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SUPPORTING CARIBBEAN BUSINESSWOMEN Creating an enabling environment for the region’s female business owners empowers women and delivers growth
Panama Papers law firm Mossack Fonseca ‘to close’
Mossack Fonseca, the law firm at the centre of the Panama Papers scandal, will close at the end of March, according to a statement from the firm obtained by the International Consortium of Investigative Journalists Page 3
BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT
Female entrepreneurs may be a minority in the Caribbean but, with the right support, the region’s businesswomen could be a powerful economic force. Women-owned businesses can play a major role in sustainable growth reducing unemployment, encouraging innovation and raising the standard of living. Across the Caribbean, female entrepreneurs have much to offer their island economies, but often struggle to reach their full potential due to lack of institutional support, socio-cultural barriers and limited access to capital and training. Continued on page 4
Malta bank chief held in US over Iran links The head of a Maltese private bank which had been under scrutiny by a murdered investigative journalist has been arrested in the US as part of a probe into a scheme to evade sanctions against Iran Page 7
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WHAT REFORMS WOULD BOOST PUBLIC CONFIDENCE IN CIPS? BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT
The STAR Businessweek BY CHRISTIAN WAYNE – EDITOR AT LARGE
While some readers may facetiously say that the STAR Businessweek is a bit late to be publishing an article discussing the state of women-ran businesses and women working in management positions in the Caribbean, seeing of course that International Women’s Day was exactly one month ago, other readers, however, and correctly so, know that the discussion of promoting the role of women in the workplace and in entrepreneurship is an ever-relevant subject. In fact, there’s a growing body of evidence within development circles, accompanied by very convincing data, that suggests pretty emphatically that if any financial aid or assistance is to be furnished to vulnerable individuals, it is invariably a better return on investment to give that money to a woman than a man. This is no surprise. I worked for an international human rights organization some years ago named the Cooperative for Assistance and Relief Everywhere, CARE for short. CARE became a household name in the United States during the Second World War due to the popularity of the food relief packages the group would consistently airdrop over the European theatres of war during the height of the conflict. The packages contained essentials like food, clothing, and blankets – this is where the phrase ‘Care Package’ comes from. After the conflict, CARE shifted their primary focus from war-time relief efforts to tackling global poverty—an admirable mission but obviously no small feat. Through jumpstarting and scaling the development of rural microfinancing organizations throughout Latin America, Africa, and India—mini banks where members of the community are both shareholders and lenders—CARE has been able to finance hundreds of thousands of microbusinesses
around the world with extremely high rates of success. What’s their secret? Along the way, CARE learned a valuable lesson—that the cash investments they were making into establishing each of these microfinancing institutions yielded far better results when the monies were loaned to females rather than males. Their conclusion? On average, men are just far more likely to use their money on alcohol, sex, and gambling while women tend to use those same funds for more responsible endeavors such as sending their children to school and making investments into their families’ future. Also in this week’s edition, slain Maltese investigative journalist Daphne Galizia is back in the headlines of the Financial Times in an article chronicling the demise of one of Galizia’s more frequent subjects—the head of a notable yet very secretive Maltese private bank—on page7. At the crux of the late Galizia’s exposés on Malta’s shadow money empire is the country’s Citizenship Investment Programme, the development of which was led by Henley & Partners—a familiar name to any Saint Lucian who’s been following the development of our domestic CIP industry over the past few years. For more on Saint Lucia’s Citizenship Investment Programme, and what areas of it warrant additional consideration, read How to Boost Public Confidence in CIPs on page 2.
The STAR Businessweek Nothing Personal. It’s Just Business. Stay connected with us at: Web: www.stluciastar.com Social: www.facebook.com/stluciastar Email: starbusinessweek@stluciastar.com
Citizenship by Investment Programmes (CIPs) have been an ongoing topic of coverage for the STAR. Previously we’ve looked at the history of citizenship, and some of the foundational issues CIPs raise when it comes to defining who a citizen is, and what it means for a nation that indulges in the trade. Now it’s a good time to focus on the CIP industry itself. What issues are often overlooked in the CIP debate? And what reforms could be done to enhance public confidence in the industry? Let’s look now.
