Grand Cayman, 1 June 2021
Minister for Financial Services and Commerce the Hon. André Ebanks, and Parliamentary Secretary for Financial Services the Hon. Katherine Ebanks-Wilks were briefed by three Cayman Islands Government departments which are key in business regulation, and support for our local economy and global reputation.
Under the Ministry of Financial Services and Commerce are the Department for International Tax Cooperation (DITC); the Department of Commerce and Investment (DCI); and General Registry, which concluded the series of meetings and office tours with the Minister and Parliamentary Secretary (PS) on 26 May.
'These meetings were crucial, not only for being briefed on the current local and international regulatory landscape, which is fast-paced, but also for visualising the role these departments will play in future', Minister Ebanks said.
During the General Registry meeting, Registrar General Cindy Jefferson-Bulgin and her team summarised the online systems that facilitate entity filings and collect beneficial ownership information, which is provided to local and international law enforcement authorities to aid with their investigations.
DITC Director Duncan Nicol discussed Cayman's participation in global tax information exchange standards, including the Common Reporting Standard, which are part of the jurisdiction's contributions to the international fight against tax evasion.
DCI Director Ryan Rajkumarsingh spoke to the uptake in licensing applications submitted online; anti-money laundering, countering the financing of terrorism and counter proliferation financing assessments; and training initiatives for local businesses, which help to eliminate the proceeds of illicit activity appearing in Cayman's economy.
Ministry Chief Officer Dr Dax Basdeo and Ministry staff accompanied the Minister and PS to the meetings.
(From left) Minister of Financial Services and Commerce
André Ebanks and Parliamentary Secretary for Financial
Services Katherine Ebanks-Wilks learn about General Registry's
storage of vital records from Deputy Registrar General Donnell
Dixon. Ministry Chief Officer Dr Dax Basdeo is in the
foreground.
(From left) DCI Director Ryan Rajkumarsingh, Parliamentary
Secretary for Financial Services Katherine Ebanks-Wilks, and
Minister of Financial Services and Commerce André Ebanks
share a laugh with DCI Senior Business Licensing Officer Shelise
Jeffery and DCI Administrative and Operations Manager Trenda Kelly
during the tour of DCI's offices.
Minister of Financial Services and Commerce André Ebanks
(centre) speaks with Ministry and Department for International Tax
Cooperation staff.
Photo credit: Ministry of Financial Services and Commerce.
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