BASSETERRE, St. Kitts (Monday 3rd June 2024)-Prime Minister Dr. Terrance Drew, Minister of National Security and Finance, has restated his government’s commitment to good governance and regulation of the Citizenship by Investment (CBI) programme, highlighting the criminalization of underselling and discounting of passports as one of the key steps put in place under his new administration upon taking office.
“We introduced criminalization for anybody who would have undersold or who would have misrepresented the true cost of our citizenship by investment. So we did not wait on anybody to do that; that is why we are ahead of the game.”
Dr. Drew expressed such sentiments during a Round Table media session held on Friday 31st May 2024, addressing the recent lawsuit filed by MSR Media in a US court regarding the CBI programme.
He underscored the proactive steps taken by his administration upon taking office in August 2022 to ensure the integrity and sustainability of the CBI programme.
“I think at the beginning people did not fully comprehend, and not because of anything else, it’s because it was not so clear and apparent at that particular time. But in the course of time, I think people have come to understand why I said it was challenging, why I was so aggressive in looking at the CBI, in making the changes that were necessary because I think people understand, or people understand clearer now,” he stated.
Dr. Drew emphasized that the government’s actions have always been rooted in the principles of good governance.
“Of course, I would always say that anything that we do in St. Kitts and Nevis had to be premised on the principles of good governance because we had given good governance, laws, and asking people to comply with them. As you know, we have some of the toughest laws in the region. Not only that, but secondly, we have one of the highest rates of compliance as well,” he said.
He pointed out that corruption and lack of good governance were major issues under the previous administration led by Dr. Timothy Harris.
“…in the last seven years during [Team] Unity and coming up with, they spoke about good governance and for seven years that Timothy Harris was the prime minister not once did they say we are going to enact these laws so that people can comply. This is a fact. He led a corrupt administration and I’m not saying that because of politics; these are facts. I’ve gone through multiple ministries, sectors, [and] institutions to highlight the corruption that was then. Almost everything was premised on corruption; deeply corrupted… still bothers me,” he lamented.
He indicated that since taking office in August 2022, his administration has implemented several significant changes to the CBI programme. “August 2022, my ministry ordered an internal review of the CBI program. I was sworn in August 6, 2022, and one of the first things that I did was to order an internal audit of the CBI. Of course, this program had been running since the 1980s- 1984, to get a full audit will take some time but I wanted a quick view as to what was taking place so that we can start making the changes,” he explained.
PM Drew highlighted key milestones, including his visit to Dubai in December 2022 to discuss the evolved CBI programme and the introduction of new regulations in December 2023.
“I went to discuss with them about the evolved CBI program that we are introducing based on sustainability and good governance. In December 2023, we brought new CBI regulations; they were published. Board of governors introduced to oversee operations of CIU review developer applications and prepare submissions to cabinet, technical committee set up to review files and advise minister. Underselling/discounting was criminalized. I want to stress on that…When we made the changes, we made it a criminal act to undersell or discount our CBI program. These SR&Os were made public. I spoke of them so we are not waiting for somebody to tell us what should be done but we were proactive,” he asserted.
As understood from him, further tightening of procedural application requirements and advertisement regulations were introduced in February 2023 as it relates to “a new international marketing agent due diligence required.” Additionally, in March 2024, a bill was tabled in parliament to make the CBI unit a statutory corporation with requirements for reporting to parliament.
Dr. Drew stressed that such measures were not reactionary but part of a forward-thinking strategy.
“There is nothing that anyone did that drove us to do this. We started immediately after taking office because we were determined that the CBI and any other thing that has to do with the government would come under the good governance agenda including this. So we are not reactionary; as a matter of fact, we are ahead of the game. Therefore that is why I would like to say that is why nobody can implicate me in anything,” he said.
PM Drew underscored the importance of good governance in protecting the integrity and reputation of the country.
“These types of things can embarrass countries. These types of things can turn off people and that is why I’m being so strong because I want to protect the integrity of this country and the good name of this country that we have been working so hard to build back after we took office in August,” he declared.
Additionally, he addressed the recent lawsuit and its implications, and also reaffirmed his commitment to maintaining the integrity of St. Kitts and Nevis’ CBI programme through regulations and adherence to good governance.
“I know there is a part of it that talks about the judicial review that those who would have gotten citizenship- in a part on the prison project- that they should be removed. We introduced criminalization for anybody who would have under sold or who would have, you know, misrepresented the true cost of our citizenship by investment. So we did not wait on anybody to do that; that is why we are ahead of the game.”
He added: “Nobody should be able to take any government to work for good governance, you should have good governance from the beginning and this demonstrates this government is serious. These types of things can embarrass countries. These types of things can turn off people and that is why I’m being so strong because I want to protect the integrity of this country and the good name of this country that we have been working so hard to build back after we took office in August,” he declared.