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Uk Overseas Territories the Newsletter of Ukota · September 2018

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Uk Overseas Territories the Newsletter of Ukota · September 2018 UK OVERSEAS TERRITORIES THE NEWSLETTER OF UKOTA · SEPTEMBER 2018 RFA Mounts Bay visits the British Virgin Islands Ministry of Defence Crown copyright 2017 | Hurricane preparedness | | Brexit meetings for OTs | | Environment issues discussed at No. 10 | | Foreign Affairs Committee Inquiry announced | TERRITORY NEWS Brexit looms large over London meetings OT delegation leaders with Minister Lord Ahmad of the Foreign and Commonwealth Office and Minister Robin Walker of the Department for Exiting the EU © Foreign and Commonwealth Office Overseas Territory leaders met in London during June for the pre Joint Ministerial Conference (JMC) and talks with UK Ministers, and Brexit was high on the agenda. At the JMC (European Negotiations) meeting which was held at Lancaster House, the OTs highlighted major issues around the UK’s exit from the European Union, from the smooth operation of borders to the preferential treatment of fish and meat exports. Development and environment funding, a level EU playing field for Caribbean OTs’ financial services and the need for new laws - all were raised during the meeting. The Territories seek assurance from Her UKOTA members meeting at the pre Joint Ministerial Council © Adam Howe Photography Majesty’s Government that measures will be put in place to protect their interests. Delegates Environmental topics such as extreme weather all discussed and it was agreed that it would be were reassured to hear Lord Ahmad of events, OT representation at the COP 24 beneficial to hold a workshop on these issues Wimbledon, the Minister with responsibility for climate-change conference to be held in Poland at the substantive JMC, which will be held in the OTs at the Foreign and Commonwealth in December, and the Blue Belt agenda, were London at the beginning of December. Office, state “You’re part of us, part of Global Britain. You’re family.” At the pre JMC, which was held the previous EU Overseas Countries and day at Church House in Westminster and Chaired by Hon. Teslyn Barkman MLA from Territories Association meeting the Falkland Islands, leaders discussed a range of issues affecting the Overseas Territories. Representatives from the UK Overseas of operational and strategic constraints Following the catastrophic events of last year, Territories attended a meeting in Brussels of the for the Association. In preparation for the hurricane preparedness was central; the leaders Overseas Countries and Territories Association Ministerial Conference, to be held in early from the British Virgin Islands and the Turks and (OCTA) in July. The purpose of the meeting 2019, the Executive Committee decided to Caicos Islands informed the meeting on the was to discuss how the UK OTs might be able commission a legal consultant to advise on progress towards recovery in their territories to remain connected to OCTA after Brexit. the various options available for continued and the measures that they are taking to Most of OCTA’s current members are the partnership with the British OTs. prepare for this year’s hurricane season. British OTs and their exit will prompt an array 2 Environmental issues Identity discussed at No.10 explored by OT students The third UKOTA Student Conference has been confirmed for 3 November and will be held in the Flett Theatre at the Natural History Museum. The conference will focus on the theme of ‘Identity’ with the aim of showcasing the similarities and uniqueness of each of the Territories. A Film Festival will also be held, Overseas Territories students who are studying in the UK will produce 60 second videos highlighting three distinct aspects of their Territory’s identity. A mix of speakers will also provide insight on the subject of identity to inspire the students. The conference aims to strengthen the relationships between the Overseas Territories by providing opportunities for their future UK Overseas Territory Representatives at No. 10 leaders to make lasting friendships. No.10 Downing Street was the setting in to deliver new marine protection to over May for an important discussion with Sir John four million square kilometres of OT ocean: Randall, the Prime Minister’s Special Adviser Representatives stressed that it must be locally for the Environment. UK OT Representatives controlled and based on sound science. The briefed Sir John on key issues affecting the meeting also explored post-Brexit funding for Territories, which house over 90% of the UK’s environment projects, and the threat to small biodiversity. The Blue Belt programme aims islands from climate change. Foreign Affairs Select Committee inquiry The Parliamentary Foreign Affairs Select z Representation of the OTs in the UK Committee has announced that it is and in the Commonwealth and other conducting a major inquiry into the future international fora; Eric Bush JP © GIGO of the UK’s Overseas Territories, especially z in the light of Brexit. Assets and liabilities (including but not limited to ecological richness and the effects UKOTA Chair The inquiry will look at how the Foreign