Turks & Caicos Islands

FCO letter presents gloomy picture for offshore finance centres

April 30, 1998

Further details obtained by Offshore Alert about the UK government's new proposals for regulations in its Overseas Territories confirm that what is being planned represents an offshore financial centre's worst nightmare. And there is growing evidence that independent offshore centres like the Bahamas and Antigua are also facing international pressure to conform to new standards.

Turks & Caicos firm used for alleged fraud

April 30, 1998

The U. S. Securities and Exchange Commission has obtained a preliminary injunction and other relief against an Austrian national and three of his companies, including one in the Turks & Caicos Islands, in connection with an alleged multi-million fraud targeted primarily at German-speaking Europeans.

The Harris Organization’s multi-million dollar Ponzi scheme

March 31, 1998

Offshore Alert can today disclose that Panama's most-hyped financial services group, known as The Harris Organization, is being run as a massive Ponzi scheme in which clients are being defrauded out of millions of dollars. The situation is so serious that The Harris Organization, which employs 150 people in Panama, is hopelessly insolvent, with net liabilities of at least $25 million, according to sources knowledgeable of the group's financial affairs.

Insider Talking: March 31, 1998

March 31, 1998

John Deuss courts PLP political party in Bermuda, offshore regulators John Lawrence and Marcus Killick find new jobs, proposed purchase of Little Switzerland by Colombian Emeralds International may have implications for Crisson's, Leigh Bruce Ritch is apparently now living in Cayman under the name Bruce Ritchie after completing a prison-term in the USA for narcotics-trafficking, Rex Crighton receives 'in principle' planning approval to dredge Cayman's North Sound, Grenada appoints Viktor Kozeny as its Honorary Consul in the Bahamas, investors make approximatly $1 million on call options bought one day before announcement of sale of Bermuda reinsurer Mid Ocean Ltd.

Record land deal signed in Turks & Caicos Islands

February 27, 1998

The largest land development agreement to be signed in the history of the Turks & Caicos Islands calls for the construction of a harbour and duty free zone in the southern end of Grand Turk that is estimated to cost $312 million in a four phased development plan, reported the Turks & Caicos Free Press.The agreement was signed in December by the government and Grand Turk Harbour Development Company Limited, which is registered in TCI. The first phase of the plan is scheduled to begin early this year.

Turks & Caicos Islands Legislative Council meeting ends in farce and acrimony

February 27, 1998

If there's nothing decent on television, residents of the Turks & Caicos Islands can always go and sit in on the local Legislative Council for their fix of high drama and farce.One of the better episodes of LegCo, as the elected body is known, came during a debate on The Companies (Amendment) Bill on December 4, 1997.

FCO announces end of bank secrecy in overseas territories

February 27, 1998

The clearest indication yet that the UK government will force its Overseas Territories to co-operate with foreign regulators investigating both fiscal and regulatory offences was given this week to Offshore Alert.Offshore centres like Bermuda, the Cayman Islands, the Turks & Caicos Islands and the British Virgin Islands are being told by the UK government to introduce within two years legislation that will be virtually identical to the UK Criminal Justice (International Co-operation) Act 1990.

UK Foreign Minister announces plans to reform offshore regulations

February 4, 1998

UK Dependent Territories that are also offshore financial centres have until 1999 to comply with a "check-list" of four key areas of financial regulations to improve standards, UK Foreign Minister Robin Cook announced in London today.

Insider Talking: January 30, 1998

January 30, 1998

OffshoreAlert's unblemished track record when it comes to publishing exposes, despite letters threatening litigation; human cloning group touts Cayman and Bahamas as potential domiciles, who is disgrunted ex-Bank of Butterfield employee who criticized recently-retired chairman Sir David Gibbons?, Richard Black and Mike Cascio look to form new Bermuda insurance facility, possible bribery in the Turks and Caicos Islands, Cayman Islands Monetary Authority MD Neville Grant accepts no responsibility for collapse of First Cayman Bank, Global Private Banking magazine causes mirth by describing closure of FCB as an example of regulators "acting tough on miscreants", Cayman-based Oxford Advisors opens up office in Bermuda, 18 luxury homes in Bermuda sold for a total of $72 m in 1997, and what effect, if any, will the death of Charles Collis have on Bermuda Fire and Marine Insurance litigation? 

Remarks about Turks & Caicos Islands ‘uncalled for’

December 30, 1997

Letter to OffshoreAlert's editor from John D. K. Lawrence, Superintendent, Financial Services Commission, Turks & Caicos Islands.

Caribbean hotels insurer goes into run-off

December 30, 1997

The Caribbean Hotel Association Insurance Company Ltd., which hit financial trouble soon after it started, has stopped writing new business after just two and a half years in business. The news comes after many member countries of the Caribbean Hotel Association, for whom the company was specifically set up to insure, failed to put their money where their mouths were and buy insurance from CHAIC.

Comparison of supervisory resources of UK offshore jurisdictions

September 29, 1997

Comparison of supervisory resources applied to financial services in UK Dependent Territories.

UK GAO report outlines drive to force offshore regulators to co-operate more with foreign authorities

September 29, 1997

A wide-ranging report into the Dependent Territories by the UK National Audit Office has outlined a further drive by the Foreign and Commonwealth Office to force financial regulators in offshore jurisdictions to co-operate more with foreign authorities.

Statistical comparison of Caribbean-based offshore financial centers

September 29, 1997

Statistical comparison of Caribbean-based offshore financial centers. Figures supplied by Foreign & Commonwealth Office/National Audit Office.

Great Quotes of Our Time

April 27, 1997

Reactions from various members of the offshore business community following the publication of the first ever edition of OffshoreAlert.

Turks & Caicos Islands is not a ‘dubious domicile’, says regulator

March 24, 1997

Letter to OffshoreAlert's editor from Michael D. Constantine, Deputy Superintendent, Government of the Turks and Caicos Islands, Financial Services Commission.

OffshoreAlert’s existence ‘will be brief and its demise swift, just and certain’, says TCI resident

March 24, 1997

Letter to OffshoreAlert's editor from Dale Peters regarding derogatory comments about the Turks and Caicos Islands.

Mexico acts to curb offshore money transfers

March 24, 1997

The Mexican government has amended the country's tax laws to try to curb the massive outflow of capital being lost to the world's tax havens.

Bermuda investors seek to sell Turks & Caicos property

November 29, 1994

FOR SALE - 1,375 acres of undeveloped land in uninhabited East Caicos, 50-100 yards from the ocean, asking price: in excess of $563,750.The seller is Solar Enterprises, the only local company listed on the Bermuda Stock Exchange whose shares have never traded.

Aneco Re Chairman to sue

December 12, 1991

Aneco Reinsurance Underwriting Ltd chairman Mark Hardy has instructed his lawyers to commence legal proceedings against the underwriters, cedants and brokers responsible for handling Aneco's property catastrophe book of business. The action, to be brought either in Bermuda or in London, will seek damages in connection with the underwriting and placement of this business with Aneco.