Employment & The Labour Act (Part 2): Health Insurance & Pension – 19 May 2022
This course is part of the Chamber Training Centre (CTC) Legal Assist category.
This four-hour course will offer insight into Health Insurance basics. As health insurance is a major expense of business, understanding the basics can help to minimise the impact on a business’ bottom-line. This course will cover compulsory insurance, health insurance contracts, contributions and termination of employment and penalties for non-compliance.
Nicolas (Nick) Joseph and Hilary Brooks
Nicolas (Nick) deals primarily with the provision of advice in relation to a broad range of regulatory matters including the provision of advice in respect of immigration and employment issues with an emphasis on relocation advice.
Nick was a partner for almost ten years at a major offshore law firm in the Cayman Islands before joining HSM in early 2013. In his prior role he headed and formed the firm’s Cayman Islands Business Team. Nick has extensive experience providing guidance and assistance to a wide range of businesses established and operating in the Cayman Islands. He has served as a past member of the Government’s Investors in People Committee and the Financial Services Sub-Committee on immigration. He has also sat as Technical Advisor to the Immigration Review Team and as a member of the Local Companies Control Law Reform Committee. He also served as the Deputy Chairman of the Minimum Wage Advisory Committee. He was a former Council Member, Treasurer and Secretary of the Caymanian Bar Association for multiple terms.
Hilary Brooks is an Associate at HSM and has been employed with the firm since 2016. Hilary handles employment related matters and also practices in the areas of property and finance.
Hilary studied Law at the University of Liverpool, graduating with honours in 2009. She then undertook the Professional Practice Course at the Cayman Islands Law School in 2010, where she achieved a commendation. She was called to the Cayman Islands Bar in 2012. Hilary has been a Notary Public in the Cayman Islands since 2008.
Cancellations must be received in writing 72 hours prior to the course in order to obtain a refund. No shows will be charged the full amount.
Parking is available in any VISITOR designated parking space.
The event is finished.
- May 19 2022
- 9:00 am - 1:00 pm
- $300/ $375
- Unit 4-107, Governors Square 23 Lime Tree Bay Avenue, West Bay
- Unit 4-107, Governors Square 23 Lime Tree Bay Avenue, West Bay
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Ensuring clarity in legal definitions, and allowing additional licensing conditions for public accountants, are two of three key provisions of the Accountants (Amendment) Bill, 2022. The third provision expands the membership categories for the Cayman Islands Institute of Professional Accountants (CIIPA), which regulates the accounting profession in our jurisdiction. Clarity Limited Liability Partnerships (LLP) in the Cayman Islands can be used to structure professional businesses, including accounting firms. Accordingly, the Accountants (Amendment) Bill, 2022 takes the step to include LLPs in its definition of “firms of public accountants”. Licensing Conditions. The bill broadens CIIPA’s scope to issue public accountant licences with conditions. The Accountants Act currently allows conditions to be attached only in relation to limited duration/temporary licences for persons on temporary work permits. By broadening the scope, CIIPA would be able to issue licences with conditions under other circumstances – for example, when a new practitioner has experience that would be sufficient for simple engagements, but not for complex or public interest entity engagements. Deregistration process. Currently, deregistration happens only when a sole practitioner or relevant firm fails to renew its licence. The bill proposes to allow a sole practitioner or relevant firm to also surrender its licence, and also for CIIPA to cancel registrations under appropriate circumstances. CIIPA memberships Retired members. This new category would have several benefits for persons of retirement age, including: recognising their contributions to the accounting profession during their careers; and providing them with opportunities to contribute and stay engaged with the profession, by sharing their professional and life experiences via discussion groups, on volunteer or mentor roles, and attending events, webinars and conferences. Student membership. This category already exists, but the bill would allow all persons who legally reside and work here, and who also are pursuing a professional accounting qualification, to apply for membership. The bill originates from CIIPA’s proposals. The Ministry of Financial Services and Commerce has consulted relevant stakeholders on the proposals, and considered their input during the drafting of the bill. The bill will be presented to Parliament by the Minister of Financial Services and Commerce, the Hon. André Ebanks. “CIIPA has worked collaboratively with the Ministry to ensure that the accounting regulatory regime is clear across multiple pieces of legislation, and that it’s sensible and fair in its oversight of practitioners,” he said. “I also appreciate CIIPA’s recognition that wisdom from retired members of the profession, and the fresh perspectives from those entering the ranks, will help strengthen the local discipline of accounting
