Caribzone News Highlight for Week of November 11th, 2019
National
The acquisition of Sprint by T-Mobile got official approval from US federal officials, a
major win as the two companies seek to complete a $26 billion merger amid
resistance from consumer advocacy groups. The merger could prove
transformative for a US wireless industry facing cutthroat competition in
recent years over everything from prices to customer contracts. As the nation's
third- and fourth-largest wireless carriers, T-Mobile and Sprint have led the
charge in ending early termination fees and reintroducing unlimited data plans.
As the two companies combine, the future of the marketplace is uncertain.
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Jamaica
Jamaica’s Minister of Transport
and Mining, Hon. Robert Montague is again appealing for motorists to exercise
greater care in the use of the roads in order to prevent further casualties
from road crashes.
He noted that there have been
over 300 fatalities and thousands of more persons injured in motor vehicle crashes
since the start of the year.
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Jamaica
The House of Representatives, last Tuesday (November 5), approved
the Proceeds of Crime (Money Laundering Prevention) (Amendment) Regulations,
2019, which aims to strengthen the integrity of Jamaica’s domestic financial
system.
The legislation is being amended to make it fully compliant with
the Financial Action Task Force (FATF), and effective in the efforts of law
enforcement and other stakeholders to stem money laundering.
In his remarks, Minister of National Security, Hon. Dr. Horace
Chang explained that the Proceeds of Crime (Money Laundering Prevention)
Regulations, 2007, details the regime applicable to businesses in the regulated
sector for the purposes of preventing and detecting money laundering.
He noted that based on a review of the extent of Jamaica’s
compliance with the FATF 40 Recommendations, and the level of effectiveness of
these systems, the Mutual Evaluation Report (MER) provided suggestions on how
the systems could be strengthened.
Dr. Chang pointed out that the report outlines ways to effectively
amend the Proceeds of Crime (Money Laundering Protection) Regulations, 2007, to
make it fully compliant with the FATF.
“The Report indicated that of the 40 recommendations, Jamaica is
partially compliant with 21, and non-compliant with two. As a country, we must
address these technical compliance deficiencies with urgency or risk the FATF
making a public statement regarding the jurisdiction’s anti-money laundering
deficiencies,” he stated.
Some of the recommendations include amending Regulation 3 to
specify the timeline (15 days after the end of each month) required for
financial institutions to report to the Designated Authority on transactions
involving prescribed sums.
The National Security Minister said this provision’s inclusion
enhances the Designated Authority’s investigative capability.
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Dominica
On December 6, 2019,
Dominicans will go to the polls to elect a new government. Dominica's Prime
Minister, Roosevelt Skerrit, last week, announced the date for the election at
a Dominica Labour Party (DLP) event at Goodwill. Nomination Day will be
November 19.
Mr. Skerrit, who is seeking to become the first
politician in Dominica to win four consecutive general elections, called
for voters to ensure the campaign is conducted in an atmosphere of civility and
peace. His main challenge will be the United Workers Party, headed by
Opposition Leader Lennox Linton. Over the past year the DLP and the opposition
United Workers Party (UWP) has been actively campaigning for the election
constitutionally due in May 2020.
The announcement of the date for the election
puts Dominica in uncharted territory since the UWP has stated many times that
there will not be an election in Dominica without electoral reform- that is,
the cleansing of the voter's list and the issuance of voter identification
cards.
Skerrit told supporters that he has a clear plan
for continued growth and development
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Barbados,
Prime Minister Mia Amor
Mottley says if the CARICOM movement is to be brought fully into the 21st
century, Heads of Government must have more frequent deliberations about
critical matters affecting the Region along the lines of how the European Union
operates.
Her comments came as she delivered the opening
remarks at a Town Hall meeting last Monday, under the theme The CARICOM Single Market and Economy (CSME) –
What is in It for Me? at the Walcott-Warner
Theatre, University of the West Indies, Cave Hill Campus. Ms. Mottley has
lead responsibility for the CSME in CARICOM’s quasi cabinet.
She said: “I want to suggest to you that what is
in it for you is everything, because of your ability to be able to fight off the
worst impacts of [the] climate crisis depend on us coming together as one and
raising our voice, and even then there is no guarantee. She suggested
that the people of the Caribbean will have to fully embrace regional
integration in order for the Single Market to work.
“Your ability to have a larger market will be
critical if you’re going to drive down your prices to enhance your
competitiveness to allow for greater profitability. The ability for us to
be able to have the levels of functional cooperation that have been quietly
working for us without any big set of noise as we have seen with CXC, as we
have seen in other areas of public health and in the testing of our
labs. These things are working for us, but for some reason, we don’t
believe that if we are stronger together there, that we can be stronger
together in the context of the Single Market and Single Economy.”
Ms. Mottley noted that the prospect of having
eight general elections, within the Caribbean over the course of the next 15
months, was cause for concern, as it would affect the pace and progress of the
implementation of the Single Market and Single Economy.
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Antigua & Barbuda
The ailing Regional the airline, LIAT has been given a new lease on life with an injection of a US$15.8
million loans negotiated by Antigua and Barbuda Prime Minister Gaston Browne
with the ALBA Bank at a meeting in Venezuela yesterday.
Browne attended the 72nd meeting of the
Executive Board of ALBA Bank in Caracas, Venezuela at the headquarters of the
Central Bank of Venezuela, where Antigua and Barbuda was formally inducted into
ALBA Bank as a new member, and signed a Financing Agreement relating to the
loan of US$15.8 million for injection into LIAT. After formally depositing the instrument that allowed Antigua and Barbuda to join the Bank, Browne expressed
satisfaction with the good financial position of the Bank.
In reply, Governor of the Central Bank Mr
Calixto Ortega welcomed PM Browne noting how pleased he was that Antigua and
Barbuda had become the seventh member of ALBA Bank, joining Venezuela, Cuba,
Nicaragua, Dominica, St Vincent, and the Grenadines and Bolivia.
Both St Vincent and the Grenadines and Dominica,
in offering their congratulations, indicated that they fully supported the
‘bold move’ by Antigua and Barbuda to join the Bank.
ALBA Bank was established in 2005 as the
brainchild of former President of Venezuela, Hugo Chavez Frias, and the former
President of Cuba, Fidel Castro. It was envisioned as a regional development
bank that would provide resources to fill the development needs of the
countries of the region.
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