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Cayman plunges in Financial Services ranking, flaws identified in security index says report

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By Shanieka Smith

Features Writer

 

#Cayman, May 19, 2022 – The Cayman Islands, which held the top spot in the Tax Justice Network’s global financial secrecy ranking, has now fallen to the 14th position. This comes following a data disclosure which has it that the financial services provided by the country to non residents was below expectations.

Cayman holding the top spot was due to significant flaws detected in the Financial Security Index choice of data and scoring when calculating a Global Scale Weight (GSW) for the country. Cayman Finance conducted an analysis last year that showed that portfolio liabilities were used instead of publicly-available data for financial services exports, and this made the Cayman’s GSW almost nine times higher than it should have been.

The Financial Security Index (FSI) assesses the secrecy of financial centers and its impact on global financial flows. It then grades each country’s financial and legal system on a scale out of 100: 0 is full transparency and 100 is full secrecy.

Rules on transparency on ownership of companies, trust and foundations, public access to annual accounts, and compliance with anti-money laundering standards are included in the 20 Key Financial Secrecy Indicators (KFSI) used to measure the FSI.

Cayman has the 10th highest FSI score in the Caribbean, the 30th in the world. At the same time, it had the second highest Global Score Weight (GSW) in the region (after the British Virgin Islands) and 14th in the world. The US has the highest Global Scale Weight because of its refusal to exchange information with the tax authorities of other countries.

Jude Scott, Chief Executive Officer of Cayman Finance, response to last year’s report was:

“We are confident in the leadership of the Cayman Islands Government and our financial services industry have shown in adopting global standards for transparency and tax information sharing. While fraud is a global issue that we all have a continued role in tackling, both the EU and the OECD have recently reviewed the Cayman Islands tax neutral regime and found it to be transparent, consistent with good tax governance principles and without the existence of harmful tax regimes. Those are the kinds of internationally recognized assessments that should be considered when assessing the Cayman Islands.”

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Caribbean News

US Milestone Celebrated

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#Jamaica, June 30, 2022 – This year marks the United States of America’s (USA) 246th anniversary of Independence, and the milestone was celebrated with a reception on June 28 at the Jamaica Pegasus Hotel in New Kingston.  The event also featured the traditional United States Marine Corps Colour Guard ceremony.

Justice Minister, Hon. Delroy Chuck, who represented the Government of Jamaica, extended congratulations to the Government and people of the United States (US) on this significant achievement.

“The Government of Jamaica is pleased to join in commemorating this milestone with our American friends and partners. Today we celebrate a nation that continues to give practical meaning to the declaration of Independence and the vision of the founding fathers for the right to life, liberty, and the pursuit of happiness. These tenets have been central to the growth and development of the Union since 1776 and its transformation as a global leader,” he said.

For his part, US Ambassador to Jamaica, His Excellency Nick Perry, said the countries’ partnership has been rewarding, and expressed the United States’ continued commitment to strengthening the cooperation between the nations.

“On behalf of the United States Mission to Jamaica, thank you for joining us as we celebrate the 246th anniversary of the Independence of the United States of America. As we celebrate America’s independence, we also celebrate 60 years of partnership between our two countries. Together we have promoted democracy, human rights, and shared security concerns,” he said.

Jamaica established diplomatic relations with the United States in 1962, following its independence from the United Kingdom.

The partnership focuses on reducing corruption; increasing transparency and good governance; fostering Jamaican participation in regional security efforts; strengthening basic education; and increasing energy resiliency.

Since the onset of the COVID-19 pandemic, the US has provided more than US$16.4 million as well as donations of vaccines to assist Jamaica’s containment measures.

Additionally, over the last 12 months, the United States has collaborated with the Ministry of Labour and Social Security to issue a record number of H2 visas, bringing critical, temporary labour to the US, while providing jobs for thousands of Jamaicans that resulted in millions of dollars in remittances.

Significantly, the Peace Corps, which is also celebrating 60 years of partnership with Jamaica this year, will resume its operations on the island beginning September, following a two-year hiatus due to the pandemic.