The Health Services Authority’s (HSA’s) new neurosurgeon Dr Dwaine Cooke has hit the ground running, performing several life-saving surgeries, and garnering the respect and support of his patients who have been delighted with the quality of care he and the staff have provided. One patient, Andre Yates expressed, “Many years of lower back trauma and a slip-and-fall in January 2022 caused me to be in pain and leaning to one side. Eventually, I could not work nor concentrate.” He was referred to Dr Cooke who recommended spine surgery. “(Prior to the surgery) Dr Cooke sat with me to ensure that my employer’s request was met and even called me to check in,” said Mr Yates. He was impressed with and grateful for the level of care, respect and professionalism the doctor and the staff showed him. “Several weeks have passed since my surgery and I am healing, mostly pain-free. Dr Cooke and the HSA team did a great job; they delivered care with a holistic approach to my needs.” Mr Yates mentioned that he has told many others of his experience and recommended that they visit Dr Cooke if in need. Another patient, Wainford Selvin, recalled narrowly avoiding a car accident after experiencing a seizure in traffic. “I had my first seizure while driving by a stoplight in George Town. Luckily, I had a friend in the passenger seat who assisted and guided me home safely. That same day, I had three more seizures and was experiencing stiffness in my neck and uncontrollable twitching of my body. That’s when members of my household had to call an ambulance.” He was soon introduced to Dr Cooke who explained that he had a 2.5-inch brain tumour and recommended brain tumour removal surgery. “Since the surgery and to this day, I’m 100 per cent back to normal,” Mr Selvin declared. “Dr Cooke and his crew did a perfect job on me, and I would recommend anyone to him. His personality and professionalism put both me and my family at ease and we were very comfortable with him, which made undergoing the surgery much easier.” Most recently, Dr Cooke performed a lifesaving procedure on a patient who was in a coma and suffering from a saccular aneurysm, also known as a berry aneurysm, a rounded sac containing blood, that is attached to a main artery or one of its branches and typically found on arteries at the base of the brain. Over time, pressure from the aneurysm on the already weak artery wall can result in the aneurysm’s rupture causing blood from the artery to move into the brain which can lead to death. Dr Cooke performed a post aneurysm clipping, successfully waking the patient from the coma. The patient is now undergoing rehabilitation. Dr Cooke has done thousands of surgeries prior to his tenure at the HSA. He received his medical degree from the University of the West Indies- Mona, Jamaica, where he graduated with a Bachelor of Medicine and Bachelor of Surgery having received numerous honors and distinctions. He earned his Doctor of Medicine in Neurosurgery at the University of the West Indies-Mona along with an Enfolded Fellowship in Neurosurgery at the Halifax Health Sciences, Nova Scotia, Canada. He also completed an Epilepsy Surgery Fellowship at Yale New Haven Hospital, Connecticut, USA. He worked as a neurosurgeon in Jamaica at the Kingston Public Hospital (KPH), Bustamante Children’s Hospital (BCH), Andrew’s Memorial and Medical Associates Hospital. His position as a neurosurgeon allowed him to perform groundbreaking neurosurgical procedures and train residents and medical students. He served as Joint Head of the Epilepsy Surgery Programme at KPH and BCH where he established an epilepsy surgery programme and commenced the multidisciplinary management of potential surgical treatment of drug resistant epilepsy candidates, the first of its kind in the English-speaking Caribbean. He has served as the Caribbean representative of the Young Epilepsy Section (International League Against Epilepsy) and presently serves as the vice president of the Epilepsy Society of the Caribbean. He is also a fellow of the American College of Surgeons. “Neurosurgery is my passion. Although operating on the brain and spinal cord involves many complex procedures, I perform every surgery with precision, patience, skill, temperance and with my patient’s future in mind,” noted Dr Cooke. “It’s a pleasure to join the medical team at the HSA. I am touched by the positive feedback I’ve received from my patients and colleagues.” Dr Cooke treats multiple diseases affecting the brain and spine including tumours and infections, head injuries, seizures, intracranial bleeding and swelling, degenerative diseases of the spine, such as a slipped disc, back pain and nerve pain. He specialises in epilepsy surgery, which seeks to surgically remove tumours and other causes of seizures that