CIPS AROUND THE WORLD
It’s not news that CIPs are a controversial topic in the Caribbean. While the CIP debate is surely most vivid here, it’s one part of a global debate surrounding accreditation of citizenship rights to emigrants. For the world’s wealthiest, global travel and long residencies in multiple countries is common. This was rarer a century ago where travel was not as rapid, and business not as globalised. And the capacity for powerful sectors of the global economy to converge - with Silicon Valley in the United States and the City of London in the Brexit debate being key examples - provides an avenue for certain professionals to access the benefits of citizenship easier than others. And just as the Trump White House has been subject to controversy in recent times surrounding how the First Lady Melania Trump (originally from Slovenia) obtained her citizenship on the so-called ‘Einstein Visa’, so too have other nations like Bolivia with Julian Assange, and Russia with Edward Snowden (not officially a citizen but a long term resident with a path to it) used citizenship as a vehicle for governments to thumb their nose at rivals in the global arena. Citizenship has even been used a vehicle to promote civil freedoms via individuals. As Italy has been joined by France, Canada, the Ukraine (pre-Russia annexation) and numerous cities in granting honorary citizenship to the Dali Llamas, much to the chagrin of the CPC in Beijing. Illustrating these episodes do not seek to excuse all controversy surrounding the CIP industry, but instead to affirm
the road that provides a path from emigrant to citizen has always been a little muddied, and the traditionally conservative approach to what defines citizenships is currently being tested. Global trends notwithstanding, our region does retain some unique issues in this sphere.
THE RACE TO THE BOTTOM
A particular danger in the CIP industry presently is the ‘race to the bottom’ being seen among many regional nations. Each seeking to offer the lowest price to their respective CIP. This approach can have a knock-on effect as it can not only drive a ‘rush’ on one nation, but uncertainty surrounding how long a particular nation will have the cheapest CIP programme. This grows the temptation of those in the sector to cut corners and rush applications. Whatever one’s view surrounding the merits of a particular CIP, all can agree if such a programme is to exist, it’s best ran with stability. The risk of regional competition - usually a welcome aspect of Caribbean business! - increases risk of abuse in CIPs considerably. That’s why calls for CIPs to be overseen by a non-governmental group such as a citizen’s panel surely have credence. The determination of CIPs’ fees, processes, and even applications themselves could be done via a government’s terms of reference, but still with enough scope for administrators to issue the parameters, instead of elected politicians. Such a reform would free a Caribbean nation from race to bottom rushes.
EXTENSION OF CITIZENSHIP PROCESSING
Another potential reform is the extension of a CIP timeline. Once made a citizen, a court of law won’t Continued on page 5
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PANAMA PAPERS LAW FIRM MOSSACK FONSECA ‘TO CLOSE’
Scandal over use of offshore financial centres by global wealthy hits business BY FT CORRESPONDENT
Ramon Fonseca, founding partner of law firm Mossack Fonseca
Mossack Fonseca, the law firm at the centre of the Panama Papers scandal, closed its doors last month, according to a statement from the firm obtained by the International Consortium of Investigative Journalists. “The reputational deterioration, the media campaign, the financial siege and the irregular actions of some Panamanian
authorities, have caused irreparable damage,” the statement said. As a result there was a “total cessation of operations to the public at the end of this month after 40 years”. The ICIJ reported that Mossack Fonseca had told clients in November that it had had to “significantly reduce” its staff due to changes to the laws and an “adverse business environment”.
The firm said it had previously had a presence in more than 40 countries, with “more than 600 collaborators around the world” before the data leak that exposed the widespread use of offshore financial centres by the global wealthy. By the time of its demise, it had fewer than 50 employees. The Panama Papers scandal, which erupted in April 2016, centred on the leak of 11.5m
files from Mossack Fonseca, one of the largest offshore law firms, to the ICIJ and a range of news organisations. Among the stories were revelations about offshore accounts linked to the father of David Cameron, former UK prime minister; a close friend of Russian President Vladimir Putin; and Iceland’s Sigmundur David Gunnlaugsson, who later resigned as prime minister. Nawaz Sharif was forced to step down as Pakistan’s prime minister in July after an investigation into the sources of his family’s wealth prompted by the leak. The Panama Papers and a later leak, known as the Paradise Papers, revived calls for an international effort to stamp out tax evasion and avoidance but the results have been mixed. In December, the EU blacklisted 17 countries for refusing to co-operate with its crackdown on tax havens but campaigners said the move would have little effect without sanctions or other financial penalties. Panama was one of those placed on the list of non-compliant jurisdictions. Last year the UK passed the Criminal Finances Act, which makes companies liable for failing to prevent their employees from facilitating tax evasion. Naomi Hirst, anti-corruption campaigner at Global Witness, said the Panama Papers scandal had “hit Mossack Fonseca where it hurts: its bottom line”. “But the mechanisms Mossack Fonseca used remain in place. Half of the companies featured in the Panama Papers were registered in the British Virgin Islands where secrecy still prevails. “The criminal and corrupt need simply to find someone else to help them navigate a series of broken financial systems.” Robert Barrington, executive director at Transparency International UK, said other law firms “should now learn two lessons: secrecy is not a sustainable business model and having corrupt clients on your books has consequences”.
