Page 76, Issue 2 of The Citizen from October 2018 covers various topics relevant to the Citizenship by Investment (CBI) industry, philanthropy, conservation efforts, and cultural celebrations. It explores Citizenship by Investment due diligence, highlighting how technology can streamline and enhance risk assessments.
Technology Solutions for Due Diligence – What Questions Should You Be Asking?
Due diligence is a critical aspect of the Citizenship by Investment (CBI) process. With increasing scrutiny on applicants, it’s essential to leverage advanced technology solutions to streamline and enhance due diligence procedures. This article, contributed by Russell Scarcella, Director at Exiger (New York City), provides valuable insights into what questions should be asked when reviewing technology solutions for due diligence.
Managing False Positives and Duplicate Findings
Weeding through irrelevant information and duplicate findings can be time-consuming. Advanced technologies using Natural Language Processing (NLP) and machine learning can effectively filter out false positives and duplicates, saving time and money.
Structured vs. Unstructured Data
Understanding the difference between structured and unstructured data is crucial. While structured data is organized and easy to search, unstructured data, which makes up 80% of online information, includes magazines, news articles, blogs, and social media. A comprehensive solution must harness both data types to create a complete risk profile.
Real-Time Information or Curated Databases?
For effective due diligence, real-time information is essential. Curated databases have limitations, whereas real-time screening ensures that the most current and relevant information is used.
Ongoing Monitoring for New Red Flags
Due diligence doesn’t stop after the initial screening. Ongoing monitoring capabilities are crucial to identify and address any new risk-relevant information promptly.
As the demand for due diligence best practices increases, leveraging advanced technology solutions can create efficiencies and promote accuracy in the CBI process. By asking the right questions, one can identify the best solutions to meet the needs of the industry.
Transparency vs. Confidentiality in Second Citizenship
The issue of transparency versus confidentiality is a hotly debated topic in the second citizenship industry. This article, by Giselle Bru, COO of PassPro Immigration Services, explores the delicate balance between the need for transparency and the right to privacy for citizenship applicants.
The Debate
Applicants often wonder to what extent background checks will invade their privacy. Questions about whether authorities will inform employers or contact business associates highlight the discomfort many feel about the intrusion into their personal lives.
The Goal of Due Diligence
Due diligence aims to confirm an applicant’s identity, ensure the legitimacy of their funds, and assess any potential security or reputational risks. While transparency is crucial for the integrity of citizenship programs, it must be balanced with the individual’s right to privacy.
Case Study: Cyprus
In April 2018, Cyprus rejected a proposal to publish the names of foreign nationals granted citizenship, citing no legal basis for such disclosure. This decision underscores the importance of protecting personal data while ensuring governmental oversight.
Balancing transparency with confidentiality is essential for the legitimacy of citizenship programs. By protecting individual privacy while maintaining rigorous due diligence, the industry can foster trust and integrity.
Reshaping Philanthropic Giving
The philanthropic landscape is evolving, driven by trends in the Ultra-High-Net-Worth (UHNW) population. This article examines how these trends are reshaping philanthropic giving and creating meaningful changes globally.
The Role of UHNW Individuals
UHNW individuals, those with a net worth of $30 million or more, are responsible for a significant portion of global charitable donations. On average, they donate $29.6 million over their lifetimes, with total global UHNW public lifetime giving estimated at $550 billion to date.
Education and Health
Education and health are the most popular causes among UHNW philanthropists, followed by environmental issues. These individuals feel a responsibility to contribute to preserving culture, history, and long-term projects that improve living standards.
Innovative Models
New models of giving, such as the Global Citizen Tax Initiative led by Arton Capital, propose a 2% levy on investments in citizenship programs to fund pressing humanitarian needs. This initiative exemplifies how UHNW investors can maximise their impact through structured and efficient giving methods.
The evolving philanthropic model is particularly appealing to entrepreneurs and UHNW individuals looking for tax-efficient and impactful ways to give. By leveraging these trends, Global Citizens can create unprecedented opportunities for millions around the world.
Antigua Island Girls Making History
The Antigua Island Girls are making history as the first all-female team from the Caribbean to participate in the Talisker Whisky Atlantic Challenge. This article highlights their journey and the significance of their participation.
The Challenge
The Talisker Whisky Atlantic Challenge is a gruelling 3,000-nautical mile row from La Gomera in the Canary Islands to Antigua. Depending on the trade winds, the journey can take between 30 and 85 days.
Breaking Barriers
The Antigua Island Girls are not only the first female team from the Caribbean but also the first all-black team to attempt this transatlantic row. Their participation symbolises breaking barriers and setting new precedents in the world of competitive rowing.
Community Support
The team has received overwhelming support from their community and beyond. Their journey has inspired many and brought attention to the capabilities and resilience of Caribbean women.
The Antigua Island Girls’ participation in the Talisker Whisky Atlantic Challenge is a historic moment. Their determination and courage serve as an inspiration, showcasing the power of perseverance and the spirit of the Caribbean.
Tommy Clarke: Capturing the Beauty of Antigua & Barbuda
Tommy Clarke is renowned for his breathtaking aerial photographs of Antigua & Barbuda. This interview delves into his work, his inspirations, and his experiences capturing the islands from above.
