Prime Minister of St.Kitts and Nevis Dr. the Honourable Timothy Harris announced at his monthly Press Conference that the Team UNITY Administration had accepted all 20 recommendations made by the IPSA to improve the Citizenship by Investment programme.
Dr. Harris stated that the IPSA was engaged after serious concerns had been raised by the U.S. and Canadian governments in the latter months of the Denzil Douglas-led Administration.
“In response to the serious concerns and actions of both the US and Canada, the former administration commissioned in the fall of 2014 an Independent evaluation of the CBI programme by IPSA International,” stated Dr. Harris.
Dr. Harris declared “IPSA International completed a programme review of the St. Kitts and Nevis Citizenship by Investment Programme in the fourth quarter of 2014. With higher volumes, changing regulations and increased focus on Anti-Money Laundering and Counter Terrorist Funding, the review was commissioned to make recommendations for enhancements to protect the integrity and security of the Program. IPSA made twenty recommendations for improved governance, risk mitigation and compliance, all of which were accepted.”
Dr Harris outlined a number of the recommendations which included the roll-out of a case management tool to streamline the application management process within the Citizenship-by-Investment Unit (CIU); changes to the CIU’s organizational structure to enhance processing capabilities and mitigate risk; an improved risk assessment process; and a review of previously approved applicants.
Prime Minister Harris stated that the IPSA has now been engaged to assist the Citizenship-by-Investment Unit and the Government in carrying out these recommendations, including the immediate implementation of the case management tool.
Since 2004, IPSA International has been providing investigative due diligence and consulting services for citizenship by investment programs, and in the Caribbean region since 2012. IPSA is a recognized industry pioneer and currently a preferred vendor for three citizenship by investment programs in the Caribbean. IPSA has consulted with governments in relation to these programs, including operational policies and procedures, workflow analysis, operational support, system recommendations, and implementation. We have engaged IPSA to implement those 20 recommendations.
Dr Harris concluded by reiterating his Government’s commitment to the improvement and enhancement of the Citizenship-by-Investment Programme.