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SUPPORTING CARIBBEAN BUSINESSWOMEN Creating an enabling environment for the region’s female business owners empowers women and delivers growth Continued from page 1
FEMALE ENTREPRENEURS
The typical female entrepreneur in the Caribbean is a small business owner with few, if any, employees. She is also a member of a very small group - self-employed women comprised just 8 per cent of the total Caribbean workforce in 2015, according to research from infoDev. Women tend to run consumer-oriented businesses, such as those in the retail or hotel industries, and are generally more riskaverse than their male counterparts, shunning exports or expansion. They are less wellrepresented in technology-oriented ventures and those characterised by innovation, gravitating towards more traditional occupations. As a result, the majority of female-owned businesses in the Caribbean operate in low growth, low revenue and low status sectors. According to the 2013 Women’s Entrepreneurial Venture Scope, women are also likely to be operating outside the system with 55-91 per cent of women’s entrepreneurial activity in the Latin American and Caribbean region taking place in the informal economy. This in turn makes these female-led businesses more vulnerable to corruption and less able to explore legitimate forms of credit.
CREDIT AND CULTURE
Whether they have a man or a woman at the helm, Caribbean businesses have struggled to access capital ever since the global recession. However, access to finance is especially problematic for SMEs and micro-enterprises - which form the majority of female businesses. A signficant number of female entrepreneurs are underserved when it comes to securing more sophisticated financial products such as supplier credit and equity financing. The demand for collateral when applying for a loan can also be a hurdle, given that many women don’t own property or other high-value assets. The process of getting a business from idea to reality is extremely onerous and time-consuming. Given the sheer volume of forms, applications, licenses and
Less than one-third of businesses worldwide are owned or managed by women. According to the International Labor Organization, Jamaica has the highest percentage of women managers in the world (60%), followed by Colombia (53%), and Saint Lucia (52%)
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other documentation to wade through, prospective business owners must be informed and knowledgeable. Business support services have traditionally not been aimed at women, nor have business classes been made readily available to female students considering their future careers. While times are changing, social constraints are still felt in the Caribbean where female identity is still strongly tied to the image of homemaker and caregiver. These cultural norms are most pervasive in the start-up stage of businesses, according to infoDev who surveyed female business owners across the region. While women felt that access to finance was the single biggest obstacle to business, male entrepreneurs rated it second after lack of skills among the workforce. Since women are more heavily involved in traditional sectors, banks are often disinclined to take their business proposals seriously, seeing them as high-risk. In addition, men have greater access to more diverse forms of financing such as angel investment networks and venture capital funds.
technical assistance, in partnership with the Caribbean Development Bank. It will also include an intensive business coaching scheme. The programme is open to firms within the CARIFORUM countries that are at least 51 per cent owned by a woman, or women, and have been in operation for at least two years. Caribbean Export is urging female entrepreneurs to take advantage of the programme with Executive Director Pamela Coke-Hamilton telling attendees at WEXport’s launch: “We know that you have the potential to take your companies to the next level and we hope we can help take you there. This is your time, don’t lose this excellent opportunity to grow, connect with others and make your mark on our region and beyond. “We hope that WE-Xport will be a safe space where women in business can learn, be challenged, make mistakes and grow, and celebrate their successes,” she added. “We hope that participants will create a new story for themselves, their businesses, their children and their wider communities.”
