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	<title>Times of the Islands &#187; Summer 2001</title>
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	<description>Sampling the Soul of the Turks &#38; Caicos Islands</description>
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		<title>Treasure or Trash</title>
		<link>http://www.timespub.tc/2001/06/treasure-or-trash/</link>
		<comments>http://www.timespub.tc/2001/06/treasure-or-trash/#comments</comments>
		<pubDate>Fri, 01 Jun 2001 05:00:58 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Features]]></category>
		<category><![CDATA[Summer 2001]]></category>

		<guid isPermaLink="false">http://timespub.server277.com/?p=594</guid>
		<description><![CDATA[Combing TCI&#8217;s Beaches Story by Marsha Pardee Woodring Photos by Pamela Leach Arise and awake. Slip out to the beach at morning&#8217;s first light and let the sand sift through your toes. A new day, a new adventure has begun. Treasures await those who truly love the surprises the sea brings to land. For some, [...]]]></description>
			<content:encoded><![CDATA[<p><img class="size-full wp-image-597 alignright" title="ftprbch" src="http://timespub.server277.com/wp-content/uploads/2009/03/ftprbch.jpg" alt="ftprbch" width="229" height="154" />Combing TCI&#8217;s Beaches<br />
Story by Marsha Pardee Woodring<br />
Photos by Pamela Leach</p>
<p>Arise and awake. Slip out to the beach at morning&#8217;s first light<br />
and let the sand sift through your toes.<br />
A new day, a new adventure has begun.<br />
Treasures await those who truly love the surprises<br />
the sea brings to land.</p>
<p>For some, beachcombing is more than just a leisurely stroll on the strand looking for patterned jewels of the sea. It&#8217;s a passion that exudes exhilaration at the prospect of discovering a new beach and all its otherworldly offerings. For this searching soul, the daily tides bring a cornucopia of delights, with no deference to whether the world considers it treasure or trash.</p>
<p>Some beaches seem to literally absorb the ocean&#8217;s flotsam. From tennis shoes to tires, it all floats in. Flotsam as opposed to jetsam. I like to think of jetsam as those things regurgitated from the belly of the deep blue like the sea glass that seems to erupt in a multitude of fogged but brilliant hues along the shores of certain beaches. In a strict dictionary sense though, both terms are used synonymously for the numerous nauticalized bits that are inadvertently jettisoned overboard.</p>
<p>It&#8217;s hard to say what makes a perfectly suitable beach, but we know it depends upon oceanic circulation and, of course, the passionate collector&#8217;s own personal bent. Some of us prefer a lightly spattered beach, speckled with seaglass, small portions of driftwood, and the teeny, tiny shells. Others want bales of weedline to rifle through, literally littered with flotsam and jetsam debris.</p>
<p>Whatever the personal preference, there is an abundance of both extremes in the Turks &amp; Caicos Islands. With beaches facing nearly every point on the compass rose, they offer the gambit to those so inclined. The waters surrounding us are pushed and pulled by currents and winds vectored from every direction, transporting troves of treasures from origins unknown. These physical processes are further augmented by the affluency of the tides. Their intermingled effects, including the season&#8217;s temporal changes and lay of the land, directs the debris on a not-so-particular path.</p>
<p><img class="alignleft size-full wp-image-595" title="rgdbch" src="http://timespub.server277.com/wp-content/uploads/2009/03/rgdbch.jpg" alt="rgdbch" width="220" height="147" />For those with a nose on the scientific side, the following are a few simple factors. First, promise not to tell the tourists, but the waters surrounding the TCI are actually part of the Atlantic Ocean, not the Caribbean Sea. In terms of swirling water, this puts us in a gyre or closed loop system that circulates clockwise between the surrounding continental land masses. Several surface currents are part of this gyre including the North Equatorial Current, which sweeps by us in a westward flowing motion. The Florida, Gulf Stream and Canary Currents complete the loop but may interact with the Labrador and North Atlantic Currents in the north and the Equatorial Counter Current to the south. These, in turn, are touched by others in this mass of swirling soup.</p>
<p>Of course wind is a major contributing factor to these surface current patterns. Those lovely tropical trade-winds (found in the 20 degrees North and South latitudes) blow from the northeast in the Northern Hemisphere and from the southeast on the southern side of the equator. In the Turks &amp; Caicos, we get to experience a bit of both. East is the prevailing theme of the wind rose, swinging from the north (east) more in the colder months and more southerly (southeast) in warmer times.</p>
<p>Then there are the tides to consider. Average tidal range here is one meter (three feet), but depending on Father Moon, some tides are stronger&#8211;pushing debris further and more forcefully onshore. Spring tides occur when sun, moon and earth are in line, a.k.a. our full and new moons. These tides are stronger than the neap tides, which occur mid-wax and mid-wane when the sun, moon and earth are at right angles.</p>
<p>Add a dose of seasonality, which tends to change surface wind patterns somewhat (and therefore surface current flow slightly), and the origins of a particular item become blurred in the brew. Toss in a storm a two on a good spring tide and a particular beach literally seems to breed.</p>
<p>One must also consider the level of protection afforded to an individual beach. If it is guarded by a fringing reef and expansive protective lagoon, such as Grace Bay on Providenciales, you&#8217;ll find little in the way of good sea bearing trash. (But, unfortunately, there is the daily debris left behind from our less considerate beachgoers.) Other islands, with their fringes close to shore or less exposed, have more to offer in the flotsam and jetsam realm. Those south and east facing beaches that have merely miles of bankside flats to overcome tend to do well in terms of collecting odd debris, particularly when the westward flowing currents are in concert with the southeasterly winds.</p>
