean, earlier this month, that it had withdrawn its recent public offering made in the United States and was no longer pursuing a listing of its shares on the New York Stock Exchange (NYSE).
Back in December 2017, the Barbados-based regional financial institution announced that it had filed a registration statement with the US Securities and Exchange Commission relating to the proposed initial public offering (IPO) in the US of FCIB’s common shares in addition to seeking a listing on the NYSE. However, it subsequently said that “in view of market conditions” it would no longer pursue the US public offering and NYSE listing at this juncture.
The development came on the heels of a recent announcement by its parent company, CIBC, that it was pulling out of Barbados and the rest of the region.
In view of those developments, Brathwaite was adamant that the region could not take any chances, although he warned of naysayers who would point to the collapsed CLICO International Life Insurance Company.
At the same time, he pointed out that regional central banks which were responsible for regulating the sector were not known to have breached any international best practices.
“So I am not afraid of a regional bank being regulated by our central banks and being managed by us here in the region,” Brathwaite said. (Barbados Today)
Courtesy: Caribbean 360
GEORGETOWN, Guyana — In a statement on Saturday, ahead of a UK Parliamentary debate on Tuesday on a Sanctions and Anti-Money Laundering Bill that will have an effect on the financial services of the Overseas Countries and Territories, the Caribbean Community (CARICOM) called on members of the FATF and OECD Global Forum to work together to establish new international regulatory standards in areas such as beneficial ownership and tax information exchange, as opposed to unilateral measures.
“Such co-operation would be in the best interest of all in the pursuit of a more economically prosperous future, underpinned by international institutions, and where all societies, their internal institutions and peoples are respected,” the statement read.
CARICOM associate members, which include Anguilla, Bermuda, British Virgin Islands, Cayman Islands and the Turks and Caicos Islands, are an integral part of the Caribbean Community family whose circumstances, self-governance and democratic rights should not be disregarded, the statement noted.
“In that context, we are deeply concerned about the potential impact on their economies by any impositions that would go against the spirit of democracy and diminish their standard of living. A number of our associate members have for some time run successful financial centres that meet the high standards of regulation set by international standard setting bodies such as the Financial Action Task Force (FATF) and OECD Global Forum,” CARICOM said.
CARICOM recognises that global security and financial crime are increasingly intertwined and therefore supports the work of the FATF and its regional bodies in developing international AML/CFT standards to combat money laundering and terrorist financing.
“Within the Community, our member states and associate members have expended considerable resources towards achieving compliance with AML/CFT standards. Countries in the region have also supported global initiatives led by the OECD Global Forum and have entered the necessary international agreements to facilitate the sharing of information on beneficial ownership,” the statement added.
Courtesy: Caribbean News Now
Interested in investing or selling to Dominica?
Explore the opportunity at the Dominica Association of Industry and Commerce (DAIC) Business Recovery Expo.
Date: February 21, 2018
Venue: Palm Cottage, Corner Victoria and High Streets, Roseau, Dominica
Time: 9:00am to 1:00pm
In 1955, a private sector mission of the West Indian Incorporated Chambers of Commerce headed by Sir Garnet Gordon kick-started what later became known in 1970 as the Caribbean Association of Industry and Commerce (CAIC). Its aim was to be the voice of the private sector in the region, representing private sector interests at meetings of Heads of Government and liaising with international bodies to further the agenda of the business community and to position the region as an economic hub for global trade.
In recent times, the CAIC had withdrawn from its original construct as a regional Business Support Organisation (BSO) dominated by powerhouse BSOs and multinational corporations that seeks the interest of its own constituents bolstered by support from their National Governments. CAIC’s withdrawal has been in an effort to not compete or poach in the territory of the national BSOs.
Its restructuring in 2012 hoped that the CAIC would become a repository of information; which the BSOs are usually loathe to share, and while there is distrust between the private sector and the government, there is also distrust amongst private sector organisations. This been compounded by changes in officials in both the government and the private sector, the economic state of the region and indeed the rest of the world.
The Caribbean Business Council
The call for the formation of the Caribbean Business Council (CBC) 11 years ago has been supported (and initiated) by the CAIC, whom, along with the CARICOM Secretariat attempted to operationalise the Council. In recent times the CAIC chaired the Steering Committee for the CBC organised by Caribbean Export who were to collaborate with the CARICOM Secretariat as decided by the 39th COTED.