SUPPORT NETWORKS
Women in the Caribbean have come a long way. The region has one of the highest rates of female managers in the world, with more than 41 per cent of managerial positions filled by woman in eight Caribbean countries, according to the International Labour Organization (ILO). In Saint Lucia, 52.3 per cent of managers in both the public and private sectors are women and 23.7 per cent of firms have a female top manager. But while women may be well-represented in the boardroom, those at the bottom of the career ladder tell a different story. Women running fledgling start-ups, early-stage SMEs and budding entrepreneurial ventures are still encountering discrimination. “For decades Caribbean women have distinguished themselves in every area of endeavour, locally and internationally. Women in the Caribbean have made much progress in terms of gender equality, however women and girls continue to face various types of discrimination in business,” says Daniela Tramacere, Head of the European Union Delegation to Barbados, the Eastern Caribbean States, the OECS and CARIFORUM. “There is still much ground to cover and we will spare no effort in covering it. Women’s empowerment is a question of human rights. “It’s also a policy that makes very good economic sense.”
In recognition of the obstacles, a number of development agencies have stepped in to help female Caribbean business owners develop and grow their companies. Recognising that there is strength in numbers, the Women Innovators Network of the Caribbean (WINC) works to foster links between the region’s female entrepreneurs. An InfoDev intiative, the WINC recently launched its second Acceleration Programme (AP) - an 8-month peer learning course which offers mentorship, business development and technical workshops. The latest AP builds on the success of its 2016 pilot scheme which involved 108 women from 12 Caribbean countries. While building a business is difficult, it can be even more intimidating to take it beyond borders. Caribbean Export, in collaboration with the European Union, has created an initiative to help Caribbean businesswomen build their market share and reach international customers. Women Empowered Through Export (WE-Xport) had its official launch in Barbados last month and aims to assist female businessowners who are exporting for the first time, as well as those who have already begun exporting but need help to scale up. WE-Xport will offer workshops and
WORK TO BE DONE
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WHAT REFORMS WOULD BOOST PUBLIC CONFIDENCE IN CIPS? Continued from page 2
distinguish between a native born citizen, and an emigrant granted citizenship. Usually this a good thing, as citizens should be treated equally under the law. But the danger lies in an individual who’d otherwise be rejected on a regular citizenship application quickly becoming a sizeable problem for a nation if granted citizenship rapidly via a CIP program. Advocates for the CIP programs may well say this is a small risk as an applicant would need to make a sizeable investment in the nation, and so be weary of risking their investment. But when nations like Dominica allow for citizenship to be purchased for US$ 100,000 and it to be granted in as little as 5 months, a multimillionaire (or billionaire) could easily regard $100,000 as small change and have a sizeable war chest of spare capital to drive economic upheaval. Such an event may sound unlikely. But in a world where ‘boots on the ground’ and aircraft carriers are fast yielding to stealth and cyber attacks on a nation’s vital infrastructure, economic power must be regarded as a weapon of war. Just as temporary visas and permanent residency designations exist, the creation of a ‘probationary’ citizenship is a potential change in this sector.
PRICE RISES
The justification for a CIP doesn’t have to be a separate debate to the justification for a secure CIP industry. If the latter is done well, it will win over many in the Caribbean family who have concerns. Just the same, citizens of a Caribbean nation with a CIP are justified to expect such an initiative is one that is truly mutually beneficial. $100,000 or $200,000 is cheap to a High-Net-Worth Individual (HNWI) and ultimately risks the value of the passport in the long term. This attitude is irreconcilable with members of the Caribbean family who cherish their citizenship, and their nation’s identities. Raising the price of CIP is an obvious reform in this area. Ultimately, a nation like Dominica with an annual GDP of US$ 525.4 million, even if a CIP proves popular and wins 500 new citizens every year, that will still not crest 10% of the annual GDP. The same dynamic applies to other nations, although a passport in St Kitts and Nevis has proven most costly at $250,000, with an annual GDP of US$ 916.9 million, a moderately successful CIP program will not pave the streets of Basseterre in gold anytime soon.