<p>So you may never know what comes from where, but to many that is all part of the allure. Ah, but one can hazard an educated guess as to the original intent of the item in question. Some things are quite apparent: fishing gear, such as nets, buoys and the strangling bit of line. Freight containers lost at sea have actually added to the scientific body of knowledge on the patterns of ocean currents. By tracking loads of lost hockey gloves, tennis shoes and the like from the place they were inadvertently pitched overboard to where they washed ashore, scientists have been able to ascertain the many factors associated with the drifting seas. The horrible habit of ocean dumping has also contributed most notably to the baggage on the beaches, carrying a plethora of strange and exotic plastics among other things, that will likely roam the earth till its very end.</p>
<p><img class="alignright size-full wp-image-596" title="carry" src="http://timespub.server277.com/wp-content/uploads/2009/03/carry.jpg" alt="carry" width="130" height="158" />Regardless of their offensive origins, the beach litter bum revels in the briny delights. &#8220;Oh I could use this for . . . &#8221; or &#8220;Wouldn&#8217;t that make a nice . . . &#8221; are oft-heard mutterings of the truly dedicated. Next thing you know, you need a backhoe to haul it all home. Then you have to stop, pick and choose (that painful experience that nearly ruins the blissful day), until you stagger off the beach with your prizes clutched preciously to your chest, pockets bulging in your pants and wishing you knew how to carry things on your head.</p>
<p>I make a motion that those so inclined are furthermore known as the &#8220;Recyclers of the Sea.&#8221; After all, there should be some officious dignity for all these valiant efforts. The bounds that one goes to just to make it all seem purposeful. &#8220;Look honey, I found this huge light bulb today, if you could just mount it somehow, I&#8217;ll use it by my computer to inspire my writing,&#8221; or &#8220;We could paint up these old floats and sell them to tourists.&#8221; Obviously, there are numerous ways of justifying the habits of the junkyard junky (it&#8217;s FREE, for starters), and it&#8217;s truly all part of the fun.</p>
<p>I guess by now you have figured out that I am one of these beach litter kleptos, but I&#8217;ve come out of the closet and confessed my crimes. My soul is now purged of the piles of seaglass and shells I&#8217;ve absconded with over the years and the menagerie of this and that. My penance is giving you a few clues to the secrets of the swirling seas. You didn&#8217;t really expect me to tell you exactly where all the good beaches are, did you? Now that my conscience is clear, it&#8217;s time to head back for more. So maybe I&#8217;ll meet you out browsing our plentiful shores.</p>
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		<title>Reservations Suggested</title>
		<link>http://www.timespub.tc/2001/06/reservations-suggested/</link>
		<comments>http://www.timespub.tc/2001/06/reservations-suggested/#comments</comments>
		<pubDate>Fri, 01 Jun 2001 05:00:47 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[New Development]]></category>
		<category><![CDATA[Summer 2001]]></category>

		<guid isPermaLink="false">http://timespub.server277.com/?p=1003</guid>
		<description><![CDATA[The Palms Grand Resort By Kathy Borsuk It&#8217;s doubtful that the Turks &#38; Caicos Islands are still the &#8220;best kept secret in the Caribbean.&#8221; I say this because The Palms Grand Resort and Spa&#8211;among the newest Grace Bay condominium/resort projects &#8212; is able to command a $20,000 deposit from potential investors to be placed on [...]]]></description>
			<content:encoded><![CDATA[<p><strong>The Palms Grand Resort</strong><br />
By Kathy Borsuk</p>
<p>It&#8217;s doubtful that the Turks &amp; Caicos Islands are still the &#8220;best kept secret in the Caribbean.&#8221; I say this because The Palms Grand Resort and Spa&#8211;among the newest Grace Bay condominium/resort projects &#8212; is able to command a $20,000 deposit from potential investors to be placed on a &#8220;preferred&#8221; reservation list. A spot on the list entitles them to be the first to view the final architectural drawings and to have a priority choice of location within the development.</p>
<p>Before you think this is arrogance on the part of the developer, consider the facts. The Palms will occupy a prime oceanfront spot on one of the few remaining sites on Providenciales&#8217; Grace Bay Beach. Its development team of Stan Hartling (The Sands) and Mervin Cox (Coxco Construction) boasts a sterling reputation. And, The Palms is unique among upscale condominium projects in that it is the first to be designed as a fully functional resort&#8211;with a comprehensive rental program, spa and gourmet restaurant&#8211;from the very start.</p>
<p>Project developer Stan Hartling explains why he thinks the market is right for a project like The Palms, &#8220;Over the last five years, Providenciales has matured dramatically and it is now seen as an exclusive destination. It&#8217;s finally possible to justify the economics of renting well-appointed vacation suites in a higher price range. So from day one, we conceived The Palms as a premium resort with all the amenities. For instance, there will be an on-site gourmet restaurant, full bar, spa, fitness center, multiple pools, maid service, and the lobby will be an integral part of the property. The rental program will also support extras such as watersports and a concierge that are often not part of a typical condominium development.&#8221;</p>
<p>The Palms will occupy a seven acre site with 445 feet of beachfront between the existing Sibonne Hotel (formerly Le Deck) and the under-construction Alexandra Resort. Hartling says he waited for years for the location to become available, appreciating its beautiful westerly exposure (perfect for sunsets!), sense of privacy, sweeping vistas and good swimming beach. Native Turks Islander Mervin Cox secured the Crown Land under a lease/purchase agreement with TCI Government and selected Hartling from a number of potential developers because, Cox declares, &#8220;I knew of his reputation and there was just something I liked about him. We came to terms on the joint venture agreement very easily, which provided equal and mutual benefits.&#8221;</p>
<p>At press time, conceptual drawings were being finalized by Nichols, Brosch and Sandoval Associates, architects out of Coral Gables Florida, with extensive experience in condominium resort and other five star projects, including those for Ritz-Carlton, Four Seasons, Hyatt, Lowes and Peabody. Hartling describes the design as &#8220;quasi-Plantation style,&#8221; utilizing marble, natural stone and premium woods and emphasizing privacy for its guests, with public spaces at the site&#8217;s interior, well-buffered by luxurious landscaping. Cox, a builder by trade, puts it more bluntly, &#8220;It will go to an upgraded level of construction and look different, inside and out, than anything already here. We intend to produce a development of dramatic architectural merit that will mesh gracefully into the environment.&#8221;</p>
