A face on the news today served as yet another stark reminder that St Kitts has got a very long way to go before compliance officers can trust its government to properly operate its Citizenship by Investment Program. The talking head I spotted on the air is the son of an American expat who holds one of those SKN economic passports. (Yes, his two sons hold them as well.)
The expat is a former "corporate raider," who first served Federal time for securities and tax fraud, then years later was imprisoned for hiding assets during his bankruptcy, and also had a third time in custody. He owes the SEC tens of millions, and the debt has been reduced to a judgment. Those bright due diligence clerks in St Kitts still found him to be acceptable for CBI purposes, notwithstanding the fact that he has been convicted of crimes involving moral turpitude. He is currently living in St Kitts, gleefully giving interviews from time to time. We have featured this individual before on the blog, so you may know to whom I am referring.
How can any compliance officer take St Kitts seriously, when it accepts such dodgy applicants, and fails to revoke their passports and citizenship even after their sordid career criminal history is publicly exposed ? Please consider the 2014 FinCEN Advisory on St Kitts CBI program to be your primary guidance on the subject, and always verify the place of birth of any professed Kittitian, lest you unwittingly onboard a CBI passport holder.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant