Cayman Islands

Territory added to EU ‘grey list’

admin — Mon, 20 Jun 2022 17:50:01 +0000

Territory added to EU ‘grey list’

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admin Mon, 06/20/2022 - 17:50

Thursday, March 17, 2022

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Territory added to EU ‘grey list’

The Virgin Islands has been added to the European Union’s “grey list” along with nine other jurisdictions in the Caribbean and elsewhere, the EU Council announced after its meeting on Feb. 24.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total list up to 25 jurisdictions.

Although the inclusion does not mean that any penalties or sanctions will be levied against the territory, according to the EU, the move represents a significant setback after the territory rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

In a Feb. 24 press release, the EU Council said that the list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteria for the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The organisation called implementation of the list a “dynamic process,” and noted that the next revision is scheduled for October of this year.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist, which remained unchanged after last month’s announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States Virgin Islands, and Vanuatu.

VI response

At a press conference late last month, Premier Andrew Fahie urged onlookers not to view the move as a censure of the territory.

He said the grey-listing meant the VI has “substantially met all international tax standards set out by the EU, but that ongoing improvements are being made to implementing tax good governance.”

As a result, he said, it has been grey-listed while it implements policies and procedures in the territory’s Country-by-Country Reporting framework.

“No defensive measures flow from being on such list and the BVI is still a cooperative jurisdiction,” he said. “Once the BVI meets these commitments, it will be removed from the annex.”

He added that the territory “takes its international obligations seriously” and had already been finalising the necessary steps to ensure successful implementation of the recommendations.

This week, BVI Finance CEO Elise Donovan directed queries to the Premier’s Office. Director of Communications Dr. Arliene Penn said, “BVI’s addition to EU’s Annex II is a positive rating for us because it acknowledges that BVI is a cooperative jurisdiction that has implemented measures (in the case of the Country-by-Country Reporting) in accordance with the high international standards prescribed. The BVI remains highly committed to the transparency and international cooperation agenda.”

The EU has hinted for some time that it would seek to modify its requirements for the list, the latest iteration of which was announced last October.

In February 2021, the European parliament passed a resolution calling for a measure that would automatically blacklist British territories like the VI, the Cayman Islands and the Channel Islands that have a zero percent corporate tax rate — and that now have a weakened voice in the EU in the wake of the United Kingdom’s split from the organisation.

The resolution did not mention the VI at the time, but it came before the revelation that nearly two-thirds of companies named in the far-reaching Pandora Papers investigation last year were based in the VI.

Panama, which is already on the EU blacklist, was host to the second highest number.

World response

Meanwhile, the EU Observer reported late last month that tax-reform campaigners are already applauding the news.

Chiara Putaturo, a campaigner with the non-profit Oxfam, praised the move, but complained that the Cayman Islands was not included.

“If the [new] grey-listing … is confirmed, we will see some real tax havens finally at risk to be blacklisted [in the future],” she said. “However, there are still other tax havens that are left off the hook, … such as the Cayman Islands, because the criteria remain weak.”

History

As in other OTs, leaders in the VI have long criticised the EU’s blacklists as arbitrary and misleading, maintaining that the territory’s financial services industry is tightly regulated in keeping with international standards.

Nevertheless, the VI was grey-listed along with other jurisdictions in 2017. In March 2018, the EU concluded that the VI, the Bahamas and Cayman needed further technical guidance from the EU and had until the end of 2019 to adapt local legislation, which resulted in the Economic Substance Act being rushed through the House of Assembly in late 2018.

Thanks to this move, the VI was white-listed, alongside 16 other jurisdictions, in February 2020.

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Bank’s second quarter profits up

admin — Mon, 20 Jun 2022 14:30:01 +0000

Bank’s second quarter profits up

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Thursday, June 9, 2022

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Bank’s second quarter profits up

The performance of CIBC FirstCaribbean International Bank’s regional operations continues on an upward trajectory as the financial institution’s second-quarter results show a massive 76 per cent jump in net income.

In the recently released condensed consolidated financial statements for the quarter ending April 30, 2022, the Barbados-headquartered bank generated US$43 million (BDS$86 million) in net income from continuing operations.

