Hon Fraser calls for more protection for local companies during FIA bill debate
Hon Fraser was speaking in his new role within the Virgin Islands Party-led government during the continuation of the Twentieth Sitting of the First Session of the Fifth House of Assembly (HoA) on Friday, October 25, 2024.
The Financial Investigation Agency Amendment Bill 2024 was introduced by Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7), who said the amendments will address the technical shortcomings identified in the Caribbean Financial Action Task Force Fourth Round Mutual Evaluation Report on the Virgin Islands published in February 2024.
We have to ensure jurisdiction is well regulated- Hon Fraser
In supporting the bill, Hon Fraser said the Virgin Islands (VI) once had about five hundred thousand companies registered here and is now down to over four hundred thousand. “So, we have to do what we have to do to ensure the jurisdiction is well regulated.”
Hon Fraser zoomed in on one of the objectives of the bill which states, “The FIA is required to use all relevant sources of information or data to identify the types and features of NPOs that may be at risk of being used for terrorism financing.”
The Deputy Premier questioned the chances of the local small NPOs being manipulated into being used for terrorism financing.
“In this case, I want to encourage the government, Madam Speaker, Financial Services in particular, to go the extra mile, to find a way to segregate local companies from the bigger picture which every piece of legislation we bring to this House impacts equally,” he urged his colleagues in the HoA.
Future legislation may not consider small NPOs- Hon Fraser
Meanwhile, Hon Fraser said he is concerned that after the current generation of the HoA leaves “there will be no concern about the body and fender shop down the road...they’ll be insignificant”.
He added that the law being passed would not consider them and that it is almost at that point now.
“I think that this is the last chance that we have to raise our voice and encourage the government, Financial Services Sector, to be mindful of our obligation to these people, these companies,” Hon Fraser stated.
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21 Responses to “Hon Fraser calls for more protection for local companies during FIA bill debate”
not because a company is located in the Territory(jurisdiction)means it is a local company
Hon Fraser is 1 of the few members we voted for that will stand up for Virgin Islanders
Some of them looking out for the Big International Groups while pushing small businesses aside
Those Fees & Taxation applicable to the So-Called Local Companies are killing the Real Local Small Businesses especially those who have a desire to be involved with International Business
We need a definition of "local"!
I think this is at the crux of the matter; everyone doing business here is defined as local, and is looking benefits, as " locals", and, may be in some situations, destroying, or helping to hinder, the very benefits, that real "local" businesses deserve!
Honourable Frazer, you are now in a position, to render TRUE meaning, to the the word, "local", with regards to employment, and the continuity, of "local" businesses!
GO FORTH, and present us, good common- sense solutions, from the THIRD!
best interest of the .people and the country • the war has just begun ( not even the great consultant turned psychic could of made the prediction of that ( MOONWALK by the 3rd / so let the games begin
That's what we need now people off the chain and not running to tattle to master brother against brother, but looking out for our territory.
Joker, we can not be the tail all the time. We need to lead by example. As a small territory we can show the world how to behave if we get back on track. This place was low on crime and prosperous on its own strength. It is still safe.
Now we follow and wait for other countries to pave the way. Guess what the first to chart the path to eldorado gets the rewards, all those who follow missed out.
We lost out so bad when the Caribbean had a great reputation for good weed.
Bob marley was flying high, reggae jamming but nope we followed USA fashion and jailed our own people, we blocked out dreadlocks from entry, we lost the potential in hand by bowing down and in fear of the USA and international law.
You see all the murder going on in gaza & lebanon? AI BOMBING INNOCENT PEOPLE FOR A YEAR STRAIGHT!?
so much for international law.
Fast forward to 2024 hemp is big legal business in the USA federally legal, and from west coast to east coast, America and Europe hold the reputation for the best quality & most plentiful medical cannabis exports.
Not us in the caribbean with our rastas. Not us who was freed from slavery.
Nope we shaved head and became mumu.
The people who were flying helicopters and moving undercover arresting people to save us from the big bad devil weed stole the Caribbean's reputation because we wanted to be like them and afraid to be true to our afro-caribbean bush tea culture. We were being fooled.
Now it is too late the whole reputation and international market is gone to the oppressors of the herb. Flipping Germany is leading before us.
All we can do is legalize to easy our mind and meditate on where we went wrong. There's no money left for developing nations, lost cause other than tourism & mental well being.
Legal weed in California, New York city, to the UK, to Australia and we are stuck in the mud. No development, no reputation, still jailing our own.
That was their plan. Be yourself & respect your own culture.
Most of the registered businesses operating locally face high fees when they fail to pay them annually and they pile up for years.
And when they want to do something with the company they cannot get a good standing certificate unless they pay up the outstanding fees.