Carib Scope

分类： business

  • Govt to expose hidden company owners with new beneficial ownership register

    Govt to expose hidden company owners with new beneficial ownership register

    In a decisive move to enhance financial transparency, the Barbadian government has approved a comprehensive policy to establish a national beneficial ownership registry. Finance Minister Ryan Straughn announced this landmark initiative during his budget presentation, positioning Barbados at the forefront of global efforts against illicit financial activities.

    The registry will specifically target identifying the ultimate human beneficiaries behind corporate entities—those who exercise final control over company assets and profits, regardless of who appears on official documentation as legal owners. This distinction is crucial for piercing through complex corporate veils and shell company arrangements that obscure true ownership.

    Minister Straughn emphasized the critical importance of this transparency mechanism for combating money laundering, tax evasion, and terrorist financing. “Understanding who ultimately controls companies is fundamental to strengthening our regulatory framework and corporate governance standards,” he stated.

    The implementation will occur through a carefully structured three-phase approach. Initial efforts will focus on legislative reforms, including drafting appropriate sanctions, penalties, and provisions for information sharing with international authorities. Subsequently, the government will develop secure digital infrastructure to safeguard sensitive data against cyber threats and unauthorized access.

    A specialized business compliance unit will be established to assist micro, small, and medium-sized enterprises—numbering over 10,000—that lack corporate service providers. The government has set a target of May 2027 for full operationalization of the framework, which will enhance both domestic oversight and international cooperation capabilities.

  • OM Nederland: Boete banken bepaald door ernst en omvang zaak

    OM Nederland: Boete banken bepaald door ernst en omvang zaak

    Three major Surinamese financial institutions have reached substantial settlements with Dutch prosecutors following a comprehensive money laundering investigation initiated in 2018. The resolution concludes a prolonged examination into suspicious cash transportation practices through Amsterdam’s Schiphol Airport.

    Hakrinbank will pay €166,000 in penalties, while both Finabank and De Surinaamsche Bank face fines of €124,500 each. These financial sanctions were determined through meticulous assessment of multiple factors: the substantial volume of funds involved, severity of regulatory violations, and the specific nature of the offenses classified as negligent money laundering.

    The case originated from a significant April 2018 incident where Dutch Financial Intelligence and Investigation Service (FIOD) authorities intercepted €19.5 million in cash at Schiphol Airport. The substantial currency shipment, originating from the three Surinamese banks, was destined for Hong Kong when seized by customs officials.

    According to the Dutch Public Prosecution Service, the banks demonstrated insufficient oversight regarding the origin of the transported cash. Particular concerns were raised about inadequate monitoring of exchange office clients who subsequently conducted business with the banks, creating potential channels for illicit fund movement.

    This investigation forms part of a broader, multi-agency probe launched in 2016 involving Dutch Customs, FIOD, Royal Marechaussee military police, De Nederlandsche Bank (Dutch central bank), and the Public Prosecution Service. The collaborative effort focused on identifying potential money laundering operations utilizing bulk cash transportation through Schiphol’s aviation infrastructure.

    The determined penalties reflect consideration of maximum corporate fine categories, varying scales of involved amounts, and acknowledgment that the banks acted without criminal intent. Prosecutors emphasized this constitutes negligent money laundering—a less severe form of financial crime—with no evidence suggesting the entire €19.5 million possessed criminal origins.

    Following the settlement agreements, the seized funds will be returned to the respective financial institutions, concluding one of the Caribbean region’s significant cross-border financial oversight cases.

  • Bajans told brace for global recession risk

    Bajans told brace for global recession risk

    Barbados Finance Minister Ryan Straughn has issued a stark warning that the world, including his island nation, faces imminent recession should oil prices escalate to the speculated $200 per barrel threshold. Delivering the national budget address in the House of Assembly, Straughn emphasized that temporary cost-of-living measures implemented by the government provide only limited protection against the coming energy crisis.

    The minister revealed that current economic projections indicate oil prices could skyrocket to between $150 and $200 per barrel if geopolitical tensions continue to intensify. “No matter how you look at it,” Straughn stated, “if any of these scenarios materialize, the world, which includes Barbados, will likely go into recession.”