Compared to the corresponding quarter in 2021, this year’s performance was a US$19.94 million (BDS$ 39.88 million) increase. The net income for the period stood at US$39.88 million, compared to the US$22.61 million for the corresponding quarter last year. At the same time, the bank generated total revenue during the quarter of US$137.71 million, while the bank’s operating expenses totalled US$91.93 million.

Colette Delaney, the bank’s group chief executive officer (CEO), in her commentary on the financials, said after adjusting for US$4 million of operating expenses related to its divestitures across the region which it announced in 2021, the net income was US$43.9 million.

“For the six-month period . . . reported net income was US$85.1 million. On an adjustment basis, net income was US$92.1 million, up US$29.2 million from the same period last year of US$62.9 million.

“The improved financial performance was primarily due to increased transaction based non-interest income, and the reversal of provisions for credit losses reflective of favourable changes in the regional economic outlook,” Delaney told stakeholders. The top bank executive said economic activity across the Caribbean continued to improve as COVID-19 restrictions are relaxed “providing further relief to the tourism sector and increasing consumer demand”.

At the same time, the FirstCaribbean International Bank official cautioned that the institution would continue to monitor the economic outlook in light of supply chain and inflationary pressures, including the impact of the war between Russia and Ukraine.

The bank announced that a shareholder dividend for the quarter of US$0.01 per share will be paid on July 8. Late last year, FirstCaribbean announced it was seeking to dispose of most of its banking operations in the Eastern Caribbean for about US$20.7 million (BDS$41.4 million).The regional bank agreed to “surrender its banking licence” in St Vincent, Grenada, Dominica, St Kitts & Nevis. It has also informed shareholders that FirstCaribbean International Bank’s Aruba business was also to be disposed of in a US$ 6.8 million (BDS$ 13.6 million) deal for the FCIB Cayman Islands subsidiary. (IMC1)

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US$15,000 up for grabs at Flow InKnowvation Small Business Fridays

admin — Sun, 19 Jun 2022 19:00:01 +0000

US$15,000 up for grabs at Flow InKnowvation Small Business Fridays

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US$15,000 up for grabs at Flow InKnowvation Small Business Fridays

Telecommunications provider Flow Business is encouraging Caribbean entrepreneurs to take their business to the next level by participating in its next event series targeted at small businesses, with US$15,000 in cash and prizes up for grabs.

In a release, the company said that over a period of three weeks, on June 17, June 24 and July 1, Flow Business will once again celebrate Small
Business Fridays with its free series of InKnowvation virtual events showcasing inspirational keynote speakers and interactive workshops aimed at providing small business owners with the digital know how they need to grow and thrive.

“This is about the barber shops and salons, cafes and eateries, community shops, contractors,entrepreneurs, and all self-starters – whether you’re a team of 10 people or a team of one. “These clients may be lesser in size when compared to clients in the enterprise space; however, the contribution of small businesses to our way of life can never be underestimated,” vice president, B2B, C&W Communications, Nicolas Collette is quoted as saying.

The theme for the series is ‘Pivot to Success: Transforming Your Business for the Digital Age’. Three deserving start-ups will share US$15,000 in cash and prizes as part of a business pitch challenge.

To take part, business owners should register for the events at flowbusiness.co/events, and they will receive instructions on how to submit their two-minute video pitch. Entries must be received by Sunday, June 19, the company said in its release.

“We’re proud to support Caribbean entrepreneurs with the best connectivity solutions coupled with the essential know-how, practical help and direct investment that provides them with the opportunity to take advantage of this digital age, and ultimately, grow their business and our communities,” Collette added.

More than 2,500 business people are said to have participated in the last series, and over 230 entries received for the pitch challenge, “so we once again invite all small business owners and entrepreneurs to attend and take advantage of this valuable opportunity.”

The first virtual conference from the Cayman Islands takes place on June 17 with Frank Schilling, the founder of Name Administration Inc and Uniregistry, delivering the keynote address.

The second session from The Bahamas takes place on June 24 and the final session from Jamaica on July 1, with Marc Farrell, founder of Ten to One craft rum company delivering the keynotes.

Other presenters include online business coach and Flow Ambassador, Keron Rose; chief executive officer of Jamaica-based online food delivery service QuickCart, Monique Powell; artist manager for musical acts Sheneesa and Ding Dong, Romecih Major; and TV host and content curator, Yendi Phillips.

