OECS member states are working on new measures that will create a unified Citizenship by Investment Program within the region. The framework will have a standardized application forms, oversight committee to audit CBI/CIP schemes and make recommendations on strengthening the schemes within region.
This was announced by PM Skerrit during the OECS 67th meeting held in Antigua and Barbuda this week.
Plans are also underway to provide Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) training for staff at the various CIP units.
“Dominica and the other OECS countries, have agreed to establish uniform legislation for that purpose”, said Dominica PM Skerrit.
OECS Heads of Government and their representatives received a report on the recent collaborative meeting held with the Association of Citizenship by Investment (CBI/CIP) Directors and the Joint Regional Communications Centre (JRCC), according to communique issued by OECS commission.
The Authority recommended that the JRCC, the Commission and the Eastern Caribbean Central Bank (ECCB) serve as an oversight committee to audit the operations of Member States and make recommendations for improvements in the programmes. Heads also noted the need to intensify efforts towards the standardisation of due diligence arrangements, application protocols and the sharing of information across countries noting the consideration of a hybrid framework to allow flexibility amongst Member States.
The Meeting further recommended the creation of a pool of funding from the Member States with CBI/CIP initiatives that will facilitate the appointment of a focal point, stationed at the Communications Unit of the Commission, to deal with CBI/CIP media-related matters.
All CBI applicants are currently vetted through JRCC besides CIU and third party due diligence providers.
