CRCA Delegates Gather to Discuss Regional Compliance

SINT MAARTEN (MAHO) - The two-day Caribbean Regional Compliance Association (CRCA) conference which is hosted by the BVI and co-hosted by the newly established St. Maarten Association for Governance Risk Management and Compliance Professionals (SXM AGRCP), is geared at enhancing to enhance Governance, Risk Management, and Compliance practices across St. Maarten and the Caribbean.

Prime Minister: Dr. Luc Mercelina said in his Opening Statement that St. Maarten is proud to host such a prestigious event. “Compliance is not static; it is a living evolving thing. Compliance is the backbone of Tourism, Banking and other sectors in our economy which rely on trust,” he said. “We are committed to ensuring that our regulatory procedures are robust, and we will remain proactive, positioning ourselves not as followers, but as leaders in compliance. Remember we are a manifestation of the region’s collective strength.”

Deputy Premier and Minister of the Financial Services of the British Virgin Island, Ms. Lorna Smith also addressed the audience of professionals and industry leaders, but also used the opportunity to commend the St. Maarten for the regrowth and redevelopment of the island following the devastation of Hurricanes Irma and Maria a few years ago.

She pointed out that, “What the hurricanes showed us with complete clarity, is that given the climate threat hat we will continue to face, without a resilient financial sector our nation will not be able to bounce back or survive.”

Mrs. Smith also stressed the importance of investing and building resilient economies. “A resilient financial sector is one where regulation is reflected in the very governance of the nation and one where compliance is sufficiently and successfully enforced. A well-regulated regime, is a resilient regime.”

Marinka Gumbs, Minister of Finance, was also one of the opening speakers at the event and she commended the attendees for dispelling false assumptions that the Caribbean governments do not work together. “We often hear that we in the Caribbean are not united, but this conference demonstrates and underscores our collaboration and working together,” she said commending the CRCA for this initiative. “As you can see, top Government officials have come together, to participate in a conference being hosted by a non-governmental organization. We know and understand that no individual country can tackle this problem alone and we must continue to work together to combat these crimes that threatens our financial sector.”

Mr. Wayde Watson, the Minister of Finance, reiterated her remarks. “I am happy to see that we have come together in this setting to have discussions and to handle our shared concerns, compare our shared rules on this topic. The Bahamas is proud to be compliant and we are not selfish, so we are willing to share ideas on this matter. We are happy to be compliant, we are happy to not be blacklisted, but for how long? The goal post keeps shifting and we want to continue to remain ahead of the issue, ahead of the goalpost and we must continue to speak with one voice.”

President of the SXM AGRCP, Kyria Ali said she is extremely happy and proud that their organization was able to assist in facilitating such a prestigious event. In a lively panel discussion, which Kyria moderated, Caroline van Hees President of the SXM Bar Association and Stacy Ann Goodridge gave insight into the differences and similarities between Corporate Governance in the Dutch system versus the English Caribbean structure. This was followed by several other speakers from various industries within the compliance sector.

The conference continues today and will feature high profile players and gatekeepers in Law Enforcement, various government and non-governmental sectors, who play a role in fighting the war against financial crimes and ensuring compliance is adhered to.