ST. KITTS-PM claims efforts are being made to blackmail the St. Kitts-Nevis government

BASSETERRE, St. Kitts, CM—Prime Minister Dr. Terrance Drew strongly condemns what he describes as a “calculated and malicious attempt” to blackmail and extort the St. Kitts-Nevis government.

Speaking with reporters on the monthly edition of “The Roundtable,” Prime Minister Drew said that foreign and local persons had approached him with a demand for between US$40 million and US$100 million in exchange for suppressing the release of a video aimed at discrediting the country’s Citizenship by Investment (CBI) program.

Under the CBI, foreign investors are granted citizenship of the Twin Island Federation in return for making a substantial investment in the country’s socio-economic development.

“People came to my office asking for 40 to 100 million dollars for that video not to be released. I told them no. That is extortion. That is blackmail, and (the video) will be filled with lies,” Prime Minister Drew said.

He made it clear that he would not succumb to threats or coercion and that no public funds would be used to settle a blatant attempt to undermine the integrity of the country or its CBI programme.

“You’re not going to get one cent out of me,” Prime Minister Drew said, noting that he has instructed the Office of the Attorney General to pursue all appropriate legal avenues. He also confirmed that a globally respected international law firm has been retained to address the matter.

“This is a serious, serious matter. This is extortion of a state, of a country. No one has the right to walk into the Prime Minister’s Office to blackmail or extort because you want to bring out a nasty, malicious video to attack our country.”

Prime Minister Drew further alleged that a known company is behind the video and has “bought” individuals within St. Kitts and Nevis to participate in its scheme.

“This is something that I will fight and fight to the end because the precedent must not be set in St. Kitts and Nevis that people can walk into the Prime Minister’s Office (and make such demands). This will not be allowed to stand,” Prime Minister Drew said.

He told reporters his government is committed to transparency, good governance, and national interest protection. He vowed to pursue this matter to the fullest extent of the law.

Meanwhile, the St. Kitts-Nevis government says the draft of the Bill to establish a Regional Regulator for the CBI program has been reviewed by the Attorneys General and Chief Parliamentary Counsel of the five countries in the Organisation of Eastern Caribbean States (OECS) which operate such a program.

The discussions took place during the Seventh Meeting of Eastern Caribbean Currency Union (ECCU) Attorneys General and Chief Parliamentary Counsel, held in Anguilla from May 7 to 9.

“This legislative milestone follows extensive regional collaboration among the five CBI-participating ECCU member states – Antigua and Barbuda, Dominica, Grenada, St. Lucia, and St. Kitts and Nevis – and marks the next step in fulfilling commitments made under the March 2024 Memorandum of Agreement to harmonize, regulate, and strengthen regional CBI operations through a unified legal and institutional framework,” a government statement said.

The draft Bill, prepared by legal drafting consultant Lydia Elliott, was presented to the legal and regulatory leadership for scrutiny, feedback, and refinement.

“The enabling legislation, once enacted across participating member states, will formally establish the regional regulator as a separate legal entity to oversee compliance, transparency, and integrity in the CBI industry by international best practices,” the statement said.

The regional regulator will be responsible for issuing regional CBI policies, licensing agents/marketers, approving due-diligence frameworks, auditing national CBI Units, maintaining a public register of licensees, and deterring deceptive practices.

The initiative is spearheaded by the Interim Regulatory Commission (IRC), an eight-member body comprised of legal, financial, compliance, and enforcement experts from the five participating states, the Eastern Caribbean Central Bank (ECCB), the St. Lucia-based OECS Commission, and the Trinidad-based CARICOM IMPACS.

Over the past two months, the IRC has led public consultations in the five member states, which involved input from governments, opposition political parties, civil society stakeholders, and the general public, the statement said.

“This draft legislation represents the culmination of a historic reform effort that began in December 2022, when St. Kitts and Nevis took bold, first-in-region steps to reposition the CBI industry for sustainability, credibility, and resilience,” said the Attorney General, Garth Wilkin, who attended the discussions in Anguilla.

“With the regional regulator now in sight, we are closing the loop on those reforms. This is a governance safeguard for the future of our economic security and our reputation on the global stage,” he said, reaffirming the St. Kitts-Nevis government’s commitment to ensuring that the CBI industry remains a legitimate and respected tool for national development, responsive to both domestic needs and international expectations.

“The region-wide effort to regulate, monitor, and modernize this vital economic pillar sends a clear signal – the Caribbean is serious about transparency, accountability, and long-term resilience of its CBI programs, the government statement added.