are unresponsive to regular treatment. Prior to joining the HSA, Dr Cooke led a medical team that successfully performed a groundbreaking brain surgery in June 2020 on a patient at the Kingston Public Hospital who had a tumour sitting on the brain over the area that controls speech. He and his team performed the surgery with the patient fully awake, allowing them to communicate with her throughout the procedure. The outcome was the successful preservation of the patient’s speech and her ability to sing. “We are delighted to welcome Dr Cooke whose talent, experience and reputation precedes him,” stated Medical Director Dr Delroy Jefferson. “The addition of neurosurgery to our extensive and continuously growing list of specialist services is a benefit to our patients and the Cayman community who can get the treatment they need here on island rather than having to be referred overseas.” Issued by: Health Services Authority (HSA)
Deputy Premier and Minister for Finance and Economic Development, Hon. Chris Saunders, presented the Cayman Islands Government’s unaudited financial report at the end of the Second Quarter of 2022 (30 June) to Cabinet on Tuesday, 9 August 2022, with the results Gazetted Wednesday, 10 August. Surplus: Central Government – Better than Budget by 10% For the 1 January to 30 June 2022 period, Central Government recorded a surplus of $159.0 million, which is $14.0 million more than the projected year-to-date Operating Surplus of $145.0 million. The central government surplus was also $3.1 million higher than the surplus for the same period last year. Surplus: Entire Public Sector – $18.2 million Better than Budget At the end of the first six months of 2022, the Entire Public Sector (EPS) had a surplus of $145.6 million, which is $18.2 million more than the projected year-to-date Operating Surplus of $127.4 million. The EPS surplus was also $3.1 million higher than the EPS surplus for the same period in 2021. Revenues: Surpassed Projections by $34.8 million Revenues at the end of the second quarter of 2022 also surpassed budget, amounting to $636.6 million, which was $34.8 million more than the year-to-date projection of $601.8 million. This variance was mainly due to a favourable variance of $33.9 million in Coercive Revenue. Revenues collected in the first six months of 2022 were $56.6 million higher than those collected for the same period in 2021, and $100.7 million higher than those collected to the end of Q2 2019 – which is the last pre-Covid year on record. The most significant positive year-to-date variances were recorded for the following categories: Financial Services Fees Collected by General Registry were higher by $4.0 million due mainly to a favourable variance in Partnership Fees of $3.5 million, which was due to levels of registration outperforming the anticipated increase. Compared to the actual results for the same period in the prior year, there is a $10.2 million positive variance or a 7% increase with respect to fees collected by General Registry; Financial Services Fees Collected by CIMA for Government were higher by $5.0 million, which includes revenues such as Mutual Fund Administrators Licence Fees, Private Fund Fees and Securities Investments Business Licence Fees. The positive variance is mainly due to an increase in the volume of registered funds. When compared to actual results for the same period in the prior year, the 2022 Financial Services fees collected by CIMA are approximately $10.7 million more, an 8% increase; Work Permit Revenues were higher by $6.5 million, representing increasing demand for workers as the economy moved into phase five of the border reopening plan. Compared to actual results for the same period in 2021, these 2022 fees are $12.2 million or 31% more; Property Related Revenues were higher by $18.2 million, due to continuing greater than expected volumes of property transactions coupled with high property values. Compared to actual results from the same period in 2021, the 2022 revenues are $4.6 million less. Expenses: Over budget and higher year on year Expenses for the six-month period ended 30 June 2022 were $477.6 million; this amount was $20.8 million more than the year-to-date budget of $456.8 million. Compared to the prior year-to-date actuals, total expenses are $53.4 million higher. The variance between actual and budgeted expenses is largely due to overages of $13.9 million for tertiary health care costs; $1.9 million for the public schools meals programme; and $21.5 million more than the initial 2022 budgeted expenditure for the ex-gratia tourism stipend programme. These overages were somewhat offset by underspending in other areas of expenditure. To ensure sufficient funds are available for the remainder of the budget year, Parliament has approved supplementary funding. Cash Position Total cash and fixed deposits as at 30 June 2022, were $486.2 million. This amount is represented as Operating Cash of $321.2 million ($299.8 million of which are held in the form of fixed deposits) and, Reserves and Restricted Cash balances (all held in the form of fixed deposits), of $165.0 million. Also included in the note to Cabinet was a comparison of the Q2 financial performance over the last three years, as summarised in the following table: 2019 2020 2021 2022 Revenues $535,903,000 $454,417,000 $580,001,000 $636,629,000 Operating Expenses, Financing Costs and Non-Operating Costs $340,905,000 $378,647,000 $424,220,000 $477,656,000 Operating Surplus of Central Government $194,998,000 $75,770,000 $155,781,000 $158,973,000 Surplus/(Deficit) made by Statutory Authorities and Government Companies $10,694,000 $3,349,000 ($13,310,000) ($13,355,000) Surplus of the Entire Public Sector $205,692,000 $79,119,000 $142,471,000 $145,618,000 Total Bank Account balances $689,845,000 $559,564,000 $512,417,000 $486,236,000 Deputy Premier Saunders said, “I am pleased with the Government’s financial performance for the first six months of the year, as it continues to demonstrate the fiscal prudence of this PACT Government and our commitment to improving Government’s financial position as we recover from the effects of the global COVID-19 pandemic and deal with rising global inflation and other international economic pressures. We are fortunate to be in a surplus position, which allows us to continue with our programmes to alleviate cost of living concerns for local families.” Included in the note to Cabinet was a breakdown of coercive revenues collected to the end of Q2, in several categories with a comparison to prior years, summarised in the following table: 2019 2020 2021 2022 Import Duty Revenues $96,040,000 $78,714,000 $92,720,000 $109,422,000 General Registry Fees $144,715,000 $143,454,000 $153,916,000 $164,093,000 CIMA Fees $90,864,000 $84,639,000 $136,220,000 $146,920,000 Work Permit Revenues $42,760,000 $21,167,000 $39,271,000 $51,485,000 Property-related Revenues $35,718,000 $33,080,000 $61,652,000 $57,076,000 Tourism-related Revenues $28,530,000 $10,274,000 $672,000 $10,566,000 Deputy Premier Saunders observed, “The revenues at the end of the 2nd quarter were $34.8 million better than Budget and an improvement of $100.7 million or approximately 19 per cent over pre-COVID 2019. This continues the overall trend of better than expected revenues since the start of the year, and particularly demonstrates ongoing confidence in our Financial Services sector and the post-COVID recovery of our economy. We recognise, however, that there continue to be challenges Read more…
The Cayman Islands Department of Tourism is strengthening its diversity marketing efforts by participating in the 2022 National Association of Black Journalists (NABJ) and the National Association of Hispanic Journalists (NAHJ) joint convention in Las Vegas this week. Recognizing the close bonds which both African Americans and Hispanic Americans share with the Caribbean, the Cayman Islands will participate for the first time in the premier conference for journalism education, career development, networking, and industry innovation, attracting leaders and influencers in journalism, media, technology, business, health, arts, and entertainment. Thousands of the United States’ top journalists, media executives, journalism educators, public relations professionals, and students will gather in Las Vegas, August 3-7, 2022. “We are honoured to participate in this exceptional gathering of media professionals, who play such a critical role in sharing our stories and connecting our cultures,” said Mrs. Rosa Harris, Director of Tourism for the Cayman Islands, who promised that the Cayman Islands Department of Tourism will transform the NABJ Founders’ Reception into a lively celebration of Caymanian culture. The Cayman Islands also will host a panel discussion focused on building bridges between the British overseas territory and diverse communities. Sandra Dawson Long Weaver, an NABJ founder and organizer of the Founders’ Reception, welcomed the Cayman Islands’ partnership this year, saying: “African Americans and Caribbean people have a shared history and many cultural similarities. We are family, and we are stronger together. I’m excited to see what ideas and initiatives come out of this convention, the possibilities are endless.” The panel discussion will feature Harris, NABJ Media Relations Chair Terry Allen; Kim Bardakian, director of media relations at the Kapor Center; journalist and journalism educator Eva Coleman; and one of the nation’s foremost communicators and media trainers, Zakiya Larry, global chief communications officer of Constellation. Ken Lemon of ABC affiliate WSOC-TV in Charlotte, and Bevan Springer, President and CEO of Marketplace Excellence, will moderate the session. Innovators, influencers and industry leaders who have attended previous conventions include then-Sen. (President) Barack Obama, President George W. Bush, President Bill Clinton, then-Vice President (President) Joseph R. Biden, U.S. Secretary of State Hillary Rodham Clinton, U.S. Attorney General Loretta Lynch, U.S. Housing and Urban Development Secretary Julian Castro, former RNC Chairs Michael Steele and Reince Priebus, Rev. Jesse Jackson, Rev. Al Sharpton, Ava Duvernay, Tyler Perry, Chance the Rapper, Hill Harper, and Michael B. Jordan. Issued by: Cayman Islands Department of Tourism (CIDOT)