<p>Of the 60 to 70, two and three bedroom units planned, the main focus will be on oceanfront suites. Prices will start at $600,000 and range upwards over $1.2 + million for penthouses. And that, Hartling says, is just what investors are looking for. &#8220;Thanks to the excellent track record that developers have already set here, investors have no qualms about the potential of Grace Bay property. I&#8217;m a huge believer in the value of the beach and know that people will recognize what an opportunity this is when compared to other locations such as Cayman or Barbados. There is simply no product available on the market like The Palms.&#8221;</p>
<p>&#8220;A typical Palms owner,&#8221; Hartling adds, &#8220;is an entrepreneur, the kind of person who doesn&#8217;t like to see assets sit idle. They want a second home in the Caribbean and understand that this is the most logical way to have one. The rental income covers extra expenses while the capital itself appreciates, and the resort management team takes over the responsibility of maintenance and upkeep. It&#8217;s a win-win situation that makes the buying decision easy.&#8221;</p>
<p>The fact that a number of people enrolled in the &#8220;Preferred Choice Reservation Program&#8221; are owners at Hartling&#8217;s premiere TCI condominium resort project, The Sands at Grace Bay, comes as no surprise. Oceanfront units there have been long sold out, and the $30+ million development met and exceeded all promises made to its 90 owners. In fact, Hartling states, &#8220;I&#8217;m very proud that in the three years since the first building opened at The Sands, only one owner has chosen to re-sell their unit, and this is only because they, like several others, owned two. We took special care in bringing together a long-term group of people with common goals and clearly defined where the resort was headed. Then we always took the extra step to ensure they were satisfied. That&#8217;s how we plan to market The Palms, as well.&#8221;</p>
<p>Palms partner Mervin Cox agrees that he and Hartling think alike, &#8220;We&#8217;re going the same way.&#8221; As Managing Director of Coxco Construction, Cox has led a number of successful projects in the Turks &amp; Caicos, including the renovation and new construction at exclusive Parrot Cay; the French Village at Beaches resort; and the Providenciales airport terminal. Coxco is currently building The Renaissance on Grace Bay condominiums and negotiating a number of exclusive private homes on Parrot Cay. Cox looks forward to overseeing construction at The Palms&#8211;which he anticipates will begin in April, 2002&#8211;and appreciates the value of Hartling&#8217;s low-key but sincere approach.</p>
<p>&#8220;I like to do things quietly, with no fanfare,&#8221; Hartling states. This and his analytical approach to development are a reflection of his initial background as a Chartered Accountant in Nova Scotia, Canada. Hartling first came to Providenciales in 1995 for an investment seminar at the law firm of McLean McNally. He recalls, &#8220;I was excited by the potential of Grace Bay and the fact that there was a golf course and so many thriving restaurants. I could feel in my gut that the island was just about to become a world-class destination.&#8221; Hartling followed his instincts and, along with Don Jensen of Temple Mortgage, searched out and purchased The Sands property&#8211;where construction commenced in September, 1997.</p>
<p>With the last of six buildings at The Sands finished this summer, Hartling is eager to move on to his latest endeavor. He says, &#8220;This opportunity to work with Mervin seems like the next progression of blending into the country and provides the opportunity to work directly with a very talented local entrepreneur. Our skill sets are well-matched and we both have a lot we can learn from each other. I feel that teams of this sort are the future of the Islands.&#8221;</p>
<p>For more information, call (649) 946-8666.</p>
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		<title>Quality Assurance</title>
		<link>http://www.timespub.tc/2001/06/quality-assurance/</link>
		<comments>http://www.timespub.tc/2001/06/quality-assurance/#comments</comments>
		<pubDate>Fri, 01 Jun 2001 05:00:25 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Summer 2001]]></category>

		<guid isPermaLink="false">http://timespub.server277.com/?p=824</guid>
		<description><![CDATA[By Kathy Borsuk Paul de Weerd has served as Superintendent of TCI&#8217;s Financial Services Commission for the past three years, steering it through a veritable blizzard of international initiatives. He remains upbeat and positive about the future of one of TCI&#8217;s most important and deep-rooted industries. He recently took time from his busy day to [...]]]></description>
			<content:encoded><![CDATA[<p><img class="alignright size-full wp-image-825" title="weerd" src="http://timespub.server277.com/wp-content/uploads/2009/03/weerd.jpg" alt="weerd" width="134" height="137" />By Kathy Borsuk</p>
<p>Paul de Weerd has served as Superintendent of TCI&#8217;s Financial Services Commission for the past three years, steering it through a veritable blizzard of international initiatives. He remains upbeat and positive about the future of one of TCI&#8217;s most important and deep-rooted industries. He recently took time from his busy day to answer questions poised by Times of the Islands Editor Kathy Borsuk.</p>
<p>What is the current role of the Financial Services Commission? How has it recently changed?<br />
The Financial Services Commission (FSC) is the financial services regulator for the Turks &amp; Caicos Islands. It is responsible for monitoring our banks, insurance industry, trustees and corporate service providers. We also have responsibility for the Registry of Companies and the Registry of Trademarks.</p>
<p>The FSC is currently a government department, but a Bill which is before our Legislative Council would transform the FSC into a statutory board. All being well, the new Board should be in place by Autumn 2001.</p>
<p>How does the FSC work in conjunction with the Financial Industry Association?<br />
The formation of the Financial Industry Association (FIA) has been a major step forward. It allows the whole industry to take a view of the future of financial services in the Islands. As well as providing a single, consistent voice for the industry in talking to government, the FIA has taken over responsibility for promotion of the Islands as a place to do business in financial services. The FSC was strongly in favour of its formation and I think that it will be a major long term asset to the Islands.</p>
