GRENADA'S CANCELLATION OF A HALF DOZEN ILLEGAL CBI PASSPORTS, WHEN THOUSANDS EXIST, DOES NOT IMPRESS THE GLOBAL FINANCIAL COMMUNITY

Grenada's much-quoted CIRCULAR NO.2, which is obviously intended to demonstrate the determination of the country's CBI regulator, IMA, to clean up the problem of thousands of passports illegally sold and issued, fails to impress anyone. Revoking a handful of passports, when there are literally thousands of them out there, all subject to cancellation, is but a drop in the proverbial bucket.

What is needed is: (1) the cancellation of Dubai-based, Chinese-owned CBI consultancy HANGSHENG GROUP's license to sell Grenada CBI, together with those of all its sub-agents, which we have previously identified on these pages, and (2) initiating a notice campaign, similar to that started by Saint Kitts & Nevis, requiring the investors to make full payment or have their passports publicly and officially revoked.

Please, Grenada, you do not honestly think that anyone accepts your token move to clean up the industry's biggest problem in the forty years that economic citizenships have been offered and sold. It's time to make major changes in the way that your CBI business is run, unless you want to have your visa-free privileges for the UK and EU terminated, as well as your valued, and unique to the Caribbean, US E-2 Treaty Investor Visa rights also terminated.