Registrar to help churches navigate risk assessment
(CNS): As local authorities work on the latest Cayman Islands National Risk Assessment of its AML/CFT/CPF (anti-money laundering, countering the financing of terrorism, and countering proliferation financing) regime, the Registrar of Non-Profit Organisations (NPOs) has been preparing local charities with outreach sessions for their terrorist financing risk assessments. With only a few months until the next assessment begins, the registrar is turning its attention to local churches.
The NPO Registrar is part of the General Registry, a department under the Ministry of Financial Services and Commerce. As of 30 June, there were more than 600 registered NPOs in the Cayman Islands, and many of them are religious institutions.
NPO representatives from community groups, philanthropic organisations, and PTAs attended an outreach session on 13 June. The next session will be on 18 July at the Government Administration Building, with the target audience being churches and other religious organisations.
“We are in constant dialogue with NPOs, and many of them have a good working knowledge of their responsibilities under the Non-Profit Organisations Act (2020 Revision). These sessions provide information on the assessment, what will be required from NPOs and how best they can be prepared,” Head of Compliance Paul Inniss said in a release.
Each session covers governance, internal controls, and other practical considerations in regard to the risk assessment. The terrorist financing risk assessment of the NPO sector, scheduled for Q4 2024, is part of the overall National Risk Assessment.
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Category: Business, Financial Services
I don’t care about cash wilfully given to churches, but their voice and presence in national crises are a poor representation of Christ..They are too Silent!
from suicides and road deaths, to poor minimum Wages, teen pregnancies,low Education standards,poor health insurance, and domestic abuse/ child abuse!
Can they only March and stand publicly against gays?!!
Let the anti-Christian bashing and bigotry speak nonsense again.
Let the rational thinkers have their say.
The registrar should ensure these entities file the required reports stated in the NPO law as i recall a news article that most of them have not!!
For accounting purposes, the cross is really a plus sign.
Do not forget debit is nearest the window.
Who is or are these anonymous commenter? Do your research before throwing around accusations.
Why are the churches getting help? They should be made to foot the compliance bill like every other organisation or company. If you can’t comply, then shut your doors!!! The public should not be footing the bill for the incompetence of certain churches. I hope Minister Ebanks takes note and shuts this down immediately.
Read the article they are offering help by way of training/advice on risk assessment not helping them by giving money!
And who do you think pays the salaries of the trainers?
Quite correct. I have thought for many years that they were not filing accounts. This also applies to sporting organizations.
But what is the point. To date the registrar has taken no action against an NPO.
My concern is that all these NPOs are requesting money but they have no access to accounts of the NPOs.so what purpose does this law serve.
To name but one CIMA whose last accounts given to the public show it was insolvent and could not pay its debts. Why has the registrar not wound it up. Has he no balls. (Excuse the pun)
But it is written..
There shall come a great Profit.
Sadly the profit we received was a falsehood.
They should get more as they provide free counseling services to persons in need and do their best to help society remain peaceful.
A big issue is that these churches collect hundreds of thousands annually, yet they expect all their accounting work to be done by volunteers, many without knowledge or experience in properly accounting for financial transactions.
The registrar would advance their interest significantly if it established minimum standards (at least an undergrad degree in accounting if not a professional designation) for anyone submitting an annual return on behalf of an NPO.
A minimum education standard (Which all Accountants by law would’ve already met) will do nothing to address the real issue here.
Any NPO accounting/audit work should be undertaken by a licensed and regulated person or entity by CIMA. In regard to the accounting field the person and/or entity should be a member in good standing with the Cayman Islands Institute of Professional Accountants (CIIPA). Preferably an outside person or entity with no affiliation with the NPO. While you’re at it ensure they have a valid trade and business license.
Raise the bar if we are serious about the potential for corruption and preventing fraud….
International accounting standards (IASs) are a low bar. Local NPOs probably aren’t listing securities (let’s hope), so FASB and IFRS need not be the standard. The registrar could set up a fill in the blank Excel template, or ask a local accounting firm to do this pro-bono, as was offered at outset of COVID. Each qualifying NPO should have a duly appointed Board that sees to this. There are no taxes to make it complicated. There really aren’t any excuses for not keeping proper records and accounts of inputs and outputs – that includes the CIVIL SERVICE itself, where many departments continue to proudly fail the people of the Cayman Islands on reporting and transparency, and without any career consequence to those leading these departments. The bar is so low already.
For the local churches (and foreign controlled global missions like Anderson Indiana based Church of God) the funding receipts are in the millions. A tithe literally means 10% of earnings..apply the metric. Many can easily hire one of our thousands of qualified accountants, or forfeit their Cayman Islands NPO status.
Surely, there are also congregational accredited accountants and book-keepers that might serve their own parish by volunteering themselves as treasurers, as is the case anywhere logic exists.
Some of these registered 600 are scams that nobody has ever heard of, they might have a problem, and that’s fine, wash them out: https://www.ciregistry.ky/non-profit-organisations/non-profit-organisations-list/
will this cover fraud.
obtaining money under false pretences cones to mind.
Like tithing, for example.
600 NPOs. Nothing suspicious about that.
I always said to check the churches! Lots of cash moving through, source unknown.
Unlimited import duty waivers!
Exemption from work permit and licensing fees too! Not even any need for Caymanian participation!!!
Western Union with a pulpit.
There’s also backdoor theft. NPO’s taking the public’s money, should meet the basic requirement of publishing online their complete financials quarterly, including full audit-ready income statement, balance sheet, quantifying rolling duty waiver credits/grants, MD&A detailing contributions to the community, and unredacted meeting minutes within 14 days of these anniversary dates for public scrutiny and transparent review. That includes the >200 registered churches for the less than 4000 regular church-goers. There’s something very fishy going on with the disproportionate volume of registered churches that have been insulated from transparent scrutiny for decades. McKeeva handed many of them millions more of our money from an illegal Nation Building Fund, improperly commissioned for his own “benevolent” vote buying. No ACC investigation or charges laid!
Swatting at fleas with hatred when the real corrupt money benefitted you through $100 million plus high schools.
Nice try though.
money laundering in the cayman islands?????
never!!!
scam churches in the cayman islands????
never!!!!