A major challenge towards operationalising the CBC is the removal and natural cycles of leadership that has occurred over the past years. In waiting for the CBC to kickstart, many large companies have moved on and made inroads into new markets with and without the assistance of their governments. Whilst they may want to look upon the CAIC and find it irrelevant, what relevance then can the CBC give them, if constructed using the same model? Would it quell the distrust between organisations who should be working together?
Thus far, the initially proposed structure of the CBC did not differ from that of the CAIC 60 years ago, nor did it take into account the volatile conditions of global trade even though a new model for the CBC has been voted on by the usual powerhouses. A strong recommendation from the CAIC is that it be made up of a National Private Sector Organisation from each CARICOM member states and pan-regional private sector organisations with a rotating chair.
The CAIC believes that the CBC can be a true attempt at integration on a level that governments have failed. However, who would the CBC represent? CARICOM territories? CARIFORUM? The definition of the Caribbean adopted by the CAIC hails from the OAS which deems the Caribbean as all shores washed by the Caribbean Sea. It should be recognised however, that the CBC will become an affiliate arm of the CARICOM Community (CARICOM), and thus the recommendation is that it be a CARICOM Business Council.
In support of the CBC it is hoped that it would be representative of the CARICOM region, moving the region to a state of profitability where it can become a bargaining power rather than reliant on concessions; not a reinvention of the wheel expecting a different outcome with the same pillars to satisfy egos.
Where is the CAIC?
In an editorial from the Jamaica Gleaner of December 12, 2017, the editor asked if the CAIC could be the sort of organisation that purported to be the umbrella organisation for private sector organisations. With no physical office and an outsourced Secretariat, the CAIC was reduced to insolvency by the previous Heads as the once “big boys club” lost the support that its constitution defined as its backbone, with a look to establishing a new club whilst clamouring for a body to represent its interests and mediate with governments and international bodies.
In its current reincarnation, the CAIC has worked over the past five years intra-regionally on matters such as Disaster Risk Reduction (DRR) and Business Continuity, which has suddenly exploded as the topic of the day and everyone wants to jump on the wagon in the hopes that there is funding to be had. Trade with Russia, China, the Pacific and South East Asian territories, deemed to be too far away for businesses wanting to expand outside the region, have also been on CAIC’s agenda along with ACP and CARIFORUM-EU relations, the monitoring of the EPA, and the WTO agenda in engaging the private sector.
Losing the support of its founding members, the CAIC works predominantly with MSMEs and devotes its efforts to the creative industries including the fashion industry, trade in services, investment promotion and assisting both former stakeholders and financial members when called upon. Rife with the distrust in the region, CARICOM agencies would also call upon the CAIC to lend support and provide feedback while attempting to measure what mettle the CAIC may still hold in the region.
CAIC’s work with MSMEs is dominated by the fact that a major percentage of the private sector labour force is engaged in more entrepreneurship and small-scale expansion of businesses that survive the three-year mark. With increasing importance placed on MSMEs by various international bodies such as the WTO, the CAIC views the MSMEs as the future and can no longer be regarded as a small fish in the pond that larger enterprises disregard in seeking their own agenda.
The CAIC has also taken a position to support the decent work programme and the creation of more sustainable and value-oriented products and services. These concepts move away from the evolved culture of fast food, fast fashion, cheap products and cost cutting in the work environment and work force. This position may not hold well with some of our major stakeholders who are in the “merchant trade industry” but it is hoped that we can influence them to come into alignment with this strategy so we can preserve the depleting natural resources.
A Private Sector Organisation for the future
In crafting the CBC, which organisations believe would rob them of their independence, we should instead envision what private sector advocacy action and opportunities can be realised with the formation of the CBC. Given the economic hardships in the region and tribulations of BSOs, other fears arise with the financing of the CBC. Where would it come from? Locally? Do we go after international funding? In what areas? Which agency has funding for this purpose? Are we sure or are we doing guesswork? If not, the fears of organisations, big or small can either be alleviated or confirmed as a threat.
