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FEATURE-Are the Caribbean’s wealthy new citizens a lifeline or a liability?

Emanuele Ottolenghi
19th July 2018 - Quoted by Sophie Hares - Reuters

Investing in the tropical Mount Cinnamon Resort in Grenada, with its white sand beaches, buys more than a slice of paradise - it comes with citizenship and a passport with visa-free entry to almost 130 countries.

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“For those engaged in illicit finance or other forms of illegal activity, the new passport gives them, partially speaking, a new identity,” said Emanuele Ottolenghi, a senior fellow at U.S.-think tank Foundation for Defense of Democracies.

That raises a potential “conflict of interest between the duty to do due diligence and the desire to leverage these programmes for revenue” on the part of governments, he noted.

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