By Shanieka Smith
#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.”
Guyana to build regional food hub
#Guyana, September 29, 2023 – Guyana is making moves to become the primary food production center for the Caribbean, going ahead with plans to develop a USD$14 million regional food hub.
In fact, as reported by the Observer, the facility has already been identified on the country’s Soesdyke /Linden Highway.
“We want Guyana to be the food hub, the primary production hub of the Caribbean so that we could supply the Caribbean. What we have, our colleagues in the Caribbean don’t have. We have arable flat land and abundant fresh water,” he said, adding that with the multi-million dollar US investment, the country can, “modernise the infrastructure, and start ramping up the productions.”
Also, the Agriculture Minister pointed out that the project is geared to make for a more competitive local Agriculture industry as well as developing high-yielding varieties, pest-resistant and climate-resilient varieties.
Additionally, in the facility’s development, Guyana, Mustapha said, will work with Belize.
In fact, with more on Belize’s involvement, Dr. Ashni Singh, Finance Minister, informed that the Government is in talks with the Barbados Prime Minister Mia Mottley about sourcing inputs from northern Brazil and transporting them through Guyana to Barbados and vice versa.
Singh also reportedly revealed that the project will help develop the growing logistics industry in Guyana.
Considering regional food import cost, with this development, Guyana is the leading Caribbean Community country pushing ahead with plans to reduce the multi-billion dollar regional food import bill by 25 per cent by 2025, the Observer says.
Cayman makes striking policy change to include more blood donors
#CaymanIslands, September 29, 2023 – The Cayman Islands overturned a policy that banned blood donation from people who visited the island from or resided in countries where “mad cow disease” existed. This was revealed by Sabrina Turner, Health Minister in Parliament, as reported by CNW Network.
People who resided in Britain from 1980 to 2001 and those who had blood transfusions in the UK after 1980, can now donate blood.
Due to recent risk evaluation, and the current protocol for blood donors, many nations, CNW reports, have re-evaluated and adjusted similar guidelines regarding blood donation, as Cayman Islands has now done.
The now initial restrictions on blood donations for the country was called for and was important as at the time of implementation, “mad cow disease” or as it’s scientifically called, Bovine Spongiform Encephalopathy (BSE), was at-large affecting not just cows, but also people, who are able to contract “a version of BSE called variant Creutzfeldt-Jakob disease (vCJD),” the U.S. Food and Drug Administration (FDA) says.
The likely reason for the Cayman Islands’ targeted population of those affiliated with living in the UK or getting blood transfusion in the UK, was because most of the people with vCJD lived in the UK, as highlighted by the FDA.
Also, as BBC says in a 2018 report, 1 in 2000 people in the UK is thought to be a carrier of the disease, even though some who are carriers don’t go on to develop symptoms.
However, the change in Cayman Islands’ policy does not mean the disease is no longer out there.
In fact the FDA said, “as of 2019, 232 people worldwide are known to have become sick with vCJD, and unfortunately, they all have died. It is thought that they got the disease from eating food made from cows sick with BSE. Most of the people who have become sick with vCJD lived in the United Kingdom at some point in their lives. Only four lived in the U.S., and most likely, these four people became infected when they were living or traveling overseas.”
Bwa Kalé movement striking back against gangs, nearly 3,000 murdered
#Haiti, September 29, 2023 – In eight months, nearly 3,000 Haitian people have been slaughtered in their home country due to the upsurge and uprising of gangs in the republic which is struggling to hold its democracy in check.
‘Bwa Kalé’, it’s a vigilante movement that has sprung up in Haiti, and the UN says it is driving up murders.
A recent report following an expert visit detailed it.
“Certain groups have formed allegedly to protect their neighbourhoods from gangs. In some instances, these groups have summarily executed people suspected of being gang members. The Bwa Kalé movement demonstrates the population’s lack of trust in the State, especially in the police and the courts. The expert has learned that some members of the police and the judiciary have been complicit with gangs.”
Despite the obvious fear among residents, the UN is warning them not to take justice into their own hands. However, that is easier said than done as Haitians have demonstrated their feelings of abandonment by fleeing the island in mass numbers on illegal voyages and standing up to the gangs themselves.
In the same report, one said: “The State is absent, there are no police or other officials operating there.”
According to AP, a new report to the U.N. Security Council indicated that 2,728 intentional killings were recorded between October 2022 and June 2023, including 247 women, 58 boys, and 20 girls. Bwa Kalé is blamed partially for the increase, as life in the country is described as unbearable.
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