Full live and recap videos available on Chamber YouTube channel: CaymanChamber1 Chamber President Shomari Scott stressed pressing need for comprehensive national development planning as Cayman embraced the economic and social challenges that lay ahead during his address at the annual Parliamentary Luncheon last month. “National development planning should be at the forefront. How can we say we are building a resilient and sustainable society without a national blueprint with measurable goals and achievable targets? We must have a rock-solid vision for what we consider to be the ideal future in terms of our natural and manmade environment for those who live here,” Mr. Scott said. “Building resilience and economic sustainability extends beyond the non-traditional careers and industries and into our local communities. For the first time, sustainability and resilience are two subjects identified as Ministerial responsibilities. The challenge is now, how we define and prioritize actions to put these platforms into focus,” he asked. Moving into the future successfully hinged around striking the right balance between development and preservation of natural resources: “Should additional measures be taken now to preserve our environment to protect our land mass, coral reefs, marine life, mangroves, and unique creatures? Will our children be pleased with the actions that we have taken, or will they be ashamed of us for not making difficult decisions and introducing sufficient measures to protect our environment?” Mr. Scott asked. By reference to the Maslow’s Hierarchy of Needs, Mr. Scott pointed out that the most basic needs such as food, shelter need to be addressed before the highest level of ‘self-actualization’ can be attained. “We must focus on both as one can’t be achieved without the other,” he said, “It’s a difficult balancing act akin to a tight rope across treacherous waters with the promise of the Caymanian dream at the other end. We can and must and will get it right.” Mr. Scott turned his attention to the Chamber’s continued commitment to inform both Caymanians and the world at large through a series of new videos and campaigns. He previewed a follow-up season to Chamber’s award-winning animated video series, ‘Growth Matters,’. “The next season will be called ‘Financial Services Matters,’ and will help toshatter any misconceptions about the industry and explain the services this sector offers to our international clients,” he said. To learn more about “Growth Matters: Financial Services Matter” and watch the full video (click here) Mr. Scott also unveiled VoTech Stars, the Chamber’s new campaign aimed at informing and attracting more Caymanians to pursue careers in vocational and technical professions. “We must collectively do a better job of preparing, motivating, and placing Caymanians into these roles. One way is by asking Caymanians who are working in these non-traditional careers to share their stories of success whilst we elevate these career paths”, he said. Each VoTech Star will be featured in an individual video to promote their technical/vocation career. To learn more about “VoTech Stars” and watch the full video (click here) Photos: Courtney Platt
The Cayman Islands Chamber of Commerce’s Leadership Cayman (LC) 2022 class raised KYD$74,000 for Boyz2Men, a local charity that assists high school boys aged 14-16. Twenty-five class members organized the ‘locked in’ fundraiser in July at the Chamber’s offices in Governor’s Square. Each class member appealed to family, friends, and corporate donors. The class shattered their original fundraising target of KYD $25,000. ‘’It is impressive to see this creative approach to fundraising which not only meets an immediate financial need, but also raises awareness and garners community support for the charity. We need to do more to help our young men to channel their energy into positive activities, so I’m thrilled that this Leadership Cayman class chose such a worthwhile endeavour,” said Chamber President Shomari Scott. Boyz2Men KY has grown significantly since it was established by school counselor Christopher Murray in 2009. He noticed many young men who were drifting into trouble because they lacked strong male role models. “The Boyz2Men KY programme is extremely humbled and appreciative of the Leadership Cayman team for choosing and supporting our grassroots programme. Saying thanks is simply not enough. We are so moved and motivated to spread our wings and do more with and for our young men. With this financial support we are desirous of purchasing possibly two Coaster buses marked, ‘Boyz2Men KY turning boys into gentlemen’ and heighten the reach of all our programme activities across the Islands. Thank you to all the contributors. We appreciate you,” said Mr. Murray when accepting the donation. Chamber President Shomari Scott, LC 2022 Chair Cristina Spratt and LC 2022 class members presented the donation to representatives from Boyz2Men outside the Chamber’s offices in Governor’s Square.