The CBC could change the tide and add value to the region giving voice to those who are otherwise disregarded such as the Haitians who are aggressively taking their goods and services to market, no longer begging and looking for handouts. However, their efforts are overshadowed by corrupt governments demanding aid that rarely filters down.
Are we prepared for an all-encompassing CARICOM represented business council? Giving heed to the needs of the territories that may be small but with talent to bolster and add experience, corporate governance, direction and progress to our existing regional agencies? Or are we simply trying to see what money we can swindle from the Europeans whilst tearing down the foundation of one organisation and rebuilding it in the same image and likeness to function as its predecessor.
This is the first of a three-part series by the CAIC on the subject matter with support for a common agenda.
he United Nations Office for Disaster Risk Reduction (UNISDR) is inviting its partners, institutions and people interested in Disasters Risk Reduction from the Americas to share their Good Practices of the Private Sector in Disaster Risk Reduction.
The overall purpose of the Call for good practices of the private sector in DRR is to promote and exchange experiences on how the private sector is engaged in DRR in the Americas. The good practices can be related to how the private sector contributes to the implementation of DRR, how the private sector is making its business and community resilient, and how the private sector and the public sector work together on DRR.
Share your DRR experience for the chance to attend the 6th Regional Platform for Disaster Risk Reduction, which will take place from 20 to 22 June 2018 in Cartagena, Colombia to present 'best practices' during a segment in the Ignite Stage.
Registration deadline: March 15th, 2018
Please fill out your application online at the following link: http://eird.org/americas/call-for-good-practices-of-drr-in-private-sector/index.html
End of Year Message by the Chairman of the Caribbean Community Dr. The Honourable Keith Mitchell, Prime Minister of Grenada
There is no doubt that 2017 has been a most eventful year for the Caribbean Community (CARICOM). We experienced a scale of multi-country devastation never before seen in the Region as two category five Hurricanes, Irma and Maria, raged through the Caribbean within two weeks.
The Governments and people of our Community immediately responded to assist their brothers and sisters with the generosity and spirit of togetherness which is our trademark. I therefore must pay tribute to those who so willingly extended a helping hand in the hour of need of our brothers and sisters in the stricken countries.
Even before the hurricane season was over, the resilient people that we are, we had begun to rally. We determined that we could use the rebuilding process to become the first climate resilient region in the world.
Recognising that we did not have the resources to achieve that goal on our own, we sought the assistance of the international community.
First, in collaboration with the United Nations Development Programme (UNDP), we organised the CARICOM-UN High Level Pledging Conference, “Building a More Climate-Resilient Community,” which was held in November at the UN Headquarters in New York. It brought together nearly 400 high-level representatives from governments, multilateral and civil society organisations and the private sector, and raised more than US$1.3 billion in pledges and over $1 billion in loans and debt relief.
In early December, at the One Planet Summit in Paris, a Caribbean Climate-Smart Coalition was launched in partnership with Sir Richard Branson. The Caribbean Climate-Smart Coalition seeks rapid implementation of a US$8 billion climate investment plan that will transform the regional energy system, build resilience, drive economic growth and set us on the road to being a climate resilient Region. Key areas for the initiative are: Resilient Housing and Shelter; Renewable Energy; Tourism and the Blue Economy; Physical Infrastructure; Government Systems and Security; Food Security and Climate-Smart Agriculture; and Human Capacity Development.
There has been a tremendous international response to this Caribbean Climate-Smart Coalition. The private sector, the Inter-American Development Bank (IDB), the World Bank and UNDP have also played key roles as core partners of this initiative. In addition, the Green Climate Fund and The Nature Conservancy have also come forward with support. We anticipate starting implementation across the Caribbean in the New Year, while there is ongoing emergency work already being carried out in the affected countries.
Together we can build thriving economies fueled by clean energy, nature-based resilient design and innovation.
As a Region, we have been moving ahead in other areas as well. Heads of Government welcomed and approved the Human Resource Development 2030 Strategy as well as the Roadmap for a Single ICT Space. This would enhance the environment for investment and production, provide an opportunity for innovation to flourish, support a sustainable increase in growth and jobs, enhance efficiency in, and increase access to public services.
There has also been progress in our efforts to enhance the safety and security of our people. Several Member States signed the CARICOM Arrest Warrant Treaty which simplifies the procedure of returning fugitives to the country where charges have been laid. An expansion of the Advance Passenger Information System and planned introduction of the Advance Cargo Information System also signify the importance attached to the issue of Security.
