Port St. Maarten at sunset (Mark Williams photo)
PHILIPSBURG--As a step towards further strengthening Port St. Maarten Group (PSG) of companies’ compliance and governance, the Port demands registration of ultimate beneficial owners (UBOs) of businesses that use port facilities.
“We have now taken the step to assure all companies that do business in or through the Port comply to our strict and enhanced standards,” PSG Chief Executive Officer Alexander Gumbs said on Thursday.
PSG management has adopted regulations that require all entities and persons that do business at Dr. A.C. Wathey Cruise and Cargo Facilities to disclose and submit information on their ultimate beneficial owners.
Gumbs explained that the Port facilities fall under the scope of the International Ship and Port Facility (ISPS) Code as set by the International Maritime Organization (IMO). The measures under the ISPS Code were developed following the tragic events of September 11, 2001, for the security of ships and port facilities.
“The Dr. A.C. Wathey Cruise and Cargo Facilities are of vital importance to the local economy and good governance is a core principle of doing business with our local and international partners and customers,” Gumbs said. “The past few years PSG has been plagued by several investigations and much effort and energy has been put in closing these chapters while we build on our relationships with internal and external stakeholders.”
PSG management strives to safeguard and enhance the safety and security situation at the Port facilities. “To play our part in the global combat against money-laundering and the financing of terrorism, PSG has implemented several measures that promote good governance, both from ourselves as from our partners and customers,” Gumbs said.
Other measures that PSG has implemented are aimed at compliance by Port users on the payment of their taxes and social premiums, payment of business licence and director’s licence fees and to combat bribery and corruption in general at all levels, he said.