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300 Caribbean get help through CATAPULT grant

admin — Sun, 19 Jun 2022 07:40:01 +0000

300 Caribbean get help through CATAPULT grant

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admin Sun, 06/19/2022 - 07:40

Wednesday, May 11, 2022

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300 Caribbean get help through CATAPULT grant

The CATAPULT Caribbean COVID-19 Relief Arts Grant is in the second year of a partnership between Kingston Creative, the American Friends of Jamaica and the Open Society Foundations that has delivered over half a million US dollars in support to the arts community.

This year, by offering relief grants to 300 creatives of US$500 each, the grant has helped to complete arts projects, purchase equipment and cover living expenses for Caribbean artists in dire straits due to the impact of the pandemic.

436 creatives applied from 23 countries across the Caribbean and these were narrowed down to 300 recipients by a panel of jurors: Anna Maria Hernandez (Aruba), Holly Byone (St. Vincent & the Grenadines), Juan Francisco Pardo (Aruba), Natalie Urquhart (Cayman Islands), Nicholas Laughlin (Trinidad & Tobago), Sara Shabaka (Jamaica) and Simone Harris (Jamaica).

All 436 grant applicants will also be added to the Caribbean Creative Network, a publicly accessible artist directory developed by Kingston Creative to increase visibility, market access and earnings for artists across the Caribbean. The online database will serve as a resource that the public can use to find, hire and easily partner with creatives for both international and local projects.

Many artists expressed that the grant not only helped them financially, but also served as a symbol of validation for their artistic practice.

“As professional artists we face a lot of unique challenges, chief among them is not being taken seriously,” Jamaican artist, Īṣā Orí expressed.

“Nonetheless, I am equally comforted and motivated to know that there are organisations like the American Friends of Jamaica (AFJ) and Catapult, who not just believe in us, but are also willing to help us.”

The grant also helped artists to find working and studio space to produce their art.

“Since I received the grant, I was able to find my own place where I can now work on my projects in a more focused way. I’m now writing again and also working on my next show,” said El Bacalao, a creative from the Dominican Republic.

The partners of the CATAPULT programme are also satisfied with the outcome of the grant’s second iteration.

Wendy Hart, President of the American Friends of Jamaica, said: “The CATAPULT partnership has been focused on both the immediate needs of artists and building opportunities for the future. It is a shared vision of impact and a commitment to the future of the creative community”.

“We are very thankful that with the help of our international partners we were able to assist creatives in this way for a second year,” said Khadijah Chang, Project Manager for the CATAPULT Arts Grant.

“We are especially excited about how impactful the Caribbean Creative Network will be as it is part of a long-term strategy to help creatives across the Caribbean to network and earn more income.”

“Open Society Foundations is privileged to support this second edition of the CATAPULT initiative. In times of COVID, Caribbean artists, their families and their work continue to be impacted in multiple ways, having a detrimental effect on the whole of our societies. We look forward to continuing to support artists and artists’ organisations in the region,” said Auro Fraser, Open Society Foundations’ Regional Coordinator for the Caribbean.

For more information on the CATAPULT Arts Grant, visit https://catapultarts.com/ and for more information on the Caribbean Creative Network, kindly email info@kingstoncreative.org. (PR)

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Junior Tourism Ambassador named

admin — Sun, 19 Jun 2022 03:50:01 +0000

Junior Tourism Ambassador named

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admin Sun, 06/19/2022 - 03:50

Friday, June 17, 2022

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Junior Tourism Ambassador named

The annual Junior Ambassador of Tourism oratory competition on Tuesday crowned its 11th champion, who will represent the Virgin Islands in the Tourism Youth Congress in the Cayman Islands in September.

Desha Skelton from Elmore Stoutt High School won the honour after scoring the highest for her speeches on tourism in the territory.

In addition to the new title, Ms. Skelton won a $2,500 cash prize, a trophy from Bamboushay Pottery, and an internship at the BVI Tourist Board. She’ll also get the chance to participate in several tourism-related events during her year-long reign.

The competition was part of BVI Junior Tourism Week, which is being hosted by the BVI Tourist Board.