LOCAL AND GLOBAL
Tighter CIPs will not only
grow confidence in the Caribbean locally but also globally. The revelations of the Paradise and Panama Papers are not directly connected to CIPs but they do speak to a broader trend of frustration among voters globally who see a class of HNWI engaging in tax minimisation, and often able to do so anonymously behind the protection of shell companies. Just as CIPs are legal, so too is tax minimisation in many nations, and there’s no suggestion anyone who has engaged in it has broken the law. But in an era where the global headwinds are turning sharply against citizens who would seek to use an overseas domicile as an avenue to avoid the obligations of a regular citizen in their primary nation, a freewheeling CIP goes against the values of many in the Caribbean family, and around the world. Ultimately, the sustainability of CIPs will depend upon the support of sovereign voting citizens in Caribbean nations. Elected governments that aspire to retain CIPs and remain in office would do well to recognise the momentum for reform. Addressing the existing issues may not sustain CIPs forever, but would help address the concerns of citizens (however they acquired the title) who seek to see their county and its citizenship fairly valued and protected.
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CORPORATE
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HANDS
CURRENT STATUS AND FUTURE OPPORTUNITIES FOR GREEN MICROFINANCE IN LATIN AMERICAN AND THE CARIBBEAN Across Latin America and the Caribbean, microfinance institutions (MFIs) and their clients are increasingly confronted by the growing threats from climate change and environmental degradation. Despite this reality, green microfinance continues to play a minor role in the microfinance sector. Development of green microfinance products and strategies could help transform threats from climate change and environmental degradation, market saturation and risk of over-indebtedness, into market and social opportunities. A new report by the Caribbean Microfinance Association (CMFA) explores the current status and future opportunities for green microfinance in the region. The analysis estimates that the market for green finance products for MSMEs and households could grow up to 25% in volume and 80% in value over the coming years. The report concludes that green
microfinance represents a unique opportunity for MFIs to generate new business and attract new clients. However, to ensure optimum uptake and impact of green microfinance, the report finds that MFIs need technical capacity to develop appropriate financial products and new tools to enable them to introduce climate vulnerability assessment in loan approval processes. MFIs will also need to develop strategies for better coordination within the ecosystem, in particular, with renewable energy and energy efficiency technology providers. Successful business models should be explored to overcome present challenges and achieve the full potential of a very promising and dynamic green microfinance sector in the region. The EcoMicro program is currently working with over 15 MFIs to pilot, replicate and scale green finance products that build resilience of MSMEs.
Then Minister of Industry, Investment and Commerce Karl Samuda officially declaring the launch of the CMFA in Kingston, Jamaica
The Saint Lucia Government Gazette Company Registration Name: All Seasons Seafood Inc.
Name: Hotel St. Louise Ltd.
Description: Seafood
Description: St. Lucia hotel
Directors: Feddon Blair; Lisa Charles
property owning company
Date Incorporated: 14-Mar-18
Directors: Videa Mike; Questus Solutions SEZC Ltd.
Chamber: SEDU, Saint Lucia
Date Incorporated: 19-Mar-18 Chamber: Corporate Services
Name: Bluefields Pharmaceuticals Ltd.
St. Lucia (1996) Ltd., Saint Lucia
Description: Health and Wellbeing Directors: Tonjaka Hinkson; Sanjay Thakrar
Name: St. Louise Property Ltd.
Date Incorporated: 14-Mar-18
Description: St. Lucia hotel property
Chamber: Tonjaka E. Hinkson
owning company
and Associates, Saint Lucia
Directors: Videa Mike; Questus Solutions SEZC Ltd. Date Incorporated: 19-Mar-18
Name: Bradwell Capital Investments Ltd.
Chamber: Corporate Services
Description: Health and Wellbeing
St. Lucia (1996) Ltd., Saint Lucia
Directors: Theresa Hinkson Date Incorporated: 14-Mar-18
Name: Ken’s Service Station Ltd.
Chamber: Tonjaka E. Hinkson
Description: ( a ) Retail of petrol
and Associates, Saint Lucia
( b ) Sales of ancillery products/services Directors: Kenneth Philip
Name: MX Holdings Inc.
Date Incorporated: 21-Mar-18
Description: ( a ) Property investment and
Chamber: Goddard-Dorville Legal, Saint Lucia
development ( b ) Building construction ( c ) Property sales and management
Name: TALAA Rentals Ltd.
