SKN passport issue coverage in Christian Science Monitor ================== Written by Sourced Information St. Kitts and Nevis (CMC/WINN): The story of the US advisory on the abuse of the St. Kitts Nevis Citizenship by investment program continues to get international coverage. Aside from the wall street journal’s coverage of the issue, the Christian Science Monitor is reporting that Selling passports is a way for the cash-strapped nation to raise money and has helped transform an economy once dependent on sugar cane. But, as the programme has grown, so have allegations of abuse. The Monitor noted that just last month the US Treasury Department raised concerns that St Kitts had issued passports to three Iranian men who were using the documents to allegedly help Iranian banks launder millions of dollars. The negative attention has some calling for better regulations, or even an end to the programme, the publication said. Nevertheless, the publication said the money St Kitts has made from the programme has spurred other countries — from Malta to Bulgaria — to start their own. In the Caribbean, the Monitor said Antigua and Barbuda, Dominica, and Grenada have followed St Kitts and Nevis lead, adding that others are considering similar programmes. Citing economic headwinds, such as lower tourism and high energy prices, the paper said St Lucias Prime Minister Dr Kenny Anthony announced last month that he was open to the idea. I think we cannot close our eyes [to selling citizenship], because its an option we may have to consider, it quoted Anthony as saying. Nuri Katz, president of APEX Capital Group, a US consultancy, estimates that between 15,000 and 20,000 people apply annually for second passports. Pushed by political turmoil, or seeking a passport that requires fewer travel visas, the Monitor said applicants come from around the world, especially Russia, the Middle East and Asia. Former government minister Dwyer Astaphan was quoted in the report as estimating the programme generates tens of millions of dollars for the country. But Astaphan conceded that we dont know where the money goes. The Monitor quotes Mr. Astaphan saying the investment is an economic vitamin b-12 shot for a country our size, he told the Monitor. Earlier this week, the US Treasurys Financial Crimes Enforcement Network (FinCEN) office advised international financial institutions to more closely review dealings with clients using a St Kitts and Nevis passport, stating that certain foreign individuals are abusing the Citizenship-by-Investment programme to obtain passports for the purpose of engaging in illicit financial activity. FINCEN said while many countries offer programmes similar to the SKN Citizenship-by-Investment programme, the SKN programme is attractive to illicit actors because the programme, as administered, maintains lax controls as to who may be granted citizenship. While the SKN Government has publicly pledged to improve these controls, FinCEN said it believes that they remain ineffective. Prime Minister Dr Denzil Douglas, however, told a recent press briefing last week that the government is evaluating what, if any, changes should be made to the citizenship by investment programme. At the same time, Astaphan told the Monitor that he feared such scandals are hurting the countrys reputation and that eventually European countries will say, we have to review these visa agreements. And that will ruin it, he said. - See more at: winnfm/news/local/8493-skn-passport-issue-coverage-in-christian-science-monitor#sthash.oNfQieG9.dpuf
Posted on: Mon, 26 May 2014 12:35:52 +0000
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