Cayman Cabinet Post Meeting Summary - 16 January 2024 ieyenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ieyenews.com Daily Mail and Mail on Sunday newspapers.
Upon the invitation of His Majesty The King, Her Excellency the Governor Jane Owen and Hon. Premier Wayne Panton are in the United Kingdom (UK) for The Coronati
(L-R) Ministry of Financial Services and Commerce Chief Officer Dr Dax Basdeo, Minister of Financial Services and Commerce André Ebanks, Maritime Authority of the Cayman Islands (MACI) CEO Joel Walton, Parliamentary Secretary for Financial Services Katherine Ebanks-Wilks and MACI Chairperson Sherice Arman
Minister for Financial Services and Commerce, André Ebanks, and Parliamentary Secretary for Financial Services, Katherine Ebanks-Wilks, have been briefed by senior managers in the Ministry’s statutory authorities on current operations and initiatives.
Statutory authorities under the Ministry’s remit are the Cayman Islands Monetary Authority (CIMA); the Cayman Islands Stock Exchange (CSX), the Stock Exchange Authority, the Auditors Oversight Authority, the Special Economic Zone Authority, the Civil Aviation Authority (CAA), the Air Transport and Licensing Authority and the Maritime Authority of the Cayman Islands (MACI).
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The Registrar of Companies (RoC) is imposing penalties and
issuing warning letters to companies that fail to submit accurate
information on their ultimate beneficiaries (their beneficial
owners ).
As of 1 February 2021, the RoC had levied 19 administrative
fines – at a rate of $5,000 per fine – against
companies for noncompliance with beneficial ownership (BO)
requirements. Head of Compliance Paul Inniss noted that warning
letters were sent to the companies prior to the fines being levied.
If the fines are not paid, and/or the companies involved continue
to not comply, the Registrar will remove them from the companies