    Straughn delivered a sobering assessment of the government’s fiscal limitations, declaring: “There’s no fiscal response the Government of Barbados could undertake on its own to absorb the impact if any of these scenarios played out. The mathematics just doesn’t work.” Instead, he called for a comprehensive societal response involving government, households, and private sector cooperation.

    The finance minister outlined specific conservation measures, urging citizens to carpool, combine errands into single trips, and utilize public transportation during peak hours. For electricity conservation, he recommended switching off unused lights and appliances, installing solar lighting where possible, and maintaining air conditioning units at 24-25 degrees Celsius.

    Businesses received directives to audit refrigeration and cooling systems, adopt solar solutions, and reduce energy consumption after operating hours. Straughn emphasized that companies reducing their energy footprint now would gain competitive advantages when prices eventually normalize.

    Highlighting the connection between energy costs and food prices, Straughn encouraged support for local agriculture and domestic food production. “Every dollar kept in the local food economy is a dollar that does not depend on imported fuel to reach our table,” he noted, revealing that Barbados spent $519 million on fuel imports even during the pandemic’s peak lockdowns.

    Despite the grim projections, the minister expressed confidence in national resilience, invoking his grandmother’s wisdom: “God helps those who help themselves.” He concluded that Barbados would overcome the challenges through collective action and shared commitment to energy conservation and local production.

  • Nexa: Call for nominations

    Nexa: Call for nominations

    Nexa Credit Union has officially initiated its nomination process for three key governance bodies, inviting committed members to participate in shaping the institution’s future leadership. The financial cooperative is seeking candidates for election to its Board of Directors, Credit Committee, and Supervisory Committee, with a submission deadline set for March 26, 2026.

    The Board of Directors position offers members the opportunity to influence strategic direction and governance policies, while the Credit Committee plays a crucial role in lending decisions and credit risk management. The Supervisory Committee serves as the internal watchdog, ensuring regulatory compliance and financial integrity across the organization’s operations.

    Prospective candidates must complete the official Nexa Credit Union Limited Self-Nominating Form, available through the institution’s administrative channels. This extended nomination timeline provides ample opportunity for members to consider their qualifications and prepare comprehensive applications.

    The nomination drive reflects Nexa Credit Union’s commitment to member-driven governance and democratic principles inherent in the credit union movement. These volunteer positions enable members to contribute directly to the financial cooperative’s stewardship while gaining valuable governance experience.

    NOW Grenada, while publishing this announcement, has clarified that it bears no responsibility for contributor opinions or statements presented in relation to this nomination process. The media outlet has established reporting mechanisms for addressing content concerns.

  • Owner of fire-destroyed Kaikoconut floating bar to rebuild

    Owner of fire-destroyed Kaikoconut floating bar to rebuild

    In a devastating blow to Antigua’s tourism sector, the acclaimed Kaikoconut floating bar was completely destroyed by a fire on Sunday evening. Owner Glen Hector has made an unwavering commitment to rebuild the luxurious party catamaran, despite facing estimated losses exceeding EC$2 million.

    The two-level vessel, equipped with restaurant facilities, waterslides, and trampolines, had capacity for 175 guests and had rapidly become a must-visit destination since its January 2024 launch. Hector described watching his three-year construction project burn in under 30 minutes as utterly heartbreaking. The entrepreneur was at home with his infant son when alerted to the blaze near Valley Church Beach.

    The cause remains mysterious, with Hector confirming standard closing procedures were followed and no one was aboard when the fire ignited. The inferno presented explosion risks due to EC$35,000 worth of alcohol onboard.

    The timing proves particularly devastating for the business momentum. Kaikoconut had secured prestigious cruise ship contracts, 50 confirmed events, and a scheduled appearance at Miami’s major cruise industry conference next month. Immediately following the incident, Hector began refunding over EC$120,000 in customer deposits.

    This setback represents the latest challenge for the resilient businessman, who previously built Creole Antigua Tours over two decades ago. The Kaikoconut project already survived pandemic-related construction delays, financial strain, and supply chain disruptions.

