Tag: André Ebanks
Bills passed to improve BO disclosure regime
(CNS): Financial Services Minister André Ebanks has steered several bills through parliament, including a stand-alone Beneficial Transparency Ownership Act to improve the current regime on how information relating to who benefits from financial entities registered here is shared and to stay ahead of changing standards and rules. Explaining the law during last week’s special parliamentary […]
Bernie moves to backbench in new UPM line-up
(CNS): Bernie Bush MP (WBN), the former culture minister, has sacrificed his Cabinet post in the new government line-up and will be moving to the back-benches. According to a press release about the new government that was both formed and sworn in behind closed doors on Wednesday, Bush volunteered to give up his ministry to […]
André lays out PACT doubts, warns of resignation
(CNS): André Ebanks MP (WBS) fell short of a public resignation from PACT on Tuesday night in the parliament, but he made it clear he had concerns about the PACT group’s conduct and culture that could see him resign in the near future. Riding high on his success as the financial services minister that got […]
Cayman finally off FATF AML grey list
(CNS): The Cayman Islands has finally been removed from the Financial Action Task Force(FATF) anti-money laundering “grey list” after more than two years of trying. The jurisdiction was listed in February 2021 due to a failure to successfully prosecute or sanction those involved in financial crime. FATF announced the decision to de-list Cayman following the […]
Welfare overhaul won’t be easy, warns minister
(CNS): The Cayman Islands Government is preparing for the implementation of new laws governing welfare support next month, including the transition of the Needs Assessment Unit into the Department of Financial Assistance. However, Social Development Minister André Ebanks has warned that it will take time for the changes to have an impact and it “won’t […]
Welfare reform to roll out after years of neglect
(CNS): Cabinet has approved new regulations that pave the way for the launch of the Department of Financial Assistance later next month (replacing the Needs Assessment Unit) and a complete transformation in the way the Cayman Islands handles welfare support. The Financial Assistance Regulations, 2023 and the Financial Assistance (Appeals) Regulations, 2023 were rolled out […]
Ebanks hopes to enhance maritime business
(CNS): Financial Services Minister André Ebanks travelled to Athens, Greece, last week to support Maritime Authority of the Cayman Islands (MACI) CEO Joel Walton and his staff in meetings with members of the Greek shipping community. The trip was part of MACI’s year-long celebrations of the 120-year anniversary of the Cayman Islands Shipping Registry and […]
Budget under pressure from those in need
(CNS): The Cayman Islands Government has agreed to look at increasing the ex gratia pension paid to retired civil servants, though Social Development Minister André Ebanks warned that this might be very difficult, given the budget constraints caused by the recent increase in long-term financial assistance payments. These stipends were recently increased from CI$950 to […]
PACT presses ahead with Asia office
(CNS): The establishment of a Cayman Islands Government office in Singapore has been approved by Cabinet. The office, which will be headed by Gene DaCosta as the CIG’s overseas representative to Asia, is expected to be open for business well before the end of the year after the administrative details have been completed.
Final FATF onsite visit key to Cayman’s ‘de-listing’
(CNS): Local officials remain hopeful that the Cayman Islands will be removed from the Financial Action Task Force’s grey list during the upcoming FATF Plenary in October after a final visit by FATF officials last week. The onsite visit by a delegation from the Americas Joint Group, a sub-working group of the FATF’s International Co-Operation […]
BO access won’t be public yet under new bill
(CNS): The Cayman Islands Government has rolled out another piece of legislation to enhance its anti-money laundering regime. However, the Beneficial Ownership Transparency Bill only improves access for law enforcement and relevant agencies, not the public. While the bill has provisions to allow public access in future, officials said that will not happen before Cayman […]
