Offshore rules fuel 100 new gov’t jobs
(CNS): Premier Alden McLaughlin has said that government is investing millions of dollars to ensure that it meets the latest international compliance and regulation standards for the offshore sector. In a statement to the Legislative Assembly delivered Wednesday, just before Financial Services Minister Tara Rivers began presenting almost a dozen new bills, he revealed that over 100 new jobs in the public sector have been created to meet the latest recommendations from the Caribbean Financial Action Task Force (CFATF) review.
McLaughlin said that the new legislation was not the only thing that the government was doing to comply with the various supra-national bodies and respond to the ever-evolving regulatory landscape. He explained that, for the first time, the effectiveness of legislation had also been considered by the CFATF in its March 2019 report.
“We certainly understand the rationale for ensuring that not only do we as a jurisdiction have the required regulatory framework, but that we also have the mechanisms and people to ensure that the framework is effective and can be proven to be so,” he told the members.
He said that government was determined to respond positively to the recommendations about effectiveness as well as passing the necessary laws, but he said it required a response from across government and partner agencies, including the police. McLaughlin said he was chairing a committee to oversee the work of all the agencies involved, and a Financial Crime Focus Group had been created to ensure coordination and cooperation at the operational level between law enforcement agencies.
“That group will make recommendations to enhance the quality of work related to the use of financial intelligence and the investigation and prosecution of financial crime,” the premier said. “Together we are working through the detailed action plan that we published at the end of April and which responds to all 63 of the CFATF’s recommendations. We have appointed a national coordinator to assist with the coordination between agencies, committees and all stakeholders involved in the implementation of the action plan.”
He said the government had provided funding for over 100 new positions, which demonstrated the jurisdiction’s commitment to the process. He explained that the jobs had been created across various agencies, including in a new dedicated Anti-Money Laundering Unit at the Cayman Islands Monetary Authority and a dedicated cross-border Money Laundering and Terrorist Financing Task Force within the Royal Cayman Islands Police Service, where an interim team was put in place in April.
“All told, we will be investing several million dollars more to further strengthen our regulatory regime. It is important to note that this will not
be a one-off expenditure,” McLaughlin stated, noting that operational resources and ongoing personnel costs would be needed. “We are now monitoring the results of the actions that we have put in place and we remain committed to taking any further action that may be necessary as we ensure we rise to the challenge that the CFATF has given us.”
The premier said it would take time before Cayman could demonstrate that the measures were working but he expected to be able to show some progress as part of the CFATF Enhanced Follow Up Process when submissions are made in September.
He said the government would take the action necessary to ensure that the legislation is robust and effectively implemented.
“Cayman does not want or need to deal with those who would seek to hide money or use it for illegitimate purposes,” McLaughlin said. “Our efforts in improving the effectiveness of the implementation of our world-leading legislation to protect the integrity of our financial services will mean that we can demonstrate to the world that anyone attempting to use Cayman for such illegitimate purposes will be caught and dealt with to the fullest extent possible under the law,” the premier added.
Following his statement, Minister Rivers began outlining the legislation needed to be implemented to meet the CFATF recommendations. Each bill deals with some aspect of the regimes to counter money laundering and terrorism financing and are designed to support compliance while creating space for creativity and innovation, the premier stated.
See the full statement here
Category: Local News
Where and how do I apply?
where & who?
Well his open “you can play if you can pay” policy is pretty well destroying other opportunities in Cayman…thanks for giving away every Caymanians future Aldart.
Caymanians will get less than 30% of these jobs . Foreign technical expertise will be required and lots of friends of friends will be hired. Alden McLaughlin will be proved yet again as a BS artist
Has open recruiting started? I would like to apply.
Someone has to make their coffee clean the toilets and pay their credit card bills I suppose.
…and the costs and administrative burden are being passed on to those doing business in Cayman, there will soon be a tipping point where Cayman as a jurisdiction is no longer viable as a service centre for offshore investors
@9:46 That is the OECD’s strategy for offshore financial centres. Choke them until they give up conducting all offshore business.
It’s a slow death strategy to increase their tax base, cloaked as ‘preventing money laundering and terrorists financial ‘.
If OffReg have to spend millions to learn what they are supposed to do and how to do what they are supposed to do…. One have to wonder who will fill in the new positions.
OfReg has spent $36,753 on former publicist Kelly Holding, and at least $18,143 on its current publicist, Fountainhead.
Services provided by Fountainhead have included the creation of cartoon characters “Professor Fibre” and “Engineer Ellie,” whom OfReg said are a part of “a new campaign to help the people in Cayman understand the role of the regulator and the work that OfReg is undertaking on behalf of the consumer.”
YOU CAN’T MAKE THIS UP!!! They create cartoons so people in Cayman would understand!
a “young professor determined to help people understand that high quality telecommunications connectivity is no longer considered a luxury, and that in several countries, is now considered a right.” IF THIS IS NOT MORONIC, WHAT IS?
https://www.caymancompass.com/2018/11/05/ofreg-consultancy-expenses-balloon-to-2-million/
the ever expanding civil service……zzzzzzzzzzz
read miller shaw or e&y reports
Yes, but the Civil Service does not grow itself
It grows because of political mandates and then later gets blamed for being too large.
It’s not the number of the Service that makes it unwieldy. It’s the quality hires forced upon it by politicians that make it inefficient!!!
The problem in the civil service is too many lazy people, those that won’t work, does not show up to work saying they are sick, comes late, then goes to eat breakfast, Govt. hires 3or 4 people to do one job, that’s why it’s too many there.
3.37pm In reality too many lazy Caymanians.
3:37pm, but it’s alright to hire the expat, that is over qualified and cannot get the job done. Set warmers are recruited and paid handsomely, better than where they are coming from. When one of them warms a seat here, they begin to dig a hole to get their friends in. How many of them have proven they are worth their weight in gold?
Dumb comment
Immigration. Errr worc… wow. 3 windows open with so many waiting. Then a lady took a very slow bathroom break. They need more people at windows.
I would, but they’ve got two inches of dust on them now and I’m allergic to dust.
Likely more of an intolerance than an allergy.