    The catastrophe currently leaves eight staff members unemployed, with the wreckage submerged pending insurance assessment and salvage operations. Despite the overwhelming loss, Hector’s determination remains steadfast, envisioning Kaikoconut as a legacy for his children and grandchildren. The company’s social media expressed gratitude for the community’s outpouring of support during this challenging period.

  • Family Island hoteliers ‘wait and see’ on fuel hike impact

    Family Island hoteliers ‘wait and see’ on fuel hike impact

    Hotel operators across the Bahamian Family Islands are adopting a vigilant ‘wait and see’ strategy as escalating global fuel prices, fueled by the Middle East conflict, prompt dire warnings from local airlines about imminent airfare hikes. While current bookings remain robust, industry leaders are bracing for potential disruptions ahead of the critical summer season. This cautious optimism underscores the delicate balance between maintaining operational viability and preserving the archipelago’s competitive edge as a premier travel destination. General Manager Molly McIntosh of the Bluff House Beach Resort and Marina on Green Turtle Cay, Abaco, reported full occupancy for now but acknowledged the looming threat. ‘In my assessment, it will undoubtedly impact tourism,’ McIntosh stated. ‘The full effect simply takes time to materialize. We anticipate challenges in maintaining affordability without compromising service excellence or financial sustainability.’ The sentiment is echoed in smaller establishments like Andros’s Augusta Bay, where Manager Arlene Rolle confirms full bookings driven largely by domestic clientele attending local festivals. However, with Western Air—the sole commercial carrier serving Andros—forecasting a 40% surge in fuel costs, even resilient local markets face uncertainty. ‘One never knows,’ Rolle admitted, highlighting the pervasive anxiety. In Exuma, Hideaways Resort’s Assistant Manager Cindy Romer noted that steep airfares are already straining local travelers, potentially constraining domestic tourism. Despite these concerns, no significant booking declines have been recorded thus far. Economists like the University of The Bahamas’ Assistant Professor Rupert Pinder warn of broader repercussions: a protracted conflict could trigger heightened consumer caution, directly threatening discretionary spending—the lifeblood of tourism. As the industry monitors key indicators, such as upcoming engagements at the Palm Beach Boat Show, the overarching focus remains on delivering unmatched value to safeguard the Bahamas’ tourism-driven economy.

  • When ‘without prejudice’ does not apply

    When ‘without prejudice’ does not apply

    A significant legal exception is reshaping debt recovery proceedings for financial institutions, challenging conventional understandings of privileged communications between lenders and borrowers. While standard legal practice protects settlement discussions through ‘without prejudice’ privilege, a crucial judicial carve-out permits admissions of debt to become admissible evidence in court.

    The foundational precedent emerged from Bradford & Bingley PLC v Rashid [2006] UKHL 37, where the House of Lords established that correspondence containing clear debt acknowledgments—even alongside settlement proposals—loses privilege protection. This ruling proved pivotal when a commercial bank sought to recover a longstanding mortgage debt after the borrower’s attorney explicitly admitted the outstanding £15,583 obligation while proposing a £500 settlement.

    Jamaica’s judicial system has embraced this principle through the Supreme Court’s ruling in Dorrett Wong Sam v Jamaica Redevelopment Foundation [2018]. The court determined that correspondence admitting a debt while proposing payment terms—including a specific offer of US$85,000 within 90 days—did not qualify for privilege protection since no genuine liability dispute existed.

    The legal reasoning hinges on a critical distinction: privilege only applies when parties negotiate compromised settlements of disputed liabilities. Where borrowers acknowledge indebtedness while merely negotiating repayment modalities, their communications become admissible evidence. This exception remains applicable regardless of whether correspondence bears the ‘without prejudice’ designation, with courts examining the substantive nature of discussions rather than formal labels.

    This legal framework provides powerful leverage for financial institutions pursuing debt recovery. When clear admissions exist, lenders can utilize these communications to seek summary judgment—expedited court decisions without full trials—significantly streamlining the litigation process. The exception balances legal privilege with public policy objectives by encouraging transparent debt acknowledgments while preventing borrowers from exploiting privilege protections to avoid undeniable obligations.

