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Cayman Islands News, Articles and InformationEconomic Crime Survey will shock says ChamberCayman Islands Chamber of Commerce President, Morgan DaCosta, has warned that the findings of a fraud, embezzlement, asset misappropriation, and corruption-levels report on Cayman will surprise many people because of the insight the report provides into the magnitude of financial fraud committed among Cayman residents. The 40-page report is called an Economic Crime Survey and, according to Mr Morgan, is the first of its kind for the Cayman Islands. The Chamber will go public with the report this month and reveal the estimated costs associated with financial crime here. What is compelling is the estimated cost that businesses spent to prevent and combat the problem, said Mr DaCostsa, previewing another aspect of the report at a special Chamber of Commerce lunch last week at the Wharf Restaurant focusing on crime.CAYMAN ISLANDS TO STRENGTHEN COMMERCIAL SHIPPING SERVICES INThe Cayman Islands Shipping Registry (CISR) announced Monday the re-launch of its operations in Greece with a strengthened, dedicated team based in Athens and the introduction of full-line services for commercial shipping.The announcement was made by Mr Joel Walton, CEO (Designate) Maritime Authority of the Cayman Islands (MACI) and Director, CISR, as part of its participation at Posidonia 2006, the world's foremost commercial shipping exhibition."We are confident that, with this increased investment in the CISR's Greek operations, we will be better positioned to meet the growing needs of Greece's commercial shipping sector," said Mr Walton. "The Cayman Islands has enjoyed a high profile in the Greek shipping sector for some time and increased services are a natural progression as the CISR continues to grow in size and stature around the world."The CISR's operations in Greece now include survey and audit services, increased capacity in vessel registration to meet the growing needs of the commercial market and mortgage services for new and existing clients.Cayman liquidators spread to BVIRSM Cayman Islands has expanded its Corporate Advisory Services practice to the British Virgin Islands. The new firm, RSM (British Virgin Islands) Limited will be led by Christopher Stride, a partner of RSM Cayman Islands.Mr. Stride was instrumental in establishing RSM Cayman Islands in 2002 and will continue to play an ongoing role in the Cayman Islands practice. In recent years, the British Virgin Islands have taken steps to formalize the insolvency process. In August of 2004 the British Virgin Islands enacted the Insolvency Act 2003 which provided a regime for dealing with insolvent companies and the supervision of insolvency practitioners. The impact of the legislation has lead to many major law firms and accounting firms setting up a presence in BVI over the past three years. Given the similarity of the legal framework, and the large number of corporate vehicles domiciled in the BVI, the jurisdiction was deemed as favourable to expand the services that are currently offered in the Cayman Islands. Cayman Islands Shipping Registry - the FactsThe Cayman Islands Shipping Registry (CISR) is responsible for the enforcement of the applicable International Conventions on Cayman registered vessels and foreign vessels entering Cayman Islands territorial waters.In 1992, the UK issued a Categorisation Order setting out categories for shipping registries in British Overseas Territories. The Cayman Islands was granted Category 1 status, allowing the CISR to register ships of any age, type and size. The International Conventions in respect to the safety of life at sea, pollution prevention and seafarer standards and welfare have been extended to the Cayman Islands by the United Kingdom and are reflected in the Cayman Islands Merchant Shipping Law (2005 Revision). The Cayman Islands are strongly represented in both pleasure and commercial shipping and are enjoying steady annual growth. Pakistan's Exports To 83 Countries Substantially DownContrary to the government's claims, country's exports to 83 countries where Pakistan was doing better in the past, have shown a decline, according to export receipts data prepared by the State Bank of Pakistan for the period July 2005-January 2006. The commerce ministry on trade policy had fixed the export target of $17 billion for the current fiscal year and so far exports have reached $15 billion, posing a gigantic task for ministry and Export Promotion Bureau to register the export of $2 billion by June 30, 2006 which seems remote keeping in view the exports trend in the last one and half months of fiscal years in the past. .
THE Supreme Court has given Jamaican coffee farmers the green light to access US$3.1 million (approximately J$200In his judgment yesterday, Justice Bryan Sykes directed that the proceeds are for the sole benefit of Jamaican coffee farmers who were insured with Dyoll when their crops were devastated by Hurricane Ivan in 2004 and who have not received any compensation since. Justice Sykes also directed that an additional US$5 million (approximately J$325 million) should be granted to Safehaven, a Jamaican-owned 18-course golf course and club in Grand Cayman. Both issues were tried at the same time as they were similar reinsurance matters. The joint liquidators, John Lee of PriceWaterhouseCoopers and Kenneth Krys of RSM Cayman Islands, immediately requested leave to appeal, which was granted by the judge. However, as yesterday's judgment was an oral one, and documented judgment is expected to follow, it is likely that some time will elapse before a decision is taken on whether to go ahead with an appeal or not.New radio station licensed and two more comingEven with some thirteen stations already transmitting, more stations are coming to the Cayman Islands after the lifting of the moratorium on licences by the Information & Communications Technology Authority (ICTA).A fortnight ago, the ICTA met to review this matter in light of a long outstanding application from Hurley's Entertainment who complained recently of being ignored. The board last week decided to grant Hurley's Entertainment the licence to operate a new FM station but remained tight-lipped on the type of broadcast format it would take. The new station will be the company's third and will operate on 103.1 on the FM frequency band. Currently, the company runs Rooster 101.9 FM and Z99 FM, which cater to different audiences in the Cayman Islands. Sister Islands Notices and InformationA representative from the Office of the Complaints Commissioner (OCC) will be at Brac House, Cotton Tree Bay, in Cayman Brac for their monthly visit on Friday, 16 June. Any persons wishing to meet with the Analyst are asked to make appointments by calling their office in Grand Cayman 943-2220. The OCC is an independent office which was established in 2004 to investigate in a fair and independent manner written complaints against government departments to ascertain whether injustice has been caused by improper, unreasonable or inadequate administrative conduct. Heritage House Happenings CIMA Chairman Reviews Cayman's International Standing,In a speech to Cayman Islands bankers last week, Mr Timothy Ridley, Chairman of the Cayman Islands Monetary Authority, compared the jurisdiction's regulatory environment favourably with those of many other locations, both onshore and offshore.Said Mr Ridley: 'The Cayman Islands made an informed decision some years ago that they wished to be a recognised, accepted and active participant in global financial markets This requires the Islands regulatory regime to meet and to be perceived to meet internationally accepted standards. Equally, it is essential that the Cayman Islands maintain their competitive position in these markets. This requires striking the right balance between appropriate regulation and the free market.' Although Mr Ridley worried that some international bodies were reluctant to make public their good opinion of Cayman's regulatory structure, in order not to break global ranks, he acknowledged progress towards better international recognition: 'There is also evidence that the Cayman Islands performance is being publicly recognised overseas.
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