The Consumer Price Index (CPI) increased by 12.1 percent in the second quarter of 2022 when compared to the same period in 2021. Eleven of the 12 CPI divisions recorded increases in average prices as education recorded a 0.6 percent decline. In the second quarter of 2022, the division housing and utilities recorded the largest average price increase of 19.2 percent in the CPI basket. This was due mainly to the rise in the index for water supply which went up by 37.3 percent, the index for electricity, which increased by 20.2 percent, imputed rentals for owner-occupiers which rose by 22.4 percent, materials for the maintenance and repair of the dwelling up by 11.2 percent and actual rentals paid by tenants up by 10.8 percent. The transport index rose by 17.0 percent, as fuel prices climbed by 37.3 percent. The index for the purchase of motor vehicles increased by 13.4 percent, and the index associated with the cost of purchased transport by air also went up by 11.3 percent. The index for clothing and footwear moved upward by 10.4 percent in the second quarter of 2022. The main contributors to this increase were a 17.2 percent rise in the prices of footwear purchased locally and a 13.3 percent upward movement in clothing purchased locally. A comparison of the second quarter of 2022 with the first quarter of 2022 indicates that the CPI rose by 2.2 percent, as the average cost of transport rose by 5.3 percent, and food and non-alcoholic beverages moved upward by 3.9 percent. While communication also had a similar increase of 3.9 percent. More information from the Cayman Islands’ Consumer Price Index Report: April to June 2022 may be downloaded from www.eso.ky Issued by: Economic & Statistics Office (ESO)
On July 7, at the annual Parliamentary Luncheon, ‘Stronger together,’ ‘Global leader,’ and a ‘Commitment to sustainability” were the take-home messages of VIP sponsors Caribbean Utilities Company (CUC), Dart and Digicel. CUC focuses workforce devleopment, keeping cost low and sustainable resources CUC President Richard Hew began the presentation with a video briefly highlighting the role CUC plays in ensuring that the Cayman Islands is not only powered, but attractive to investors because of its power stability. The video highlighted the company’s continuous effort to support the professional development of Caymanians and ensuring employability with an “84% Caymanian” employability rate. He emphasised CUC’s commitment to providing reliable and affordable electricity whilst implementing renewable energy sources to reduce dependance on diesel. Hew further showed how the company had consistently research, analyse and invest in infrastructure and new tech to provide customers with best value while minimising environmental impact. “Higher costs hurt the consumers and the economy we aim to support. The solution to this problem is to replace diesel as our main source of energy and to move to renewables with a lower and more stable cost,” he said, “To be as forward looking as possible CUC ensured that most of our recent engines, have the ability to switch from Diesel to natural gas and back if needed”. Hew concluded his presentation with the focus on “The future of energy” in Grand Cayman. “Our vision statement is to empower Grand Cayman to be a global leader. We must move now to green our grid and reduce costs to consumers and to demonstrate to the world our commitment to the environment,” he said. Dart emphasise “togetherness” for the future sustainability of the Cayman Islands “Together we can do more” was the key objective of Dart’s message presented by President of Business Development, Jackie Doak. Dart’s vision encompasses creation and preservation of biodiverse habitats and the extended use of solar energy throughout its developments. Dart has consistently shown that development and conservation can proceed together, and by a continued commitment to landscaping with indigenous plants has resulted in net gains for biodiversity. But natural habitats could also be preserved, by “Building upwards instead of outward,”. Doak called on new regulations which allow for higher rise structures in designated areas, thereby reducing the development footprint. ‘Acre for Acre’ is a new initiative which will commit Dart to preserving one acre of untouched natural habitat for every acre that is disturbed in development. She hoped that it would act as a catalyst for other developers allowing Cayman to become “A global leader for land conservation.” Dart’s vision goes further to encapsulates equipping the next generation of Cayman’s leaders through continued investment in education, training and internship programmes. Dart’s scholarships, Minds Inspired, and a brand-new collaboration with WORC to offer paid training opportunities for hospitality/trade workers reinforces their focus on the development of the economy. Brining the two together, Dart provided printed copies of the “Focus on Flora” book developed by the Dart team. The book dozens of plants important the natural development of the Cayman Islands. The Chamber is grateful to VIP sponsor Digicel’s contribution and for providing promotional items at the luncheon for guests. Full live and recap videos available on Chamber YouTube channel: CaymanChamber1 Photos: Courtney Platt
