The Foreign Investment Board (FIB) office has noted that more than $50,000 of fines were issued last year against business operators who were found in violation of the foreign investment law.
FIB Legal Counsel and Interim Executive Director Cameron Van Tassel told Island Times in an interview that some foreign business operators were given plenty of opportunity to comply with the law yet still failed to adhere to it hence resulting into issuance of fines.
“We don’t want to be unfair and we want them (business operators) to comply with the law,” Van Tassel said, explaining that their office has been approaching subjects by giving them time to understand the law and comply with its mandates.
The recent amendments to the FIB law were just made this year.
“People are given opportunities to comply and if they don’t take it, then there are consequences,” Van Tassel emphasized, adding that complying with the law is much more advantageous. (Rhealyn C. Pojas)