<p>What are the most recent statistics in terms of number of companies formed? How does this compare with previous years? In 2000 there were just over 2,300 Exempted companies (IBCs) and 400 Ordinary companies (local businesses) formed. That is a fairly typical year for TCI, which has averaged 2,500 to 3,000 companies annually for several years. We are not a bulk incorporator of IBCs, which we view as an important element of many structures, but an aspect of the industry which is rather a commodity and largely ex-growth.</p>
<p>TCI has often been described as being on the cutting edge of new legislation. What are some of the recent bills that have been passed? Do they make TCI a more attractive jurisdiction?<br />
The Mutual Funds Ordinance is just about to take effect and that should increase the attractions of TCI as a place from which to operate these investment funds. One of the aspects which my colleagues have developed is a definition of qualifying investor (for specialist funds) which relies upon the investor&#8217;s actual knowledge and investment experience rather than simply total wealth. This allow sophisticated investors to use such funds even if their gross wealth is lower than in some other jurisdictions.</p>
<p>The Electronic Transactions Ordinance was passed last October. It provides for recognition of electronic signatures and contracts in line with standards set by the United Nations body UNCITRAL. This is an item of essential infrastructure. It allows businesses and their customers to have legal certainty. As such it is an important part of the development of e-commerce, but not the answer in itself.</p>
<p>People come to TCI because of the quality of lifestyle and professional services. Legislation can bring in business, but the essential thing is having the right product: it is the quality of the financial services industry which ultimately brings people to TCI.</p>
<p>We have also updated our trademarks legislation and plan to replace it completely over the next year.</p>
<p>I read your comment that the financial services industry is providing jobs for local graduates. Are education and training primarily being sponsored by the government or by the private sector?<br />
A well-educated workforce is essential in today&#8217;s world. The TCI has invested heavily in further education over the past years, through scholarships for study abroad (mainly in the USA and University of the West Indies) and through expansion of the Community College, which will move into a new campus later this year.</p>
<p>To date, the Government has concentrated on getting people up to degree standard and relied mainly on the private sector to sponsor vocational training. This year, members of the trust industry put a dozen staff through the pre-professional stage of the Society of Trust and Estate Practitioners (STEP) examinations, out of less than 100 people employed by the trust industry in the Islands.</p>
<p>What were some of the major findings of KPMG&#8217;s recent regulatory review of TCI&#8217;s financial services industry? What is happening in response?<br />
KPMG&#8217;s specialist financial services consultancy, based in Leeds, England, was employed to carry out a review of financial services regulation in the six UK Overseas Territories (OTs) in the region. The OTs met half the cost of the study themselves. We all recognise that our competitive edge comes from being amongst the cleanest and safest places to invest offshore. The report measured us against best international practice and was published last October.</p>
<p>In response to the report, we have already brought forward Bills to establish the FSC as a statutory Board and to increase our powers to assist overseas regulators and three amendments to cover specific priorities in the fight against money laundering. The rest of KPMG&#8217;s recommendations are being tackled in priority order and should be complete by the end of 2002 at the latest.</p>
<p>What is the status of the OECD&#8217;s &#8220;harmful tax competition&#8221; report and the TCI government&#8217;s reaction?<br />
We have a longstanding policy that in so far as the OECD initiative addresses criminal tax evasion, the TCI sympathises with the initiative. We continue to have misgivings about the OECD&#8217;s plans for the extension of the same principles to legal tax planning, but are continuing discussions. It is noteworthy that a recent speech by the OECD Secretary-General decried tax evasion, but recognised the legitimacy of tax planning.</p>
<p>How much relevance does the work of the FSC have for the average person living in the Islands?<br />
More than it might appear at first glance. Of course the industry provides jobs, but there is more to it than that. We regulate the local insurance companies and we are looking into ways to provide a framework for improvements to local services. There are plans for a Bill for credit unions, to encourage savings amongst the poorer groups in society who are not commercially attractive to the banks. We are also looking into consumer credit provisions to require lenders to supply a written APR to borrowers, thus helping them to compare offers on different terms. Both of these steps should lead to better informed, and hopefully, better served, consumers and savers.</p>
<p>What do you see for the future of TCI&#8217;s financial services industry?<br />
I think that there will continue to be pressure on purely tax-driven business, but our most successful product, the Producer Owned Reinsurance Company, is tax neutral in that there is no tax advantage in forming the company here rather than in the US&#8211;it is quality of service that brings people here. Our priority will be to have TCI recognised as a safe place to invest, not just one which is tax-advantageous.</p>
<p>When you leave in June, where will you go next, and who will follow in your footsteps?</p>
<p>I plan to return to the UK so I can see some rain and fog again! Whoever takes over will have a good team to work with and I hope that the flood of international initiatives will finally abate a little.</p>
<p><strong><img class="size-full wp-image-826 alignleft" title="cnly" src="http://timespub.server277.com/wp-content/uploads/2009/03/cnly.jpg" alt="cnly" width="128" height="248" />SPREADING THE WORD</strong></p>
<p>The Financial Industry Association (FIA) has made brisk strides forward in its first full year of operation. FIA President Joseph P. Connolly, Managing Director of PricewaterhouseCoopers Ltd., recently discussed this progress with Times of the Islands Editor Kathy Borsuk.</p>
<p><strong>Why was the FIA formed?</strong><br />