The week’s agenda also included a table-setting competition on Sunday at the Governor’s House, where Trishelle Dawson was named the overall winner and Deshawn DaSilva and Bey- once Moore won the Janice Nibbs Blyden Trophy for Excellence in Table Setting. The BVI Junior Chef Showdown is scheduled for 4:30 p.m. tomorrow at the Crafts Alive Village.

The Tuesday oratory contest was moderated by youth pastor Colin Gunthrop.

“John Keating says words have the ability to change the world, and this afternoon we will see a demonstration in the power of words as your representatives will show by their speeches that they are ready to transform the world,” he said.

Throughout the evening, Judges Brenda Lettsome-Tye, Adrianna Soverall, Shanika Maduro-Christopher, and Mavis Small-Abednego sat in the crowd listening to the speeches.

Mr. Gunthrop explained the rules of the competition after introducing the judges.

“Students should select one topic out of three and expound on it. The presentation should be three minutes long,” he said. “Students will not be penalised if they go over the time by 30 seconds. Students should prepare a PowerPoint presentation to go along with their speech.”

The six competitors were Ms. Skelton, K’Launi Williams from Cedar International School, Sherideen Mannings from the Bregado Flax Educational Centre, Khemoe Foy Jr. from the BVI Seventh-day Adventist School, Tegan Bishop from the Ciboney Centre of Excellence, and Angeleah Cupid from the VI School of Technical Studies.

Ms. Cupid placed second and Mr. Foy placed third.

First round

During the first round, students spoke on one of three topics: agri-tourism, experiential tourism, or community-based tourism.

For the first topic, students were asked to identify two challenges and two solutions concerning the supply of locally produced food to luxury hotels and cruise ships.

If they chose the second topic, they were asked to propose three strategies that would address the growing demand for experiential tourism.

For the last topic, students had to explain how they would use funding of $100,000 to support the most vulnerable groups in the territory.

Ms. Mannings went first, speaking about agriculture and tourism.

She said two challenges to agri-tourism are water scarcity and a lack of crop diversity. She offered the solutions of installing drip systems and using hydroponic farming, adding that farm tours and farm-to-table experiences are beneficial to agri-tourism.

Mr. Williams spoke next, focusing on community-based tourism.

“Community-based tourism is giving visitors a chance to not only meet the local people of the territory, but to also invite them to experience the [VI] by participation and engagement in what we have to offer,” he said. “It is no secret that most Caribbean economies are supported by tourism, and the [VI] is no exception.”

Telling a story

Ms. Bishop focused her argument on the second question, but she decided not to give a typical speech. Instead, she told the story of a local farmer named Tina and the challenges that she faced.

After Ms. Bishop, Ms. Skelton gave a speech alongside her video presentation. She focused on experiential tourism and provided an itinerary filled with cultural experiences.

Mr. Foy spoke about the challenges that face the territory when it comes to agriculture. He stressed water scarcity and the lack of knowledge of sustainable agriculture among farmers. He offered solutions including training farmers and working with stakeholders to improve water supply.

Finally, Ms. Cupid spoke about experiential tourism and said that people are seeking experiences that highlight a destination’s unique offerings. Her idea was to create a virtual reality experience that takes viewers through the territory without having to leave their living rooms.

For the second round of the competition, the contestants were asked to choose between four mystery questions. They were given just one minute to craft their answers and present them to the audience.

While judges tallied scores after the second round, Mr. Gunthrop invited students from the audience to take turns speaking. Four students volunteered to speak on a surprise word given to them by Mr. Gunthrop on the spot. They were given just 30 seconds to craft their speech, and 45 seconds to deliver it.

Prizes were awarded to the volunteers, courtesy of two private businesses and two ministers.

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US$15,000 up for grabs at Flow InKnowvation Small Business Fridays

admin — Sat, 18 Jun 2022 14:20:01 +0000

US$15,000 up for grabs at Flow InKnowvation Small Business Fridays

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Friday, June 17, 2022

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US$15,000 up for grabs at Flow InKnowvation Small Business Fridays

The first virtual conference from the Cayman Islands takes place on June 17 with Frank Schilling, the founder of Name Administration Inc and Uniregistry, delivering the keynote address.

The second session from The Bahamas takes place on June 24 and the final session from Jamaica on July 1, with Marc Farrell, founder of Ten to One craft rum company delivering the keynotes.