    Legal professionals emphasize that this exception applies specifically to unambiguous debt admissions coupled with payment proposals. Borrowers should exercise caution in debt negotiation communications, as seemingly protected discussions may become evidence in subsequent proceedings. Financial institutions, conversely, gain enhanced capability to document and leverage clear debt acknowledgments in recovery efforts.

    This evolving jurisprudence continues to shape commercial lending practices and debt collection methodologies across common law jurisdictions, creating a more predictable environment for resolving default scenarios while maintaining appropriate protections for genuine liability disputes.

  • Ayrtons expands defyAGE skincare line with local sunscreen

    Ayrtons expands defyAGE skincare line with local sunscreen

    Celebrating nearly 30 years in operation, Jamaican family-owned enterprise Ayrtons Distributors is expanding its footprint in the cosmetics industry with the debut of its defyAGE Sunscape Sunscreen. This new product enhances the company’s growing skincare portfolio, specifically engineered to meet the demands of consumers in tropical climates while addressing longstanding concerns of melanin-rich skin tones.

    The SPF 30 broad-spectrum formulation delivers approximately 97% protection against harmful UVA and UVB radiation, effectively reducing risks of premature aging and sunburn. A distinctive advantage highlighted by Sales and Marketing Coordinator Jodi-Lee Oakley is its elimination of the white residue commonly reported by darker-skinned users—a frequent drawback in many sun protection products. ‘Based on extensive consumer reviews, we’ve confirmed no white cast remains upon application,’ Oakley stated.

    Contrary to popular belief, Oakley clarified that the protective difference between SPF 30 and higher ratings like SPF 50 is marginal. She emphasized that consistent reapplication every two hours is crucial for maintaining efficacy. The sunscreen also boasts an 80-minute water resistance rating, making it suitable for humid conditions and vigorous activities. Designed for universal use across face and body, it incorporates hydrating agents like vitamin E and ceramides to combat skin dehydration under intense sun exposure.

    Ayrtons began as a pharmaceutical distributor in 1995 under founder Dorothy Finlayson before diversifying into beauty and personal care. The company first gained recognition with staple products like cocoa body oils, butters, and scented Epsom salts. Its defyAGE skincare line represents a strategic expansion into targeted facial care, featuring a structured regimen of cleanser, toner, moisturizer, and specialized serums addressing issues from hyperpigmentation to acne.

    In 2025, the brand further extended its acne solutions with a Salicylic Acne Care range containing a 2% salicylic serum. The new sunscreen serves as the final step in the defyAGE routine, sealing in moisture and active ingredients from prior products.

    Accessibility and affordability remain core to Ayrtons’ philosophy, with products available islandwide through pharmacies, beauty retailers, and select supermarkets. The company also supplies wholesalers, spas, and dermatologists who incorporate these products into professional treatments.

    Oakley addressed a critical misconception that individuals with darker skin do not require sunscreen, underscoring its importance in preventing premature aging and skin cancer. Early consumer feedback praises the product’s lightweight texture, pleasant fragrance, and budget-friendly pricing—positioning it as a competitive player in the market.

  • AI, automation and accounting: How technology is changing tax filing for SMEs

    AI, automation and accounting: How technology is changing tax filing for SMEs

    For small and medium-sized enterprises (SMEs) across Jamaica and the wider Caribbean region, the annual tax filing process has traditionally ranked among the most dreaded operational challenges. This aversion stems not from non-compliance but from the overwhelming nature of consolidating financial records—a task characterized by scattered receipts, disparate payment channels, and inconsistent expense tracking.

    A significant shift is now underway as businesses increasingly abandon paper-based systems and fragmented spreadsheets in favor of integrated digital solutions. This technological evolution is transforming financial management from an annual panic into a seamless aspect of daily operations.

    The adoption of cloud-based accounting platforms has fundamentally altered financial practices. Unlike the manual systems prevalent a decade ago, modern tools provide real-time visibility into financial metrics, centralized document storage, and instant report generation—eliminating the frantic search for historical transaction evidence.