Directors: Rodolphe Monroux
Description: Vehicle and equipment rental
Date Incorporated: 15-Mar-18
Directors: Mandiana Auguste; Josephine Daher
Chamber: Lorraine Debra Glace Chambers,
Date Incorporated: 21-Mar-18
Saint Lucia
Chamber: Nicholas John & Co., Saint Lucia
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MALTA BANK CHIEF HELD IN US OVER IRAN LINKS Company had been under scrutiny by murdered journalist Daphne Caruana Galizia BY FT CORRESPONDENT
The head of a Maltese private bank which had been under scrutiny by a murdered investigative journalist has been arrested in the US as part of a probe into a scheme to evade sanctions against Iran. Seyed Ali Sadr Hasheminejad, owner and chairman of Pilatus Bank, is charged with organising a scheme to illegally funnel more than $115m from Venezuela to Iranian-controlled companies via western banks. According to the indictment, unsealed last month, Mr Sadr was instrumental in setting up a network of companies in Switzerland, Turkey and the British Virgin Islands to hide the involvement of Iran in the transactions carried out via US and Swiss lenders. Pilatus Bank is not named in the Department of Justice indictment and no allegations have been made that it was involved in the scheme to evade sanctions. However, the bank was a frequent target of Daphne Caruana Galizia, the Maltese investigative reporter who was killed in a car bombing last year. Caruana Galizia published a series of leaked reports from Malta’s anti-money laundering unit which revealed that Pilatus Bank provided bank accounts to offshore companies belonging to politically connected individuals in Malta. A group of 22 MEPs this year wrote to the European Banking Authority calling for an inquiry into the bank. They alleged a “significant and growing body of leaked evidence from Maltese authorities and first-hand testimony that place Pilatus Bank at the centre of illicit financial flows from Malta’s citizenship-by-investment scheme, the sale of state assets, and unexplained inflows from high-risk jurisdictions.” David Casa, a Maltese MEP, reiterated on Wednesday his call for the country’s regulator to “revoke Pilatus Bank’s license immediately”. “[The regulator’s] representatives sat across from MEPs last December and told us how thorough their due diligence processes were on Pilatus Bank,” he said. The Maltese regulator on Wednesday issued an order to remove Mr Sadr from his roles at the bank. Pilatus Bank caters to high net worth individuals and, according to its latest annual report, has more than €300m in assets. It has been operating in Malta since 2014 and opened a branch in London’s Mayfair last year after obtaining a UK banking license. Mr Sadr has been charged in the US on six counts, which include bank fraud, money laundering and sanctions evasion. According to court documents, he has been under investigation since 2013. While some international sanctions have
A police officer stands outside the building that houses Pilatus Bank in the Maltese town of Ta’ Xbiex
been lifted on Iran, the alleged activities were carried out when economic curbs against Tehran were particularly stringent. Following a deal between Iran and Venezuela in 2004 the two countries began collaborating on infrastructure projects, including one worth $476m that aimed to build 7,000 homes in the South American country via an entity known as Iranian International Housing Corporation. That company was a subsidiary of Stratus Group, a conglomerate controlled by Mr
Sadr and his family. Mr Sadr, who obtained a St Kitts and Nevis passport via a citizenship-for-investment programme, used Switzerland-based Clarity Trade & Finance and a Turkish company to transfer funds for the deal via unnamed US and Swiss banks, according to the court papers unsealed in New York. A document obtained by the Financial Times and described in the indictment shows that two of the banks involved in the transfers were JPMorgan and Hyposwiss Private Bank Ltd.
Seyed Ali Sadr Hasheminejad has been arrested in the US as part of a probe into a scheme to evade sanctions against Iran
Mr Sadr, who obtained a St Kitts and Nevis passport via a citizenshipfor-investment programme, used Switzerland-based Clarity Trade & Finance and a Turkish company to transfer funds for the deal via unnamed US and Swiss banks New York JPMorgan declined to comment. St Galler Kantonalbank, which owned Hyposwiss Private Bank Ltd at the time of the transactions, did not respond to a request for comment in time for publication. Clarity Trade & Finance is in liquidation and could not be reached for comment. Pilatus Bank has not responded to repeated requests for comment. A lawyer working for Mr Sadr declined to comment
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REGIONAL PUBLIC NOTICES
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REQUEST FOR EXPRESSIONS OF INTEREST Four new Coastal Master Plans (CMPs),
and Training. The consulting firm will
The assignment is to require 27 professional
one for each of the following countries -
need to aggregate and analyze the
staff months and last a period of 36 calendar
Saint Lucia, St Kitts and Nevis, Dominica,
required environmental and social
months (July 2018 to June 2021).
and Saint Vincent and the Grenadines.
