The Tribune

By LYNAIRE MUNNINGS

Tribune Staff Reporter

lmunnings@tribunemedia.net

FREE National Movement leader Michael Pintard has called for the establishment of select committees in Parliament on matters relating to the country’s immigration crisis and the collapse of FTX.

In a press release, Mr Pintard called for the establishment of both select committees to investigate and consider all matters in relation to each.

The opposition leader suggested five terms in reference to the select committee for the immigration crisis: border security by air and sea; Bahamian citizenship, inclusive of addressing issues such as naturalisation for those that have long been waiting, conducting an audit of the granting of permanent residence and citizenship, modification of the nationality act, etc; prevention and reversal of illegal unregulated developments, including shanty towns; a national audit of labour force and a review of people, infrastructure and ecosystems involved in the prevention, enforcement, interdiction, and prosecution of matters relative to immigration and migration.

 Additionally, Mr Pintard noted that with the establishment of the select committee on matters relating to the failed cryptocurrency exchange FTX, there should be an inquiry to look at the country’s legislation, policies, interaction with the company, government officials’ interactions with the company and its officials in an official or unofficial capacity.

 “We do not expect to cut across the judicial insolvency related to investigations ongoing in which the joint provisional liquidators who are court appointed will report to the court. We support this process taking its course,” he said.

 Mr Pintard listed 11 terms with regard to what this particular committee should consist of, noting that the call for the establishment of the select committee on FTX is to ensure transparency due public oversight in this matter, which is one of international concern.

 “The terms of reference of the select committee will consist of the following: to what extent if any has the government invested any Bahamian resources into FTX at any level in any jurisdiction,” Mr Pintard said.

 “The nature and extent of the government’s due diligence. The findings of the due diligence. The impact of the collapse in our jurisdiction in general, on the employees of FTX, service providers and local business partners, in particular. What is the nature of the relationships between all PEPs (politically exposed persons) relative to FTX and its officials? Did PEPs receive loans from FTX on any of its subsidiaries? Did any PEP receive payments or donations from FTX or any of its subsidiaries?

  “The financial exposure to the government if any, and any implications for the national budget. Impact on the reputation of our jurisdiction and ongoing investment in our financial services sector, including the digital assets space? The inquiry should review the legislative DARE Act, the due diligence requirements, and the monitoring of companies registered under the DARE Act.”

 He said the committee would also review the ability and resources of the Security Commission to see if they are adequate to monitor crypto companies and exchanges. “Without a proper inquiry, the country will be left to endure a credibility problem and may be cast in a light of not sufficiently mature to be regarded by the international financial community as a responsible jurisdiction for this kind of economic activity, “ Mr Pintard said.