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Football: Eva Frazzoni On Concacaf W Qualifiers

admin — Thu, 24 Feb 2022 02:00:01 +0000

Football: Eva Frazzoni On Concacaf W Qualifiers

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admin Thu, 02/24/2022 - 02:00

Thursday, February 10, 2022

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Football: Eva Frazzoni On Concacaf W Qualifiers

[Written by Stephen Wright] Eva Frazzoni says the Bermuda women’s national team have developed a stronger mentality and hailed their “togetherness” as they bid to advance from the group stages of the Concacaf W Qualifiers. Bermuda will play four qualifying games against Jamaica, Cayman Islands, Dominican Republic and Grenada and need to top group C to […]

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VI electricity costs near region’s average

admin — Wed, 23 Feb 2022 20:00:02 +0000

VI electricity costs near region’s average

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Tuesday, January 25, 2022

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VI electricity costs near region’s average

Recent studies of global broadband and mobile data pricing from United Kingdom-based telecommunications provider Cable.co.uk haven’t turned out well for the Virgin Islands, which has consistently shown to have some of the highest prices in the world for those services.

However, when it comes to electricity, the VI ranks near the middle of the pack regionally.

Just 11 out of 28 Caribbean countries have cheaper electricity than the VI, according to a study released last month from the company.

But the region as a whole is far behind most of the world, and the VI ultimately ranked 175 out of the 230 countries analysed in the study.

“The Caribbean consists of island nations where electricity generation tends to be more difficult,” the study noted.

The study found that the average cost of electricity in the VI is $0.225 per kilowatt-hour, with the territory’s lowest cost at $0.1675 per kWh and its highest at $0.24.

The average price in the Caribbean is $0.237.

Most Caribbean nations are in the more expensive half of the study results. Curaçao ranked as most expensive in the Caribbean with an average of $0.419 per kWh, while electricity per kWH in Puerto Rico averages $0.049.

The next-cheapest countries and territories are Trinidad and Tobago, Guadeloupe, Cayman Islands, St. Martin, St Barthélemy, the Caribbean Netherlands, Martinique, Aruba and St. Vincent and the Grenadines.

Global high, low

However, the VI still pays 32 times more than Libya, where consumers pay just $0.007 per kWh. But it doesn’t come close to the high prices in the Solomon Islands, a chain in the Pacific Ocean, which is the costliest in the world with an average price of $0.692 per kWh.

“The Caribbean consists of island nations where electricity generation tends to be more difficult,” the study’s authors wrote. “Clusters of more expensive countries in which to buy electricity tended to be in small island nations where electricity is harder to generate and/or there are no large-scale power stations.”

Researchers at Cable.co.uk worked for six months to complete an analysis of 3,883 energy tariffs around the world in order to measure the price of electricity in 230 countries.

The study noted that the most expensive countries on the list were all far-flung island nations. After the Solomon Islands, the five most expensive countries in terms of the average cost of one kWh were St. Helena ($0.612), Vanuatu ($0.591), the Cook Islands ($0.523) and Micronesia ($0.484).

‘Striking and obvious’

The study called the similarities between these five archipelagoes “both striking and obvious.” Four of five are in Oceania, and all five are island nations.

“Oceania is one of the most expensive regions in the world for electricity, while island nations also tend to be among the most expensive,” the study’s authors wrote.

After Libya, the five cheapest countries in terms of the average cost of one kWh were Angola ($0.013), Sudan ($0.014), Kyrgyzstan ($0.017), and Zimbabwe ($0.021).

“Conversely to the most expensive, none of these countries is an island, and three of the five are located in sub-Saharan Africa,” the study authors wrote. “The cheapest, Libya, is in Northern Africa, with the only non-African country being Kyrgyzstan.”

According to the study, the cheapest places in the world to buy electricity tend to be countries where either oil and gas prices are very cheap (i.e. countries which produce fossil fuels on a large scale), or where household electricity usage is very small and therefore tends not to require a lot of expensive infrastructure.

Around the world

The United States proved to be the cheapest country in North America, at $0.109 per kWh, followed by Canada ($0.124) and Greenland ($0.250). Oceania is the most expensive region in the world, averaging $0.303.

Meanwhile sub-Saharan Africa has four of the ten cheapest countries in the world and three of the ten most expensive.