[stakeholder] data for both coastal and
Expressions of interest must be delivered in a
An enhanced Grenada Blue Growth
the marine environments. Likewise, the
written form to the address below (in person,
Coastal Master Plan by incorporating newly
consulting firm will be responsible for
or by mail, or by fax, or by e-mail) by April
aggregated environmental data.
securely managing the data, ensuring
9, 2018. The detailed Terms of Reference
that metadata meets international
(TOR) for the assignment and additional
the existing data gaps for each country and
standards, and initially using their own
information can be obtained at:
provide recommendations to the OECS on
servers but providing long-term solutions
The Organisation of Eastern Caribbean
how to address these; and five new national
for transferring the data management
Organisation of Eastern
States has received financing from the
Marine Spatial Plans (MSPs), one for each
(storage etc.) to the OECS Commission -
Caribbean States
World Bank, through financing provided
of the participating countries, including
Build Operate and Transfer.
Oceans Governance & Fisheries
by the Global Environmental Facility (GEF)
Grenada.
Organisation of Eastern Caribbean States - Caribbean Regional Oceanscape Project (CROP) Assignment Title: Develop Coastal and Marine Spatial Plans and Training
toward the cost of the Caribbean Regional
Gap analysis report that documents
One new Regional MSP Framework that
Oceanscape Project (CROP), and intends to
takes into consideration transboundary
apply part of the proceeds for consulting
issues of relevance to the five participating
services. The consulting services (“the
countries (including Grenada).
Services”) include the preparation of the
Data Management and Data Infrastructure, Data Gap Analysis Report
following:
A Process Framework (PF) report in
Coordinator
compliance with the World Bank’s Social
P.O. Box 179
Safeguard Policies.
Morne Fortune
An Involuntary Resettlement Policy
Castries
Framework (IRPF) report in compliance
Saint Lucia
with the World Bank’s Social Safeguard
TEL: +1 758-455-6327 FAX: +1 758-453-1628
Policies.
E-mail: procurement@oecs.int
FINANCIALLY SPEAKING Financial Literacy 101 presented by Bank of Saint Lucia
SMES & FINANCING: When it comes to financing, financial institutions recognize the unique needs of small and medium sized enterprises (SMEs) and remain cognizant of the challenges faced when seeking additional funds. Accessing credit has been for the most part one of the most salient issues for small and medium sized businesses in Saint Lucia. Here are a few ideas to consider when approaching a financial institution: Have a Business Plan. Your financial institution will need a clear indication of the business background. What is your business about? Who are you? What do you plan to do? Have you undertaken sufficient market research? Who is your intended market? What are your financials and financial projections? What do you need in terms of financing and how do you intend to repay? These questions should be sufficiently addressed in your plan. Be prepared to share your ideas in a clear and concise way. The more information provided, the easier it is for the financial institution to thoroughly assess eligibility.
Record Keeping/Financial Statements. Keep accurate records of your income & expenses. Typically requested statements include – Income & Expenditure, Balance Sheets and Cash Flow. A key tip is to open a bank account solely for transacting as per your business needs. Your assigned bank officer can assist you in constructing a cash flow statement using these figures. Discuss financial projections with your banking officer. SWOT Analysis. One type of analysis your assigned bank officer will go through is a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats). What differentiates you from the competition? What unique ideas and marketing strategies does your business have? What are some challenges your business may face? Know your suppliers. Review the availability and reliability of your suppliers. Do sufficient research. Compare costs, delivery timeframes and quality. Ensure best fit for your business objectives.
Faster, safer, more convenient
Supporting Documentation. Remember to walk with any supporting documentation for your financing request. The credit sought should be in line with the financials outlined in your plan. You can always contact your preferred financial institution or visit their website to find out what you need prior to your scheduled appointment. On the path to accessing credit, it is important to know the basics even before you approach your financial institution for funds. Knowing who you are and what you bring to the table are essential. If your business is relatively new or if your relationship with the bank is new, you will be required to provide further information. Finally, when seeking financing for your small or medium sized business, remember some financial institutions may require a down payment of a percentage of the required amount. Discuss with your preferred provider today! Hope these tips have been useful!
• Use credit and debit cards where it
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