Office of extreme weather, and natural resources manages its responsibility to ensure the security such as minerals and fish). Cayman Islands Representative, Eric Bush JP, and stability of the UK’s 14 Overseas Territories. was elected UKOTA Chair in February. The The Chairman of the Committee, Tom Premier of the Cayman Islands, Hon. Alden In particular, the Committee will take Tugendhat MP, in welcoming the inquiry said McLaughlin Jr., MBE JP MLA, is President of the evidence on: “The Overseas Territories have a special place UKOTA Political Council. in our Constitution, they are self-governing but z The governance of the OTs, including their part of the United Kingdom. As our place in Two main objectives of the year for the Chair adherence to human rights frameworks; the world changes, we need to think about the are to write a new Joint Position Paper that effect on them and whether the structure of seeks to enhance the relationship between the z The benefits to the UK and the OTs our relationships still works. The Committee will UK and its Overseas Territories, and to renew of the relationship between them; look at these distant parts of our community the Constitution of UKOTA. z The financing of the OTs; and look at how we work to support all our communities.” 3 BERMUDA Hamilton © Bermuda Government Office The FinTech Advantage The Government of Bermuda is moving It is important to strike a balance, encouraging In order to provide banking services to prudently, and quickly, to make the island the innovation, protecting investors and managing Bermuda-based FinTech companies, the Banks leading FinTech regulated jurisdiction the inherent risks of a new industry. The Act and Deposit Companies Act was updated for digital assets. and the regulations address those concerns. this summer to create of a new class of banks. Innovative companies who are operating in How does an island of 21 square miles support Creating an environment for the FinTech the FinTech industry have found the greatest FinTech entrepreneurs in an age of economic industry to operate in Bermuda provides a challenges to be banking. Therefore Bermuda innovation, while protecting the interests of potential economic pillar, brings in new business, set out to find a solution. consumers and investors? The way forward has helps boost GDP and creates meaningful been to focus on creating and implementing jobs with opportunities for training and In addition to addressing the needs of this regulation for the industry, where none existed, retooling workers. developing industry, the Government is as the island has declared itself open for actively working to introduce a national E-ID Legitimate companies want stable jurisdictions business for the FinTech industry. System, upgrade Land Title Registration using that have a global standard of regulation. Within blockchain technology and develop a Bermuda Legislation has been introduced to regulate eight months of the Government’s creation FinTech Innovation Hub creating a think tank Initial Coin Offerings (ICOs) and apply of a Blockchain Technology Task Force, 19 environment where innovation and creative appropriate protections for digital asset business. FinTech-related companies were incorporated solutions can germinate and thrive. in Bermuda, with an additional 24 in the process The way forward is to develop the structure of incorporation. The Bermuda Business Development Agency to support a well-regulated environment. This (BDA), provides a single point of contact helping includes rules for those raising funds through The financial services regulator, the Bermuda businesses to quickly and easier establish their ICOs and strong guidelines for the operation Monetary Authority (BMA), has been closely presence in Bermuda, connecting them with of digital asset businesses, protecting investors involved in ensuring the appropriate supervisory corporate service providers and a legal support and clients. environment is being established. The BMA team for the company registration is considered a ‘thought leader’ in the global ICO Regulations outline the requirements development of regulation. for ICOs and compliance guidance for those conducting ICOs. Bermuda – At a Glance | Capital: Hamilton | Size: 53.3 sq km | Population: 63,779 (2016 census) | | Currency: Bermudian Dollar (BMD) | Time Zone: Greenwich Mean Time -4 hours | 4 British Virgin Islands Change of UK Historic Gold for Gold Coast Representative Commonwealth Games Benito Wheatley On 15 June the Territory welcomed home its completed his athletes who participated in the Gold Coast tenure as the BVI 2018 Commonwealth Games. There was a Government’s UK and parade to highlight the accomplishments of the EU Representative on athletes who made the Territory proud, including 15 June, after serving Kyron McMaster who secured the BVI’s first at the mission for Commonwealth Games Gold Medal in the seven years. During Team BVI at Gold Coast Commonwealth Games Men’s 400m hurdle event. his time in office he Benito Wheatley was instrumental in steering the Territory’s representation through critical matters including Brexit, the release of the Panama Papers and most recently, in Hurricane Irma relief efforts.
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