Former Soviet countries are the cheapest on average regionally, with all 10 countries in the region in the top 70 cheapest in the world, three of them in the top 10.

The study pointed out that the UK, at $0.251 per kWh, pays the most for electricity in Western Europe and comes 190th in the world for cheap electricity.

“Almost every European nation is cheaper. Most African nations? Cheaper. There are even island nations where energy production is especially difficult that charge less than we are charged in the UK,” research analyst Dan Howdle said in a press release announcing the study results.

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Incorporation gains explained in SFC

admin — Wed, 23 Feb 2022 20:00:02 +0000

Incorporation gains explained in SFC

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Monday, January 31, 2022

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Incorporation gains explained in SFC

Last year was a “fantastic year” for Virgin Islands financial services, according to Simon Filmer, a BVI Finance board member and managing director of Vistra.

Speaking to the Standing Finance Committee late last year, Mr. Filmer credited government’s quick action on economic substance legislation for the 68 percent rise in new company incorporations in the first half of 2021, while at the same time requesting $1.8 million in funding to cope with further changes on the horizon for international finance, according to a recently released report on the closed-door SFC proceedings.

Mr. Filmer told legislators that the incorporations spike last year will directly generate “several million dollars additional for the government revenues and lead to future revenues in the year to come,” the report noted.

$1.4 million

He apparently wasn’t entirely successful: The budget estimates for 2022 show that government has allocated $1.4 million to BVI Finance — up from a total of $1.2 million last year.

During the SFC deliberations, Mr. Filmer also explained why he believes the agency needs the requested money.

“Two very important elements for BVI Finance are ‘promote’ and ‘protect;’ both are absolutely vital,” he said.

‘Can only protect’

However, with the current funding, he said, BVI Finance “can only protect.”

He explained that with the requested amount, the agency would be able to both protect and promote the industry.

He thanked the Premier’s Office for “an additional subvention” during the course of 2021, explaining that the funds were being used on projects that would demonstrate to potential clients the value of VI structures. The SFC report did not disclose the amount of the subvention.

In response to a question from Natural Resources, Labour and Immigration Minister Vincent Wheatley about why incorporations had shot up in the first half of the year, Mr. Filmer praised the VI’s choice to rush through economic substance legislation in 2019 and 2021 under the threat of European Union blacklisting. The moves, he said, had appealed to clients, and since then the market has grown accustomed to the changes.

Competitors

Now, he said, competing jurisdictions such as Jersey, Anguilla, the Cayman Islands and the Bahamas “would love to see BVI Finance not be funded and not be out there in the finance market.”

More funding would help the territory stay ahead of future changes from abroad, and help continue growing and promoting the industry, he argued.

“At this point we have a sweet spot, having made changes before more changes come,” he added.

Education efforts

BVI Finance CEO Elise Donovan also gave a presentation to the SFC, announcing that the agency is focusing on “enhancing human resource potential,” including increasing the ranks of Virgin Islanders at the executive level in the financial services industry.

“The department is also working very closely with the Robert Mathavious [Financial Services] Institute to make sure that persons within the industry get the professional qualifications on all the various aspects in the financial area industry,” she said.

Curriculum

Junior Minister for Trade and Economic Development Shereen Flax-Charles then asked if a “more structured” financial curriculum is being taught in secondary schools.

The CEO responded that a programme offered in partnership with the institute has been in place for a few years but that not many students had participated, according to the report.

However, BVI Finance continues to work with schools to promote the programme, she said. Ms. Donovan added that her agency put more focus on financial education during Financial Services Week, which took place in the first week of December.

Mr. Filmer said there are “not enough young men” in the industry and that he has encouraged them to pursue finance. BVI Finance, he added, operated a programme 10 years ago “where the department would recruit young men who came out of prison and hire them as messengers and office assistants to get them interested in the field.”

Public registers

Deputy Premier Dr. Natalio “Sowande” Wheatley asked the BVI Finance team to predict the impact of the public ownership register scheduled to be enacted in 2023, “especially in the Asian market that values their privacy.”

Mr. Filmer replied that for the past 20 years, prognosticators have speculated that the financial industry would not survive various regulatory changes, according to the SFC report.

’Continued to thrive’

However, he said, after every change, “the jurisdiction and territory … continued to thrive and be successful,” the report stated.