For some time, the Financial Services Commission (FSC) had wanted one voice to represent the financial services industry when it came to legislation recommendations, but it was really the Edwards Report that acted as a catalyst. The Edwards Report recommended that organizations such as the FSC should not be involved in marketing in the jurisdiction it was tasked to regulate. It was decided that the FIA could step into place to advertise and promote the financial products available here. At the same time, the serious international targeting of financial centers required that the industry present a united front.</p>
<p>Member organizations include the Bar Association, Society of Accountants, Association of Insurance Managers, Association of Bankers, Society of Trust Practitioners and Association of Securities Dealers. Soon to be added is the Association of Company Managers. Each group has one representative on the Executive Committee, with the larger Bar and Bankers associations having two representatives each. The representatives have the responsibility of presenting to FIA the consensus viewpoint of their association, then returning to their association to share FIA consensus.</p>
<p><strong>What has been the FIA&#8217;s major role so far?</strong><br />
This year, we focused our attention on dealing with recommendations from the KPMG regulatory review and responding to international initiatives which affect the industry, including the OECD harmful tax competition report and the FATF efforts to implement anti-money laundering recommendations. Our goal was to ensure that the FIA&#8217;s views were made clear to the Financial Services Commission, who in turn make representation to the UK government and the various bodies.</p>
<p>It has been a very difficult year for the industry, which has had to come to grips with the various initiatives and changes in the law that have affected all the financial centers of the Caribbean. One thing that has been made clear is that the status quo was not an option. I believe that the FIA has been instrumental in ensuring that we protect the financial industry while actively engaging in a constructive dialogue.</p>
<p><strong>How has recent legislation worked towards this cooperative effort?</strong><br />
Actually, much of the legislation had been under discussion for several years, including the Money Laundering and Company Managers Regulations, both of which are now in effect. The purpose of these regulations is to protect the consumer and to ensure that TCI is not used as a base for criminal activities by emphasizing &#8220;know your client&#8221; type rules. Basically, the money laundering bill puts the onus on the financial service professional with a legal obligation to report suspicious transactions to the Financial Investigations Unit. There is no doubt in my mind that if we did not have this legislation, we would be on the FATF &#8220;black list.&#8221;</p>
<p>The new company managers legislation serves to regulate company managers through licensing and approval (in the same fashion as trustees), and there is an ordinance in the works to do the same for securities dealers. A major part of this legislation, which is also reflected in the bearer shares bill currently under consideration, is a strong &#8220;know your client&#8221; emphasis. Again, the onus is on the financial professional to check references, evaluate character, and make every effort to ensure that a client is not a financial fraudster or money launderer.</p>
<p>A secondary result of these legislative efforts, as well as the Control of Drugs (Trafficking) Ordinance 1998 and Proceeds of Crime Ordinance 1998, is that TCI was recently granted Qualified Jurisdiction status by the US Internal Revenue Service (IRS).</p>
<p><strong>What does the Qualified Jurisdiction Status entail?</strong><br />
This status was granted after application to the IRS demonstrated that TCI implemented appropriate &#8220;know your customer&#8221;/anti-money laundering and drug trafficking procedures to international standards. As a result, TCI financial institutions (banks) wishing to deal in US securities have the opportunity to apply for Qualified Intermediary status. If accepted, those institutions will be able to receive income on behalf of US clients in a streamlined manner, without being required to provide as much information as a non-qualified intermediary. It&#8217;s basically an IRS stamp of approval that TCI is a well-regulated jurisdiction.</p>
<p>It was the Bankers Association, led by Evrard Bordier, who spearheaded the application process, but they looked to the FIA for support. Our members agreed that this status would benefit the industry as a whole and voted to provide the financial support that helped make it possible.</p>
<p><strong>How does FIA see the future of TCI&#8217;s financial services industry?</strong><br />
We&#8217;re a small, robust jurisdiction that does certain things very well: producer-owned reinsurance, for instance, is one of our specialties. As such, we have probably positioned ourselves as a &#8220;boutique&#8221; financial services market rather than as a mass market player such as BVI or Cayman. With the international view of the industry now, and competition from many other financial centers, I doubt we&#8217;ll ever become another Cayman. And actually, that&#8217;s probably not a bad thing.</p>
<p>FIA Marketing Chairman Keith Burant discussed FIA&#8217;s promotion plans for the upcoming year:<br />
We are developing a web site that will include general information about TCI financial services as well as links to each of the financial services providers. We also plan to produce a bi-annual newsletter which will be direct-mailed to business professionals who have used the Islands&#8217; financial services in the past. Resources have been set aside to support a TCI presence at the annual RIMS conference and to fund advertisements in selected publications.</p>
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		<title>Homo Delphinus:</title>
		<link>http://www.timespub.tc/2001/06/homo-delphinus/</link>
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		<pubDate>Fri, 01 Jun 2001 05:00:20 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Features]]></category>
		<category><![CDATA[Summer 2001]]></category>

		<guid isPermaLink="false">http://timespub.server277.com/?p=585</guid>
		<description><![CDATA[The Dolphin Within Man Excerpt from a book by Jacques Mayol ABOUT THE AUTHOR: Jacque&#8217;s Freediving Sled Jacques Mayol is a world-famous diver widely acclaimed for his pioneering work in the field of deep breath-hold diving and for his historic, record-setting dive of 100 meters (330 feet) during a program of experimental and medical research [...]]]></description>
