Prime Minister Dr. Terrance Drew has publicly criticised attempts to discredit the St. Kitts Nevis Anguilla National Bank (SKNANB).
His remarks come in response to concerns that the bank might lose its Corresponding Bank status due to a RICO (Racketeer Influenced and Corrupt Organizations Act) lawsuit filed in the US Federal Court. The lawsuit pertains to allegations of underselling in the Citizenship by Investment (CBI) programme.
Dr. Drew emphasised the bank’s reputation and the proactive steps taken to enhance its due diligence mechanisms.
“The National Bank is a reputable bank, and it has instituted upgraded controls to bolster the institution’s due diligence mechanism,” he stated.
He assured that extensive efforts have been made to protect the bank, the CBI programme, and the citizens of St. Kitts and Nevis.
Additionally, Dr. Drew mentioned that he is cautious about sharing information to avoid prejudicing the ongoing court case.
He committed to maintaining public confidence in the bank and ensuring that all necessary measures are in place to safeguard the bank’s operations amidst the legal challenges.
As part of the upgraded due diligence mechanism, the Drew led administration has outlawed underselling of any of the options offered under the Citizenship By Investment programme.
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