At the Chamber’s annual Parliamentary Luncheon held on the 14 July, the Hon. Andre Ebanks, MP challenged that the Cayman Islands can build its foundation on Financial Services and Tourism to become a global centre of excellence and innovation. Standing in for the Premier, Hon. G. Wayne Panton, JP, MP, who was in isolation due to Covid-19, Minister Ebanks shared a vision which encompassed, “Accelerating infrastructural changes, improving access to the banking system, creating improved education pathways for our students and adults, and the completion of our National Development Plan.” “By using our accounting and risk and asset management frameworks, we have the opportunity to leapfrog the competition, creating new jobs, good jobs and sometimes borderless jobs in a digital economy,” he said. “it’s important because it’s happening all around us. Whether we jump into this space or not other countries are, so we can sit around and let it go past us, or we can grab it with both hands.” But it was essential to put in place the necessary education and training program, so that Caymanians wouldn’t miss out: “We need to prepare our people for the digital machine age which is coming,” he said. New tech would open many new doors such as the ‘Metaverse,’ which included, “High paying jobs that Caymanians can get into if we build an education pathway.” But new tech could complement existing industries, and government’s digital ID programme would not only speed up passport renewals but would also facilitate passing KYC documentation between banks. Medical tech including online and artificial intelligence could also help address the growing medical needs of an aging population, Minister Ebanks said, as he announced the creation of a new, independent institute focusing on prevention, screening and research that would be ready by 2024. During the question-and-answer session, Chamber President Shomari Scott asked the Minister what the government understood by sustainability. “Coming to agreement on what sustainability means for our country is one of the most important tasks we ever need to tackle…The elephant in the room is a lack of a comprehensive development plan,” he responded. When asked, “How do we get Cayman’s young people to retool to take advantage of the new industries?” Minister Ebanks said, “Through partnerships between parents, and bringing in NGOs to help while we wait for the formal education system to bring these new areas into its curriculum.” In response to a question on the Digital ID timeline, Minister Ebanks said, “We are aiming by the end of this year to have the enabling legislation before the house. The e-government team has already had the tech in place for the card itself, so we are going to start a series of consultations and surveys with the Chamber of Commerce and other entities to give feedback”. The minister along with all speakers had a common theme to continuously and sustainability develop the people, environment and partnerships within the Cayman Islands. To watch the full speech, visit: https://www.youtube.com/c/CaymanChamber1/videos Photos: Courtney Platt
Realtors, as well as dealers in precious metals and stones, learned the findings from the latest national risk assessment to focus on anti-money laundering and counter financing of terrorism (AML/CFT), at a Department of Commerce and Investment (DCI) workshop last week (Monday, 25 July, 2022). These sectors are among those known as designated non-financial businesses and professions (DNFBPs), and are monitored by DCI as part of the Cayman Islands’ anti-money laundering framework. Sixty-six individuals, who attended the course in-person and via Zoom, benefited from an overview of the findings of the National Risk Assessment 2021 of the risks currently posed by anti-money laundering, terrorism financing and proliferation financing. The document, which aimed to provide an overview of the risk to the Cayman Islands economy at a national level, also contained information specific to real estate and dealers in precious metals and stones. In particular it reviewed the risks relevant to those sectors, and analysed business flows, ownership, workforce and sales in 2021 and for the previous three years. Presenters went on to share findings from DCI’s 2021 report on DBNFPs which outlines the results of its 60 risk-based onsite inspections, with a focus on areas of concern but also of good practice. A key trend over the past three years, they noted, included significantly more DNFBPs moving towards compliance with an awareness of anti-money laundering rules. DCI’s Head of Compliance and Enforcement, Claudia Brady, encouraged attendees to contact her with any questions or concerns arising from the reports. Financial Services Minister Andre Ebanks commented: “Keeping stakeholders informed about what the DCI teams and the wider Government are seeing on the ground and at a national level is necessary to our success in the fight against money laundering and prevention of terrorism”. Noting that DCI had collaborated with the Cayman Islands Centre for Business Development which helped to promote and host the session, Minister Ebanks added that the two entities plan to team up again to help raise the profile of important initiatives and services impacting the business community. The National Risk Assessment 2021 is available from the Anti-Money Laundering Unit website Meanwhile DCI’s Annual Report on DNFBPs is available from the department’s website. For information on any upcoming DCI outreach events or training for small businesses interested persons may visit www.dci.gov.ky. Issued by: Department of Commerce and Investment (CIG)