			<content:encoded><![CDATA[<p><img class="alignright size-full wp-image-591" title="maylhse" src="http://timespub.server277.com/wp-content/uploads/2009/03/maylhse.jpg" alt="maylhse" width="193" height="130" />The Dolphin Within Man<br />
Excerpt from a book by Jacques Mayol</p>
<p>ABOUT THE AUTHOR:<br />
Jacque&#8217;s Freediving Sled</p>
<p>Jacques Mayol is a world-famous diver widely acclaimed for his pioneering work in the field of deep breath-hold diving and for his historic, record-setting dive of 100 meters (330 feet) during a program of experimental and medical research in deep breath-hold diving in 1976. He was the first man to reach this remarkable depth, diving the way dolphins do, with one breath!</p>
<p>What many people may not realize is that Jacques Mayol has been entranced with the Turks &amp; Caicos Islands&#8211;South Caicos, in particular&#8211;since 1959. He is still a resident of Belle Sound, South Caicos and can often be found there when not traveling the globe.</p>
<p>Even at the age of 74, Mayol continues to swim and dive almost every day. It is not unusual for him to stay underwater for as long as four minutes without taking a breath and free-dive to 40 meters (120 feet).</p>
<p>Jacques Mayol&#8217;s life was the subject of Luc Besson&#8217;s film, &#8220;The Big Blue&#8221; (Le Grand Bleu), in which he was portrayed by actor Jean-Marc Barr. Mayol is especially popular in Japan, where he now spends much of his time writing and producing documentary films, and, as a result, many Japanese people have interest in the Turks &amp; Caicos Islands.<br />
His beautifully illustrated book, HOMO DELPHINUS The Dolphin Within Man, is considered the &#8220;bible&#8221; for breath-hold divers. The high-quality volume serves as both autobiography, adventure tale, travelogue and scientific text as Mayol explores the question of whether or not man can develop the potential of his aquatic origins.</p>
<p>Of special interest are Mayol&#8217;s profiles of people who still dive for food the way it has been done for years, in &#8220;apnea&#8221; (suspension of respiration). Besides describing Japanese Ama divers and Philippine Badjaos, Mayol talks about the lobster and conch fishermen of the Turks &amp; Caicos Islands, including two who were protagonists of Mayol&#8217;s first novel, The Blue Abyss, and subjects of two film documentaries.</p>
<p>Foremost in the book is Mayol&#8217;s analysis of his spiritual connection to the sea and its creatures. He introduced the powers of Yoga and Oriental philosophies to deep diving, which makes him psychologically very powerful. He stresses the benefits Yoga and Zen can have to future generations of free divers.</p>
<p>In the early 1960s near Iguana Cay, Mayol interacted with a young dolphin who he firmly believes is Jo-Jo, today declared one of the Turks &amp; Caicos&#8217; national treasures. Following is an excerpt from HOMO DELPHINUS which describes Mayol&#8217;s encounters with the famous dolphin.</p>
<p><strong>JO-JO</strong></p>
<p>I have always preferred the Islands. My parents lived in China beginning in the early 1920s. They enjoyed spending their summer holidays far from Shanghai&#8217;s sweltering humidity, on Kiou Shou, one of the islands of the Japanese archipelago. Here, in the great Bay of Karatsu, I swam for the first time with wild dolphins. I was only a child. Later, as an adult, I swam with dolphins many times, but I can recall in particular one totally unexpected meeting with a young lone dolphin off Joe Grant Cay in the Turks &amp; Caicos Islands.</p>
<p>It was in the mid 1980s. I would usually leave my home on Belle Sound on South Caicos in a fast flat-bottom boat with one or two friends to go to my favorite place. It was a wild spot around 20 nautical miles away, at the northern tip of the large island of East Caicos in the middle of Jacksonville Bay. There is a very picturesque islet there named Iguana Cay. It&#8217;s the ideal place for camping because, for a reason I never really understood, there are never any mosquitoes and very few insects. The iguanas reign on the island, but they don&#8217;t bother people at all. Who knows? Maybe the mosquitoes and the iguanas don&#8217;t get along!<br />
The inner lagoon is strikingly beautiful. The reflections of the crystal-clear water are reminiscent of a kaleidoscope depending on the time of day. Fish and lobsters are everywhere.</p>
<p><img class="alignleft size-full wp-image-592" title="maylob" src="http://timespub.server277.com/wp-content/uploads/2009/03/maylob.jpg" alt="maylob" width="160" height="160" />One day, when Sylias Elliot (nicknamed Bull-Joint) and I were hooking lobsters from the cracks of one of our favorite rocks, a young dolphin suddenly swam toward us and looked like he wanted to play. We were flabbergasted. Of course, I had often seen dolphins, usually in groups, around South Caicos. But never here, even though I had been coming to the area for years. Where in the devil did he come from? What was he doing here? He looked like a male and behaved like a male: powerful and firm, and he looked like he was trying to get attention.</p>
<p>Once again, I would test my very own method of communicating with a wild dolphin: I did not go near him; I let him come to me out of curiosity or the desire to meet me. I immediately added five kilograms to my lead belt&#8211;already heavy. I put on my flippers, mask and snorkel and allowed myself to glide softly in the crystal-clear water.</p>
<p>That&#8217;s my usual technique, but it takes a lot of wind and breath-holding to make it work. Here is how I go about it: I descend in vertical position (standing), arms out, staring at the dolphin. I get down to the sand or other surface and just sit down with my legs and arms far apart. From deep in my throat I let out a few vibrations, imitating the sounds dolphins make. Generally, if the dolphin hasn&#8217;t left by then, he starts to swim around me and ultimately moves into the field bordered by my two extended arms and my body.</p>
<p>As soon as he passes through the invisible and subtle border, contact is actually established. It works just about every time! In this case, it was a cinch. After a few moments of hesitation, the young dolphin did exactly what I thought he would do. Was it a kind of telepathy or just hypnosis? Regardless, he entered my field of &#8220;aura&#8221; and I felt that I had won him over.</p>
<p><img class="size-full wp-image-589 alignright" title="jojac" src="http://timespub.server277.com/wp-content/uploads/2009/03/jojac.jpg" alt="jojac" width="230" height="155" />We repeated the little game a few times each time I saw him over the next few years. It was my very own way of making certain he recognized me.</p>