Fear of Heights
Despite having a fear of heights, Tommy Clarke has built a portfolio of stunning aerial images. His love for photography and the desire to capture unique perspectives drive him to overcome his fears.
Helicopter vs. Drone
Clarke prefers using helicopters over drones for his photography. He believes that the ability to study landscapes from a helicopter enhances his craft, allowing him to capture the natural beauty of the islands more effectively.
The Perfect Shot
For Clarke, the perfect shot is one that is not instantly recognizable as a photograph, featuring great colours, textures, and framing. His goal is to highlight the true beauty of the world around us.
Tommy Clarke’s work provides a unique glimpse into the natural beauty of Antigua & Barbuda. His passion for photography and his ability to overcome challenges make his images truly special.
Is Blockchain the Solution to Caribbean De-risking?
Blockchain and cryptocurrency are hot topics around the world today. In this issue, we look at how fintech may be the solution for Caribbean de-risking. We caught up with Nick Cowan, CEO of the Gibraltar Stock Exchange (GSX) and Gibraltar Blockchain Exchange (GBX), who explains how Gibraltar shares characteristics with jurisdictions in the Caribbean and why cooperation can facilitate small nations joining the global tokenized securities revolution.
The De-risking Challenge
De-risking, the trend of global banks to sever relationships with clients perceived as high risk, has heavily impacted Caribbean economies. This move is primarily driven by stringent international regulations aimed at combating money laundering and terrorism financing. The result has been reduced access to international banking services, which hampers economic growth.
Blockchain as a Potential Solution
Blockchain technology offers a decentralised ledger that enhances transparency and security, potentially reducing the compliance burden on banks. By facilitating secure and transparent transactions, blockchain can help Caribbean countries maintain international banking relationships.
Insights from Nick Cowan
Nick Cowan highlights the potential for collaboration between Caribbean nations and jurisdictions like Gibraltar. Such partnerships could leverage blockchain technology to create a more inclusive financial environment, enabling small economies to integrate into the global market.
Blockchain technology holds promise as a tool to address the de-risking challenges faced by Caribbean economies. By adopting blockchain solutions, these nations can improve their financial resilience and access to international banking services.
Sea Turtle Conservation High on the Agenda
Sea turtles are among the most iconic creatures found in the Caribbean, and their conservation is a high priority. This article explores the ongoing efforts to protect these majestic animals and the habitats they rely on.
The Importance of Sea Turtles
Sea turtles play a crucial role in maintaining the health of marine ecosystems. They help control jellyfish populations and contribute to the nutrient cycle of beach ecosystems. Protecting sea turtles is not just about preserving a single species but ensuring the balance of the entire marine environment.
Conservation Efforts
Various organizations and volunteers are working tirelessly to safeguard sea turtle populations. These efforts include protecting nesting sites, rescuing injured turtles, and educating the public about the importance of conservation. Involving local communities and tourists in conservation activities has proven to be effective in raising awareness and support for these initiatives.
Challenges and Solutions
Despite the progress, sea turtle conservation faces significant challenges such as habitat loss, pollution, and illegal poaching. Innovative solutions and stronger enforcement of protection laws are necessary to overcome these hurdles. Collaboration between governments, NGOs, and the private sector is essential for the long-term success of conservation programs.
The conservation of sea turtles is critical for the health of Caribbean marine ecosystems. Continued efforts and increased collaboration can ensure that future generations can enjoy and benefit from these incredible creatures.
The Antiguan Carnival Celebration
The Antiguan Carnival is a celebration of music and dance held annually from the end of July to the first Tuesday in August. This article provides a glimpse into the vibrant festivities that attract thousands of visitors every year.
History and Significance
Antigua’s first fête took place on the 1st August 1834, when people took to the streets to celebrate the emancipation of slavery. It continued as an informal celebration until 1957, when the first official Antiguan Carnival was organized. The festival has since evolved into 10 days of music and dance with street marches, jump-ups, formal evening shows, and numerous smaller festivities.
The Excitement of Carnival
In the run-up to the celebrations, the excitement on the streets of St. John’s is palpable. Troupes set up their ‘Mas Camp’ to prepare intricate and beautiful costumes, while pan bands gather to practice for the revelry. Carnival officially opens on the first Saturday, followed by the grand street party called j’ouvert on the first Monday of August, culminating in ‘Last Lap’ on Tuesday night.
Visitor Experience
Antigua’s Carnival attracts thousands of visitors and returning residents every year. With so many festivities, concerts, and shows, there is plenty to do for everyone. Visitors are welcome to join in the spontaneous fun and experience the cultural richness of Antigua & Barbuda.
The Antiguan Carnival is not just a festival; it is a profound cultural expression that brings joy and unity to the people. It is a perfect time for visitors to immerse themselves in the vibrant culture of Antigua & Barbuda.
Explore cutting-edge technology solutions for Citizenship by Investment due diligence, transparency, and conservation efforts. Continue reading Issue 3 to learn more or get the full PDF of Issue 2 here.
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