Beautiful Virgin Islands

Thursday, Jul 10, 2025

Why no scrutiny of banks in money transfers?

Why no scrutiny of banks in money transfers?

Labour Minister Melvin ‘Mitch’ Turnbull has questioned the lack of scrutiny on local banks in the face of a money transfer tax on money service institutions such as Western Union and MoneyGram.
The Second District Representative recalled the time the tax legislation was being placed on residents and pointed out that he was against the law at the time.

“I didn’t agree with it because, from what I understood and what I believed in my [heart], that money was already taxed,” Turnbull said.

“I said then that we are looking at putting additional taxes on the backs of the people and these are the people who are in the working class, who are carrying our economy, who are helping to provide for their families,” Turnbull stated.

Turnbull said he was lobbying with others to reverse the legislation, but argued that he was unsuccessful.

In the end, he said negotiations among legislators were able to realise a reduction from seven per cent to 3.5 per cent for the money services tax.

“I asked the question then, ‘why are we not looking at the banks?, because when you talk about money transfers, we have never been able to have the courage — I will use that word — to approach these banking institutions who transfer [monies],” the legislator said.

He continued: “We look at money services and the institutions of Western Union and MoneyGram and some of the other ones to the Dominican Republic and we look at them and we talk about these millions of dollars and $6 million here and $5 million there, but when you look at the banks and the money that they wire and transfer on a daily basis, the monies through these agencies that I just mentioned a while ago is peanuts but we’re not addressing them.”

Turnbull argued that lawmakers need to have these tough conversations and said while it is their right to protect the investments of the people, it is also their right to ensure that when they are doing such initiatives, it is done across the board.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×