 

Contact: Rochelle Williams

Release: JIS

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Positive Outlook for Caribbean Tourism

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Shanieka Smith

Features Writer

 

 June, 30, 2022 – The president of the Caribbean Hotel & Tourism Association (CHTA), Nicola Madden-Greig, says tourism in the Caribbean is recovering faster than expected.

While presenting at the CHTA ‘Caribbean Tourism Fireworks’, she said the Caribbean travel and tourism sector experienced the second-fastest recovery of all regions in 2021. Travel and Tourism have contributed to the gross domestic product (GDP) by 36.6 per cent. She added that they have recovered over 311,000 jobs.

“That is really a testament to how fast Caribbean tourism has been able to come back into play,” said Madden-Greig.

January and February were not as successful because of the uprising of the COVID-19 omicron variant. Travel heightened between March and June, and Madden-Greig reported that summer looks promising and that they “expect that winter 2022-2023 will also be strong”.

“For the June to August period, [the Caribbean is] ahead of our 2019 airline arrivals in terms of what is forecast and on the books by upwards of two per cent,” she said.

The CHTA’s Caribbean Tourism Fireworks is what the trade association uses to communicate regional tourism performance and outlook survey results. In addition to the performance reports, other topics were discussed including the recognition of Caribbean tourism’s resilience; that investments by the tourism industry in capital improvements, health safety and product value are underpinning the region’s tourism recovery; and that labour shortages present immediate and long-term opportunities.

CHTA urged employers, governments, education and training institutions to recruit new employees and prepare communities for careers, employment and ownership opportunities within the sector.

Also present at the CHTA Caribbean Tourism Firework were CHTA’s acting CEO and Director General, Vanessa Ledesma, Jamaican hotelier Clifton Reader, and the chair of CHTA’s Advocacy Committee.

While the speakers agreed that intra-Caribbean travel has great opportunities, they share that there are connectivity issues and issues with preserving, protecting and enhancing the region’s natural resources.

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Sandals Resorts International Appoints Rachel McLarty as Corporate Director of Communications & Public Relations

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Communications Executive Rejoins Brand After Tenure at Distinguished Jamaican Law Firm

 

MONTEGO BAY, JAMAICA, June 15, 2022 – Sandals Resorts International recently  announced the appointment of Rachel McLarty to Corporate Director of Communications & Public Relations, overseeing the company’s corporate communication efforts and public relations initiatives for the Sandals Resorts and Beaches Resorts brands throughout the Caribbean. Reporting to Executive Chairman Adam Stewart and CEO Gebhard Rainer, McLarty returns to the organization after a ten-year hiatus where she previously held the position of Group Director of Corporate Relations.

“We are in a moment of tremendous momentum and require a skilled, expert hand to navigate through what will be an upcoming decade of unprecedented growth for the organization,” said Adam Stewart, Executive Chairman of SRI. “Rachel McLarty is that voice in the Caribbean, and we are thrilled to welcome her back to the company as we celebrate our 40th anniversary and plan for the next forty.”

McLarty, who will be based in the Kingston headquarters of Sandals Resorts International, will lead a talented team of public relations and communication professionals in Jamaica and throughout the entire Caribbean region. During her first tenure with SRI, McLarty served as Group Director of Corporate Relations for the organization for a period of five years, beginning in 2006. Prior to rejoining the company, she served as an attorney-at-law at Myers, Fletcher & Gordon, one of the largest law firms in Jamaica. She is deeply committed to improving and developing Caribbean communities, currently sitting as Chairman of the Board for St. Andrew High School for Girls and the SOS Children’s Villages in Jamaica.

“Sandals Resorts International remains the brand standard for Caribbean organizations, and it is an honour to rejoin the company at such a prolific time,” said McLarty. “And while I have certainly followed the tremendous success of the brands in the last decade, I have remained even more impressed by the organization’s continued commitment to the Caribbean, the region we all call home. I look forward to the incredible work to be done.”

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