During the year, we also took a hard look at the CARICOM Single Market and Economy (CSME) and approved an Implementation Plan for 2017-2019 to accelerate the use of the measures under the regime. A lot has been achieved in implementing the CSME, including legal and institutional measures and mechanisms to support the free movement of goods, services, skills, and cross-border establishment of businesses. However, we will continue to review progress regularly to ensure that the benefits of this important aspect of our integration are accruing to our citizens.
One of the most important drivers of the Community’s economy, tourism, received special attention as we sought to address both immediate and long-term initiatives aimed at stimulating sustainable growth in tourism. We focused on marketing strategies and agreed to support various Public-Private Sector initiatives, which would entail engagement with other Caribbean countries, companies and multilateral organizations.
Engagements at the highest level with the Presidents of Mexico and Cuba enabled us to solidify those relationships and resulted in increased strands of co-operation, particularly in disaster risk management. This is a particularly important area for us, given the predicted rise in the intensity and frequency of climatic events for our Region.
Lessons learnt from this year’s experiences will serve us well as we go forward in the era of the “new normal.” We have proven that we can withstand the slings and arrows of misfortune and bounce back stronger than ever. Let us continue to band together and ensure that we build a resilient Caribbean Community for the benefit of our children and grandchildren.
My brothers and sisters, as we enjoy this festive season, let us spare more than a thought for those who are still in difficult circumstances. Happy Holidays and a bright, creative and productive New Year.
Courtesy: CARICOM Secretariat
“Do you know someone who has made, or is making now, an exceptional contribution towards increasing access or utilization of sustainable energy in the Region?” or “Have you, yourself, made a significant difference in the energy sector in your community, your country, or the Region as a whole?”
During the CARICOM Energy Month, the Energy Personality Award will give recognition to champions of a sustainable future for the Caribbean. You can nominate a colleague, someone you admire, someone who has done groundbreaking work, and that someone can be You, as we accept self-nominations.
To make a nomination see the Rules and Guidelines and download the Energy Personality Award Nomination Form
o This call for nomination is open to all CARICOM nationals and citizens
o Nominees must be involved in or have made contributions by way of an initiative towards achieving the sustainable development goals; in particular those related to energy in any of the following categories:
Energy Efficiency and Conservation
Other categories will be considered
o Entries will only be judged if they meet the eligibility criteria
o The Staff of the CARICOM Secretariat as well as the Energy Personality Award Judges and their immediate family are not eligible to participate
This will be a Regional Award taking place for all CARICOM Member States. The call for nomination will be launched during CARICOM Energy Month 2017 over a four (4) week period). The winner will be announced during March 2018.
The Energy Personality Award begins on Monday, November 13, 2017 and ends on Friday, December 15, 2017. Nominations submitted after the entry period will not be
How to Enter
o Nominations for the award must be submitted by completing the Energy Personality Award Nomination Form which can be also be found on the CARICOM.Energy Facebook
o The form must be fully completed to be deemed as a successful entry and should be
o Proof of nationality or citizenship – submit a scanned copy of any one of the following (Birth Certificate / Bio-data page of passport / Identification card)
o Self-nomination is permitted
o Nominators are required to provide evidence of their nominees contributions
o Nominees are required to support their nominators contribution
Criteria & Judging
o The selection process will take place during the period January to February, 2018
o Winners for the Regional Energy Personality Award will be selected by a panel of esteemed judges
o Nominations will be judged on the following criteria:
Innovation / Creativity 30 %
Social and Environmental Impact 20 %
Economic and Technical Impact 20 %
Replicability and Scalability 20 %
Motivation 10 %
The Energy Personality Award Nomination Form contains five (5) Sections:
Section 1. General Contact Information
Section 2. Summary Information related to the Initiative
Section 3. Detailed Information related to the Initiative
Section 4. Documentation and Proof of Initiative
Section 5. Declaration and Authorization
Checklist for submission:
Proof of Nationality or Citizenship
CV of Nominee ( Section 1 of Nomination Form )
Photos and Documentation (Section 4 of Nomination Form)
Completed and signed Nomination Form (Section 5 of Nomination Form)
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