Tag: Department of Commerce and Investment
WORC rounds up illegal workers on 7MB
(CNS): Four people were arrested for immigration-related offences last Wednesday, 23 November, after a raid at Seven Mile Public Beach by the Compliance Unit of Workforce Opportunities and Residency Cayman (WORC), the Department of Commerce and Investment (DCI) and the RCIPS. Three people were arrested for working without work permits and one was handed over to […]
Gov’t aims to increase access to LCCL businesses
(CNS): The Department of Commerce and Investment (DCI) has rolled out a new requirement for overseas investors applying for Local Companies Control Licences. They must now place their adverts looking for local partners on the DCI website as well as in the print media. Officials said the aim is to put these opportunities before a […]
Real estate still poses high risk of money laundering
(CNS): More than 40% of property developers and real estate agents selected last year by the Department of Commerce and Investment for inspection for their anti-money laundering processes were found to be non-compliant with the regulations. According to both the DCI’s 2021 Supervisory Report and the National Risk Assessment 2021, which have both been made […]
DCI continues to clamp down on Sunday music
(CNS): The Department of Commerce and Investment (DCI) is now conducting regular spot checks throughout the island every weekend to enforce a law that prevents bar owners from playing music on a Sunday. Under what some see as discriminatory legislation, since hotels and restaurants can play some music, regular local bars are banned from even […]
Developers pose major AML risks
(CNS): As property development and construction continues to surge across the Cayman Islands, it’s not just the natural environment that is at risk. The large number of developments for commercial purposes, especially beach and waterfront condo and apartment projects, are posing a risk to the jurisdiction because of their vulnerability to money laundering.
New T&B applications shoot up in 2020
(CNS): There were 3,861 applications for new trade and business licences in 2020, a near 23% increase in applications for new start-ups from 2019. Despite the impact of the COVID-19 pandemic, the Department of Commerce and Investment (DCI) reported a significant increase in applications for both renewals and new business licences last year as people […]
‘Risky’ sectors given online compliance route
(CNS): The Department of Commerce and Investment (DCI) has launched an online system for the owners of and those doing business in real estate and jewellery to help them comply with regulations relating to their sales. What are now known as designated non-financial business and professions or DNFBPs for short are the latest risky areas […]
878 new business applications during pandemic
(CNS): Despite fears that Cayman’s economy is collapsing as a result of the COVID-19 pandemic, the Department of Commerce and Investment (DCI) said it has dealt with 878 new trade and business licences, since 25 March. Alongside the 3,083 renewal and 277 amendment applications, the new licences have led to delays in the processing time […]
Developers must register with DCI
(CNS): The deadline for property developers operating in the Cayman Islands to register with the Department of Commerce and Investment as a Designated Non-Financial Business and Profession is just two weeks away. Anyone who develops or sells property in Cayman without using a real estate agent is now required to register under new rules that […]
DCI earns gold standard award
(CNS Local Life): The Cayman Islands Department of Commerce and Investment (DCI) has been awarded the prestigious Investors in People (IIP) Gold standard accreditation, which is awarded to organisations worldwide that demonstrate world class practice and operate at the highest levels of people management aligned to business strategy, ethos and values. The accreditation is given […]
Jewellers warned of sector’s financial risks
(CNS): It is no longer just offshore financial institutions that are vulnerable to money laundering. Industries as diverse as real estate and jewellers are also at risk of being used to disguise the source of assets. Dealers in precious metals and stones (DPMS) were recently warned by government officials at a special workshop organised for […]