<p>He wouldn&#8217;t leave us alone for the rest of the afternoon and the next day he was still there, alone. Sometimes he would disappear for a few seconds and we expected him to return with other dolphins. But that never happened. He actually looked very happy, all by himself.</p>
<p>When the sun began to set over the horizon and it was time to return to South Caicos, we decided not to go back via the inner part of the bank, which is faster than going over the high seas. The water level there is so low that sometimes you have to push the boat. If the dolphin had wanted to follow us, he would not have been able to do so. We took the cut that led us out to sea away from the dangerous reef.</p>
<p>We were delighted that the young dolphin followed us. I had always dreamed about having a dolphin as a diving buddy in South Caicos! But our young wild friend certainly had different intentions. Just after the cut, when the water becomes bluer and bluer, he stopped suddenly. And we did as well. It was a very moving moment. He came toward our boat and looked us right between the eyes. There were a few seconds of absolute silence. Then he let out two or three hefty whistles, turned his head, and swam off in the opposite direction. I didn&#8217;t want to start up again right away. I hoped he might come back. But we saw him swim straight toward Iguana Cay.</p>
<p>* * *</p>
<p>Two weeks later, I had the opportunity to go back to Joe Grant Cay with another group of divers as we were returning from a little exploratory dive in the Ocean Hole, about 15 nautical miles from there. We were in rather deep water and my friends already had their tanks on their backs since they were not experienced in holding their breath. Suddenly, beneath the water&#8217;s surface I noticed the streamlined shape of a rather small dolphin. My friends backed into the clear water wearing their equipment. I dropped anchor a few meters down on the sandy bottom and I was far away from them. Just like the last time, I descended quickly and slid vertically to sit down on the bottom.</p>
<p>I was certain it was &#8220;the&#8221; little dolphin. He seemed a little disconcerted by the bubbles from the scuba tanks and hesitated a bit before coming toward me. As soon as he recognized me, he placed his rostrum between my stretched-out arms, stared at me and made all kinds of sounds typical of his species.</p>
<p>This wonderful reunion only lasted a few instants, because my friends came along and broke the magical silence of breathlessness with their racket of bubbles. The dolphin didn&#8217;t like that and he disappeared from the scene. I let him go. This time, the little dolphin didn&#8217;t even accompany us to the reef. Still, I was satisfied and promised myself that I would return in a few days.</p>
<p>Since I am somewhat familiar with the way dolphins react and behave&#8211;sometimes inexplicable to humans&#8211;I thought it would be better for me to return to the spot with the same breath-hold diver as before, Bull Joint. That way, all three of us could recreate the situation. The dolphin&#8217;s reaction to the divers with their tanks made me realize what was wrong. I thought he had probably met other local breath-hold divers who were there to dive for lobsters, but certainly not scuba divers because fishing with scuba gear is illegal.</p>
<p>So Bull Joint and I returned to Iguana Cay to camp out and enjoy ourselves while we fished, especially with the hope of seeing &#8220;our&#8221; little dolphin again. We were very disappointed because he never showed up. After spending 24 hours there, we decided to go back to South Caicos.</p>
<p>A few weeks later we heard that a very similar situation occurred, but much further to the north in a small sheltered bay off North Caicos. Several local divers were trapping lobsters under the water using their hooks. They played with a young wild dolphin for a few hours. This happened again several times at different locations and it became obvious it was the same dolphin.</p>
<p>Over a few months, we heard credible reports of the same kind of event. A few years later, the news became &#8220;official&#8221;: A dolphin of average size (he certainly had grown a bit!) was consistently being seen near the Club Mediterranee that had just opened on the other side of the Caicos Bank to the west off the coast of Providenciales island.</p>
<p>One fine day I was near the Club with a diver friend who was also an amateur filmmaker. I had made a kind of underwater wing, a small glider, for him out of wood so that he could be towed by a boat along the surface or underwater and have a good look at the sea floor.</p>
<p>A wild and lone dolphin got attracted by this strange vehicle and swam right toward us. I recognized him immediately: he was certainly &#8220;our&#8221; little dolphin (who had grown). Leaving my friend with his board and camera, I let myself sink quickly and was on sand five meters below the surface.</p>
<p>Just as though our first meeting was yesterday (even though several years had already gone by), the dolphin reacted the same way and came between my wide-open arms. I was in seventh heaven!</p>
<p>* * *</p>
<p>I later found out that the lone dolphin was actually looking for human company. He was even given the name Jojo (like the famous giant grouper in Jacques Cousteau&#8217;s first film, &#8220;The World of Silence&#8221;).<br />
I never had any real proof, such as photos, ID cards or other such silly official documents that this was actually the same dolphin. But I knew it was him and it was all the proof I personally needed. In fact, he was simply a citizen of the sea world where freedom and freedom of choice reign. The animal in question&#8211;let&#8217;s also call him Jojo if you like&#8211;continued to fascinate me for the next 20 years he swam around these Islands.</p>
<p><img class="alignleft size-full wp-image-590" title="jojov" src="http://timespub.server277.com/wp-content/uploads/2009/03/jojov.jpg" alt="jojov" width="133" height="252" />During my many boat trips in the archipelago, I sometimes ran into him in the most unexpected places, often a 100 kilometers away from his home around the Club Med. If possible, we would always greet him under the water using our method, but that was all because I have total respect for his freedom.</p>
<p>Of course, I do not want to be hypocritical! Jojo also served as an unpaid actor for several international documentary productions about me, including working for the Japanese who adored him. In fact he has now become very popular in Japan!</p>