    This technological advancement proves most valuable during tax season. Maintaining continuously updated financial records transforms tax preparation from an information-gathering scramble into a simple review process, resulting in faster, more accurate filings with significantly reduced stress levels.

    Enhanced financial visibility represents another critical benefit. Business owners now leverage platforms like NCB Business Online Banking to monitor cash flows in real-time, schedule payments efficiently, and access consolidated digital statements. The strategic use of business credit cards, such as those offered by National Commercial Bank Jamaica, further simplifies financial management by creating unified spending records that streamline reconciliation.

    Artificial intelligence compounds these advantages by operating invisibly within financial tools. AI algorithms automatically categorize transactions, identify anomalous activities requiring attention, and analyze spending patterns to generate predictive insights—substantially reducing the cognitive load on business owners managing multiple responsibilities.

    Conversely, businesses adhering solely to manual processes face increasing operational strain. Physical document loss, spreadsheet discrepancies, and deadline pressures create unnecessary business vulnerabilities.

    The transition to digital need not be overwhelming. SMEs can initiate their digital transformation through incremental steps: digitizing receipts, implementing basic accounting software, and optimizing online banking capabilities. These cumulative changes ultimately create financial systems that work synergistically with business operations rather than creating friction.

    As financial technology continues evolving, early adopters stand to gain the most significant advantages. When financial information becomes transparent, current, and easily accessible, businesses not only simplify tax compliance but also enhance daily decision-making capabilities. In an economic landscape where time efficiency, cash flow management, and operational clarity determine success, digital financial tools provide transformative competitive advantages.

    Anitha Cross, Product and Portfolio Manager for Issuing at National Commercial Bank Jamaica Limited, observes these developments reshaping the financial practices of Caribbean businesses.

  • After Melissa: How the capital market can power Jamaica’s road to recovery

    After Melissa: How the capital market can power Jamaica’s road to recovery

    Jamaica faces an unprecedented reconstruction challenge following Hurricane Melissa’s catastrophic landfall in October 2025, which caused damages exceeding $12.2 billion—equivalent to 56.7% of the nation’s GDP. The Category 5 storm’s 185 mph winds devastated infrastructure, displaced 279,000 people, and damaged 450 schools, creating a fiscal deficit projected to reach $190.7 billion by FY2026/27.

    While international institutions have committed $6.7 billion in assistance over three years through organizations including the IMF, World Bank, and IDB, this support remains insufficient for immediate recovery needs. The Atlantic Council estimates Jamaica requires $5.8 billion solely for resilient road infrastructure.

    Finance Minister Fayval Williams has outlined an innovative approach leveraging private capital markets through five strategic pillars:

    1. Blended Finance: Utilizing first-loss tranches and guarantees from International Financial Institutions to attract risk-averse private capital for tourism, SMEs, and housing reconstruction.

    2. Catastrophe Bonds: Expanding parametric insurance instruments following Jamaica’s successful $150 million World Bank catastrophe bond payout, with plans to issue disaster-clause bonds targeting ESG-focused institutional investors.

    3. Resilient Infrastructure: Rebuilding with climate-resilient standards through public-private partnerships that incentivize local equity participation and transparent governance.

    4. Direct SME Lending: Deploying capital through community development financial institutions and microfinance networks to accelerate support for agricultural and small business recovery.

    5. Pension Fund Mobilization: Landmark regulatory reforms will increase pension fund investment limits from 5% to 10% of total assets, potentially unlocking nearly $50 billion in domestic capital through sale-leaseback arrangements for public infrastructure.

    The proposed model involves pension funds purchasing rebuilt hospitals and schools, which the government would then lease back over 25-35 years. This approach converts illiquid assets into immediate reconstruction capital while providing pension funds with inflation-linked returns backed by tangible assets. Strict guardrails including independent valuations, statutory ring-fencing of lease payments, and consortium ownership models will ensure responsible implementation.

    This pioneering financial strategy represents a potential paradigm shift for disaster recovery in developing nations, transforming catastrophe into opportunity through sophisticated capital market solutions.