Cayman Islands Leads International Gold Smuggling Investigation
GEORGE TOWN, Cayman Islands, Monday July 22, 2019 – Authorities in the Cayman Islands are leading a money laundering investigation with the assistance of the United Kingdom’s National Crime Agency (NCA), following the seizure of gold worth around £4 million (US$4.9 million).
The gold was seized by the NCA as part of an international investigation into a suspected South American drugs cartel.
Officers from the UK’s Border Force, acting on intelligence from the NCA, moved in to detain the shipment at Heathrow on June 1. The gold was being transported from the Cayman Islands to Switzerland, having earlier been shipped to the British Overseas Territory on a private jet from Venezuela.
The bars and pieces of gold, which together weigh around 104 kilos, have been seized under the Proceeds of Crime Act, following a hearing at Uxbridge Magistrates in London.
NCA Heathrow branch commander, Steve McIntyre, said: “We believe that this shipment was linked to drugs cartels operating out of South America. Working with partners overseas and in the UK we were quickly able to identify it and stop it’s onward movement.
“The business model of many organized crime groups relies upon the ability to move money across borders, to fund further investment in criminal activity. If we can stop that it not only causes disruption to the criminal network involved and prevents them benefiting from crime, it also stops that re-investment.”
Nick Jariwalla, Border Force Heathrow Director, added that taking large amounts of money or gold out of the control of criminal networks hits them where they feel it most – in the pocket.
“This was a substantial seizure and demonstrates how effectively Border Force works with law enforcement partners, both at home and abroad, to combat organised crime,” he said.
Construction of 603-Room Ramada in St Kitts on Schedule for September Opening
BASSETERRE, St Kitts, Thursday July 18, 2019 – Hotel development company Caribbean
Galaxy Real Estate Corporation says construction of the second phase of the Ramada
Hotel in White Gate is proceeding rapidly and the facility is on track for its
September grand opening.
Phase II of
the project is increasing the size of the hotel from 273 to 603 rooms. The
completed facility will comprise 19 structures housing a luxury clubhouse,
garden villas, spa villas, condos, a swimming pool, a state-of-the-art gym, and
a spa. In addition, there will be a restaurant, pavilions and a water park.
Dr Timothy Harris said the number of people employed in the twin-island
federation will significantly increase as the hotel is staffed for its opening.
He said the spin-off activities generated by the new Ramada Hotel are expected to open up opportunities for tour guides, taxi operators, dining establishments, craft vendors and shops.
At the recent Caribbean Investment Summit, the Prime Minister said investment agents from countries around the world were “amazed at the high-quality infrastructure on St. Kitts and Nevis and the progress being made on major projects in the Federation.”
CARICOM Commission On the Economy Re-Established
BRIDGETOWN, Barbados, Thursday July 18, 2019 – CARICOM has re-established a
CARICOM Commission on the Economy, with Special Envoy to the Prime Minister of
Barbados on Investment and Financial Services, Professor Avinash Persaud,
returning as its chairman.
Ambassador to CARICOM, David Comissiong said that Professor Persaud presented
an interim report at the recent 40th Regular Conference of CARICOM Heads of
Government in St Lucia, that gave broad outlines on how the commission
identified the problems facing the region, and what solutions they believed
were appropriate for economic development.
Persaud was very clear that we now have to pursue a people-centred
developmental model, where the emphasis will have to be on education, skills
and innovation. He was very clear that we have to take concrete measures to
solve the problems of intra-regional transport, [and] freight, as well as
people. And the fundamental thinking of the commission is that we have to
create greater access,” he said.
he used, or the central word was…’access for our people’. Our people must have
enhanced access to financial resources; enhanced access to the banking system,
to education, to training, to health services; [and] access to every
citizen. We must now, in going forward,
pursue a people-centric developmental model
based around the idea that we must enhance access of the individual
citizen to education, to entrepreneurial [and] financing opportunities; access
in ownership of wealth, [and] access in every dimension.”
is expected to report in six months, with a fully fleshed out action plan based
on those broad principles.
Last year, CARICOM Heads of Government reconstituted a high-level commission on the economy led by Professor Persaud of Barbados, comprising experts with regional and international reputations to help CARICOM craft a new economic developmental strategy, and to break the syndrome of low growth and economic stagnation that many member states have been experiencing since the onset of the global economic crisis in 2008.
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