<p>He was even a co-star in a French television production on Canal Plus. His behavior surprised us all! There was one scene in which Jojo dived down to 35 meters right beside me, following my 25-kilo weighted line which is a kind of sled with a braking system that slides freely on the way down along a cable guide.</p>
<p>After my last experimental dive down to 105 meters, I&#8217;d always dreamed of being able to dive down to at least 60 meters with a weighted sled or of doing it freestyle, accompanied by a dolphin. I always thought the dream could come true with Jojo. But all sorts of problems, mainly the official documents, red tape if you will, prevented it from happening.</p>
<p>It was not until the early 1990s that I was able to do the impossible: pull together all the permits required by the TCI government, the diving technicians and the filmmakers from Canal Plus to arrange a serious expedition to Providenciales to film at least one descent of myself, pulled by a 25-kilo weighted sled, with Jojo at my side, along a guide-line, to an unspecified depth.</p>
<p>It took several days of preparations to select the ideal site, near the drop-off, 40 meters down. Mr. Jojo was not always available! I had brought my highly sophisticated yellow sled back from Italy. You may have seen it in the film &#8220;The Big Blue.&#8221; Jojo is excessively curious by nature, and had never seen a contraption quite like this.</p>
<p>I certainly did not want to scare him or bore him, because he tires quickly of anything new, before the crucial filming episode, scheduled to last no more than three minutes. Before getting into the water on the small platform on the stern, I introduced my sled to Jojo. With his head out of the water, he analyzed it in detail. Then I got into the water, at his side. The sled was inserted onto the cable and held 50 centimeters from the surface.</p>
<p>Jojo and I were floating on our stomachs on the surface. A cameraman had already begun shooting. Two others were spaced along the cable and the last was 35 meters down on the orange finish disk which would suddenly stop the fall of the weight sliding along the cable.</p>
<p>When I gave the signal, the weight was released and began the descent into the blue. I hung on to it, turned my head and saw Jojo at my side, exhilarated and determined to follow me. Ten meters: Jojo was still there, looking at me out of the corner of his eye. Twenty meters: the bubbles from the cameraman&#8217;s tanks were blowing in our faces. At one point I thought Jojo would leave me, but I was wrong! He loved this new game! Thirty meters: I could begin to feel really the pressure on my eardrums. I envied Jojo, who didn&#8217;t seem to have any problem coping! Thirty-five meters: I stopped the braking mechanism of the sled and we gently reached the orange disk where we spent a long while together for the &#8220;souvenir&#8221; photo.</p>
<p>I began to pull myself back up along the cable, moving my flippers from time to time, staring at Jojo all the while, almost until we arrived at the surface. The dive was not even three minutes long, but it was a complete success. The purpose of this very expensive and complicated mission was accomplished. Thanks to Jojo!</p>
<p>And then Mr. Jojo surprised us all! As if he understood that all of us had taken a little advantage of him, he looked at us disdainfully and disappeared, pouting, for a few minutes.</p>
<p>As a precautionary measure for the shooting, we wanted to repeat the scene. Nothing doing! Jojo had no intention of doing it over again. Nor was he interested in the sled anymore, despite my insistence. He simply left the plateau and quietly swam toward the coast!</p>
<p>Everyone in the Caicos Islands knows Jojo the dolphin, from the humble lobster fisherman to the American multimillionaire who built his luxury home at the edge of the magnificent beaches along Providenciales and Pine Cay.</p>
<p>He even enjoys popularity among the dogs, including those who do not hesitate to jump into the water from the beach to go and take a closer look at him. There was that white terrier who used to keep Jojo company for hours. Just to play together along the Pine Cay beach or even go far from the coast, swimming alongside each other.</p>
<p>I spent a long time admiring them, meditating on the &#8220;pure&#8221; relations between species. I told my friend and Japanese painter Shomei Yoh about it. He too is a great lover of nature, dolphins and the canine species. His books, with few words and a very simple style, with illustrated images that make people stop and think, are widely read in Japan.</p>
<p>Even though he never visited the Caicos Islands (but I told him so much about them and Jojo, it&#8217;s as if he were there), his philosophy on life, nature and &#8220;ten thousand things from Tao&#8221; is such that I was unable to resist including a few of the drawings in the book. I consider them to be absolute gems.</p>
<p><strong>ABOUT THE BOOK:</strong></p>
<p><strong>HOMO DELPHINUS</strong> The Dolphin Within Man (ISBN 1-928649-03-3) was a tremendous success in Italy, France, Russia and Japan. The English translation finally became available in 1999, also to widespread interest. The oversized (9 1/2&#8243; x 13 1/2&#8243;), hard cover, coffee-table book is packed with 300 color illustrations in its 380 pages. List price is $95.00. In Providenciales, the book is sold at the Unicorn Book Store and Beaches Gift Shop or at Club Vacanze in North Caicos. It can also be purchased via <a href="http://www.amazon.com">www.amazon.com</a> or <a href="http://www.thejacquesmayol.com">www.thejacquesmayol.com</a>. For more information, contact Idelson-Gnocchi Publisher at <a href="mailto:candotti@worldnet.att.net">candotti@worldnet.att.net</a>.</p>
<p><strong>JOJO TODAY:</strong></p>
<p>JoJo is a wild and uniquely sociable dolphin who lives in the waters of the Turks &amp; Caicos Islands. Dean Bernal, JoJo&#8217;s officially appointed warden states, &#8220;JoJo&#8217;s protection and continued existence in our waters has brought international recognition to the Islands. The continued protection of JoJo and his habitat has both important practical and symbolic meaning which carries far beyond the Turks &amp; Caicos.&#8221;</p>
<p>Please remember, if you see JoJo, only observe him and do not harass him. He is a wild animal and a highly protected National Treasure to the Turks &amp; Caicos.</p>
<p>The JoJo Project is an International Dolphin, Whale and Wildlife Project working for marine and habitat protection and with the unique sociable dolphins in the world.</p>
<p>For more information, see JoJo&#8217;s web site at <a href="http://www.jojo.tc">www.jojo.tc</a> or <a href="http://www.jojodolphin.org">www.jojodolphin.org</a>.</p>
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