He added that the way changes are implemented plays an important role in determining whether the jurisdiction can overcome any challenges.

Mr. Filmer said he personally has observed how industry practitioners work “with clients to hold their hands and to help them through the stages of the new legislation.”

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CLA seeks protection for Jamaican ganja

admin — Sat, 19 Feb 2022 11:50:01 +0000

CLA seeks protection for Jamaican ganja

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Wednesday, February 9, 2022

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CLA seeks protection for Jamaican ganja

IN a move to strengthen the local medical cannabis industry, the Cannabis Licensing Authority (CLA) is now engaged in the process of protecting the "brand equity" of Jamaican ganja through the application of intellectual property (IP) as well as the recommendation of regulations and policies to increase investment.

CLA interim CEO Daenia Ashpole told reporters during a recent Jamaica Observer Business Forum that the Cannabis Industry Task Force, led by minister of state in the Ministry of industry, Investment and Commerce Dr Norman Dunn, is now reviewing the best approach to acquiring IP protection for the locally grown herb.

"Additionally, the CLA has started its own technical consultation internally to see what is the best IP protection," she said, adding that the authority has considered registering the term "Jamaican ganja" as a geographical indicator.

Geographical indication (GI), according to the World Intellectual Property Organization, is a sign or name affixed to products that have a specific geographical origin and possess qualities or a reputation based on their origin. Examples of GI include Champagne (sparkling wine) from France, Parmigiano Reggiano cheese from Italy, Idaho potatoes in the US, and Jamaican Jerk.

However, Ashpole argued that protecting Jamaican ganja would require a layered approach that would necessitate exploring options other than GI. To this end, she explained that local players in the medical cannabis industry will also need to get involved to protect their own products.

The CEO further pointed out that the CLA has started "discussing a technical assistance programme that would help individual cultivators or individual licensees appreciate the role of intellectual property in protecting their strains, which they would apply for through the Jamaica Intellectual Property Office.

"So that has started and you'll see greater lobbying for protection of IP...But there are other IP protection like trademarks, which include the protection of the names our licensees are using. There is copyright protection and there are other types of IPs, but the conversation has started," she elaborated.

Ashpole said, too, that Jamaica becoming a signatory to the Madrid Protocol in December 2021 also presented an opportunity for strengthening the Jamaica ganja brand.

According to chairman of the CLA LeVaugh Flynn, Jamaica is "known to produce high-quality strains [of cannabis] because of our climate and soil type".

He added: "Persons still recognise the advantages to having a cannabis industry based in Jamaica and the brand equity that we have built up over the years through Rastafarian communities and through reggae music."

He believes that greater protection of the local medical cannabis industry would also require greater collaboration between local stakeholders and indicating the opportunities for investment.

While noting that could not quantify the demand for Jamaican cannabis, he said that the demand for the drug can be ascertained through the number of shipments through retailers over the last year.

Since its establishment in 2021, CLA has issued 113 export authorisations, more than half of which it issued in 2021. So far, the entity has authorised exports to Germany, Australia, the United States, United Kingdom, Cayman Islands, Israel, Portugal, and Switzerland.

Moreover, the CLA has facilitated the trans-shipment of cannabis from St Vincent and the Grenadines via Jamaica to Germany.

"We want to maximise the opportunities that the medical cannabis industry provides," Flynn told the Business Observer.

"We've been engaging the Pharmaceutical Society of Jamaica and the Medical Doctors Association of Jamaica because we believe that's where the biggest opportunity is. Persons need greater access to cannabis by-products," the CLA chairman continued.

The CLA, as a result, has been finalising policies and regulations that will allow more Jamaicans to access medical cannabis products through prescriptions.

This, Flynn said, would translate to "economic returns both for licenses and the country" and contribute to GDP.

He however cautioned that while CLA saw the medical cannabis industry as an economic enabler, contributor to public health and greater social inclusion, the authority was committed to the herb's medical, scientific and therapeutic uses.

When asked if Jamaica was threatened by other Caribbean countries establishing their own medical cannabis industry, he responded: "No. A lot of the Caribbean countries have been using Jamaica as a benchmark or as a reference point to set up their own industries...Jamaica has its own value proposition no matter what another country does or their proximity to us."

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